After a pause of more than two years, crypto exchange Coinbase has reopened its app for registration in India. Users can currently make crypto-to-crypto trades, but speaking at India Blockchain Week (IBW), Coinbase’s APAC director John O’Loghlen confirmed that the company will introduce a fiat on-ramp in 2026, allowing Indian users to load money and buy crypto directly.
Coinbase first launched services in India in 2022 but quickly had to suspend support for the Unified Payments Interface (UPI) after the UPI operator, National Payments Corporation (NPCI), refused to acknowledge the exchange’s presence. In 2023, Coinbase ceased all operations for Indian users and asked them to offload their accounts.
“We had millions of customers in India, historically, and we took a very clear stance to off-board those customers entirely from overseas entities, where they were domiciled and regulated. Because we wanted to kind of burn the boats, have a clean slate here. As a commercial business person wanting to make money and active users, that’s like the worst thing you can do, and so you know it wasn’t without some hesitation,” O’Loghlen said.
The company engaged with India’s Financial Intelligence Unit (FIU), a government agency overseeing transactions and fraud, and registered with them this year. Early access onboarding began in October, and now the app is open to all users.
India’s crypto market has faced regulatory challenges. While the country is home to the world’s second-largest online user base, strict rules and high taxation have made growth difficult for crypto firms. Income from crypto is taxed at 30% without any loss offset, and each transaction incurs a 1% deduction, discouraging frequent trading. O’Loghlen expressed hope that the government will ease these taxes to make digital asset ownership less burdensome.
Despite these hurdles, Coinbase remains optimistic about India. Its venture arm recently invested in local exchange CoinDCX at a $2.45 billion post-money valuation. The company also plans to expand its Indian team beyond 500 employees, hiring for multiple roles supporting both local and global operations.
Coinbase’s return signals a renewed push to capture India’s crypto market under a regulatory framework, balancing compliance with the potential of a rapidly growing digital economy.
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