Coinbase Reopens Doors in India Following Regulatory Freeze - Crypto Economy

The company already allows users to create accounts and trade crypto-to-crypto pairs, although rupee deposits are not yet enabled. APAC Director John O'Loghlen confirmed that the INR on-ramp will arrive in 2026, once the integrations required to operate within the local framework are completed. The company's roadmap aims to restore credibility after obtaining its registration with the Financial Intelligence Unit, a key authorization to align with anti-money laundering rules.

The exchange's return marks the end of a complicated chapter. Coinbase attempted to enter India in 2022, but its UPI integration was blocked within days because the operator NPCI refused to acknowledge the exchange in the country. In 2023, the company fully withdrew its services and asked users to empty their accounts. O'Loghlen described that decision as a complete reset to start over with locally regulated entities, even though it meant giving up millions of active customers.

India's relevance remained intact during that period. TRM Labs' global adoption index kept India in the top position for three consecutive years. Other international exchanges, including Binance, also resumed operations after resolving their regulatory disputes. Coinbase strengthened its presence through investments as well, including increasing its stake in the local exchange CoinDCX, valued at $2.45B.

Despite its appeal, the country remains a challenging market to operate in. India imposes a 30% tax on crypto gains with no option to offset losses, along with a 1% withholding per transaction, a structure that discourages frequent trading. Coinbase hopes these burdens will ease over time so digital asset use becomes more accessible for the general public. Even so, the company is preparing to expand its local team of more than 500 employees and plans to add new roles tied to both the Indian market and global operations.

With onboarding now open and fiat access expected next year, Coinbase is returning to compete in one