Coinbase Enhances Indian Market Access with Direct INR Transactions
- Coinbase has launched direct INR deposits and withdrawals via India’s IMPS, enhancing retail access.
- The move offers faster banking access, local INR order books, and links to Coinbase’s global exchange.
- Coinbase registered with India’s Financial Intelligence Unit (FIU-IND) on March 11, enabling this expansion.
- India ranks first in the Global Crypto Adoption Index by Chainalysis as of the year provided.
- Digital asset gains in India face a high tax rate of up to 30%, with a mandatory TDS of 1% on transfers.
Coinbase’s direct INR launch is part of its broader strategy to deepen its presence in India’s active crypto market. This expansion follows compliance registration with FIU-IND and aims to leverage India’s significant developer talent and trading activity.
By integrating IMPS for direct INR transactions, Coinbase enhances its service offerings for Indian traders, providing them with efficient access to both local and global crypto markets. (Source)
