Coinbase Reengages India Eyes Market Return

Coinbase Seeks Re-entry into Indian Market Amid Regulatory Engagement

• Coinbase is engaging with Indian regulators, including the Financial Intelligence Unit (FIU-IND), to re-establish its market presence.
• The company halted onboarding new users in India in June 2023 due to regulatory challenges.
• India imposes a 1% tax-deducted-at-source on crypto transactions and a 30% capital gains tax.
• Binance resumed operations in India after resolving compliance issues following a seven-month ban.
• The UK’s Financial Conduct Authority authorized Coinbase’s subsidiary, CB Payments Ltd., to offer crypto services directly in the UK.

Coinbase is working with Indian authorities to secure necessary approvals for market re-entry, following its operational halt in June 2023 due to regulatory issues. The firm aims to comply with local financial regulations while expanding its international presence.