Coinbase did a runner from India few years back, but now they might just be coming back for round two.
Whispers in the wind
Word on the street is that Coinbase is cozying up with Indian regulators, including the Financial Intelligence Unit, the FIU, to make sure they’re playing by the rules this time.
A Coinbase representative said they’re pumped about the opportunities in India and are all about following local regulations.
Paul Grewal, Coinbase’s main lawyer, has also joined the U.S.-India Business Council.
No land for crypo exchanges?
Coinbase’s first attempt to conquer India was a bit of a face-plant.
They launched with a bang in April 2022, even supporting the Unified Payments Interface, but just three days later, the party was over because India’s National Payments Corporation didn’t approve of their operations.
To add insult to injury, India has some pretty harsh crypto rules, like a hefty 30% tax on crypto income and a 1% tax on every transaction. No wonder investors were scared off.
No one can stop an idea
Even with the taxman breathing down their necks, crypto is still gaining traction in India. Plus, with the global winds of crypto policy changing, India might just soften its stance. Also, Coinbase isn’t the only player in town.
Binance, the world’s biggest crypto exchange, already made its grand return to India in August 2023 after sorting out its compliance issues.
This proves that big exchanges can make it work in India, if they play their cards right.
If Coinbase manages to pull this off, Indian traders will have more options, and who knows, maybe crypto will finally go mainstream in India.
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