Coinbase restarts registration for Indian users and will launch fiat currency deposits next year.

Odaily reports that Coinbase has reopened registration for Indian users after the service was suspended for over two years. Indian users can now trade cryptocurrencies within the app. John O'Loghlen, Head of Asia Pacific at Coinbase, stated at India Blockchain Week that the company plans to launch fiat currency deposits in 2026, allowing users to directly deposit and purchase crypto assets.

Coinbase entered the Indian market in 2022, but suspended support for the Unified Payments Interface (UPI) just days after its launch because NPCI, the operator of UPI, did not confirm Coinbase's business in the region. The company subsequently ceased services for Indian users in 2023 and asked them to liquidate their accounts. O'Loghlen mentioned that the company chose to completely withdraw at the time to restart its business within a compliant framework.

This year, Coinbase communicated with the Financial Intelligence Unit (FIU) of India and completed registration. Starting in October, the app was relisted through "early access" and is now open to all users.

Despite being the world's second-largest internet market, India faces challenges in its crypto regulations and tax system. The Indian government levies a 30% tax on crypto income, prohibits loss deductions, and applies a 1% tax on each transaction. Coinbase has stated its hope for future policy relaxations.

Despite stringent regulations, Coinbase remains optimistic about the Indian market. Its investment arm recently increased its investment in local exchange CoinDCX (post-investment valuation of $2.45 billion) and plans to expand its team in India to over 500 people. O'Loghlen stated that Coinbase aims to become a trusted platform for users, providing a safe and convenient trading experience in the Indian market. (techcrunch)