Coinbase Revives India Plans with Local Entity and Rupee On-Ramp

Coinbase has made a significant return to the Indian market after its initial attempt in April 2022 failed due to payment-access problems. The company has re-launched with a new local entity fully registered with India's Financial Intelligence Unit (FIU-IND) and compliant with local tax frameworks.

The key difference this time around is Coinbase's bespoke Indian Rupee (INR) on-ramp and off-ramp, which allows seamless top-ups and withdrawals in local currency. This direct integration with Indian banking rails is a major competitive breakthrough for the company.

Coinbase's Managing Director APAC, John O'Loghlen, emphasized that the company has invested heavily in building teams in India to drive the launch of its consumer app and other areas such as product, cybersecurity, and AI. He also noted that Coinbase Ventures has made investments in exchanges in India, highlighting the company's commitment to the market.

O'Loghlen acknowledged that the Indian crypto tax framework remains a material friction point for traders but expressed optimism that it will be reduced over time. He cited Australia as an example of how regulation can evolve and improve with collaboration between stakeholders and regulators.