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Coinbase, one of the world's largest cryptocurrency exchanges, has resumed user registration in India after a hiatus of more than two years. This marks the first step toward a return to the market, which the company abruptly exited in 2023 due to disagreements with regulators over payment systems.
Return to the Market
The exchange is once again accepting registration applications and crypto-for-crypto trading. It plans to resume accepting fiat currencies next year, as announced by John O'Loghlen, Director of APAC, at India Blockchain Week last week. This return was made possible through lengthy negotiations and changes to the company's regulatory approach.
History of the Confrontation
Coinbase's return to India is the result of a long-standing standoff that began in 2022, when the exchange launched its service in the country with support for the Unified Payments Interface (UPI). However, just days after its launch, Coinbase was forced to revoke this feature after the network operator publicly disowned the exchange. As a result, Coinbase completely suspended its services, disconnecting millions of Indian users and blocking local access while it assessed regulatory risks.
A New Approach to Regulation
John O'Loghlen noted that the company had taken a "clean slate" approach and began working directly with the Financial Intelligence Authority of India, the agency responsible for monitoring digital asset transactions. Coinbase registered with the agency earlier this year and began accepting users through its early access program in October.
The app is now available to the general public, although trading remains limited to cryptocurrency pairs until fiat currencies are reintroduced.
Market Challenges
India remains one of the most challenging markets for crypto exchanges due to a flat 30% tax on profits from cryptocurrency transactions, a ban on loss compensation, and a 1% transaction fee, which significantly reduces trading volumes. These factors create additional challenges for companies operating in the country.
Investing in the Future
Despite regulatory uncertainty, Coinbase continues to invest in India. Its venture capital arm recently increased its stake in local exchange CoinDCX, demonstrating the company's long-term plans for the Indian market.
Therefore, Coinbase's return to India could be an important step not only for the exchange itself but also for the country's entire cryptocurrency market, opening up new opportunities for users and investors.
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