Coinbase has taken a big step towards resuming its activities in India. The company has received a license from the country’s Financial Intelligence Unit (FIU). The nod will allow Coinbase to offer crypto trading services in India. The company considers India a valuable market for blockchain and crypto innovation.
Coinbase plans to relaunch retail services later this year. After that, the company will expand with more products and investments in India. The move aligns with Coinbase’s global strategy of expanding in regions that support crypto regulations. The company remains focused on compliance and responsible innovation.
India has become a major technology and blockchain development center. Blockchain developers in India have grown exponentially. In 2018, India accounted for 3% of on-chain developers worldwide. In 2023, the percentage rose to 12%. India is currently the leading emerging market in blockchain talent.
Most startup founders in India have had to go abroad to build global companies. This believes crypto can turn this around. This aims to provide a platform that allows developers to build locally and grow globally. By powering India’s crypto ecosystem, This aims to empower local builders.
Coinbase also believes crypto is more than just financial tech. It believes it has a place in economic and social policy. With proper incentives, India’s brightest and best can create world-class products from India.
Coinbase Chief Legal Officer Paul Grewal has been appointed to the Board of the U.S.-India Business Council (USIBC). The appointment is indicative of Coinbase’s initiatives to strengthen economic ties between the two nations. “It’s a major step towards empowering Indian entrepreneurs to build, innovate and scale global onchain businesses,” he said in his X post.
Coinbase strengthens regulatory ties in India
The USIBC is a key driver of business relations between India and the U.S. Coinbase and would like to be an active contributor to these discussions.
Coinbase has always emphasized interacting with regulators. The company works with regulators all around the world to ensure compliance. Its approach in India will be no exception.
The FIU registration is a milestone in this process. It is committed to operating within India’s regulatory environment while promoting crypto adoption. Coinbase moves a step closer to re-establishing its presence in India with this milestone.
The company remains determined to grow its services in a way that is consistent with local law. With its contribution to India’s blockchain ecosystem, it wants to be included in the country’s role in global crypto innovation leadership.
