Coinbase Revives Indian Presence with Custom Rupee On-Ramp
Coinbase's re-entry into India marks a significant milestone for foreign exchanges in the country. The global crypto giant had previously suspended retail trading due to payment-access issues in April 2022, but has since revamped its approach with a custom-built Indian Rupee (INR) on-ramp and off-ramp.
The bespoke technology allows seamless top-ups and withdrawals in local currency, setting a new benchmark for foreign Web3 companies navigating India's strict regulatory landscape. This integration enables users to easily buy and sell cryptocurrencies using the INR, unlike other international platforms that force Indian users onto complex peer-to-peer networks or restricted them to crypto-only transfers.
Coinbase's Managing Director APAC, John O'Loghlen, emphasized the company's commitment to investing in India, with a focus on building local teams and infrastructure. He highlighted the importance of addressing taxation and regulation, citing Australia as an example where digital asset regulation evolved over time, ultimately becoming a leader in the space.
O'Loghlen also noted that Coinbase is optimistic about the future tax regime in India, hoping for a reduction in burdensome tax rates. The company aims to contribute significantly to its APAC business from the Indian market, with an estimated 100-million-active-user market size, making it one of the largest crypto markets globally.