After a hiatus of over two years, crypto exchange Coinbase has opened its application for registration in India. For now, users can trade crypto-to-crypto — but speaking at India Blockchain Week (IBW), Coinbase’s APAC director John O’Loghlen said the company will open a fiat on-ramp in 2026, allowing users in India to load money and buy crypto.
Coinbase opened its services in India in 2022 and within days it had to end support for the Unified Payments Interface (UPI) payment network. This move comes after UPI operator National Payments Corporation (NPCI) refused to recognize Coinbase’s presence in the country. Later in 2023, Coinbase ceased all operations for Indian users and asked them to unload their accounts.
“We’ve had millions of customers in India, historically, and we’ve taken a very clear stand to offload those customers entirely from overseas entities, where they were based and controlled. Because we wanted to burn the boats [sic]keep a clean slate here. As a commercial entrepreneur who wants 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 began working with the Financial Intelligence Unit (FIU), a government agency that oversees trading and fraud, and finally registered with it this year. In October, it started onboarding users through early access, and now the app is open to all users.
Many internet companies have set up base in India hoping to tap into the world’s second largest online user base. While social platforms and AI companies like OpenAI have found rapid growth in the market, it has been difficult for crypto companies to follow suit due to the strict regulations and taxation surrounding cryptocurrencies.
India imposes a 30% tax on crypto income with no compensation for losses and also charges a 1% discount on each transaction, which could discourage users from trading frequently. O’Loghlen said the company hopes the government will ease taxation to make it less burdensome for people to own digital assets.
Despite these challenges, Coinbase appears to be bullish on India. The company’s venture arm raised more money on local exchange CoinDCX at a post-money valuation of $2.45 billion. It also plans to strengthen its 500-plus team in the country by hiring for multiple roles with a focus on both local and global markets.
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“I think we want to be known as that trusted exchange, make sure your money is safe with us,” O’Loghlen said. “We’re not going to appeal to the masses if you can’t have a really nice user interface, a reliable experience that lets you get on board within minutes the same way you do with the well-known Zepto or Flipkart or any other super app in India.”
