Coinbase secures re-entry to Indian crypto market with FIU approval

Coinbase has secured approval from India’s Financial Intelligence Unit (FIU), positioning itself to re-enter the country’s crypto market.

The exchange announced on March 11 that it intends to launch retail trading services later this year, with further investments and product rollouts to follow.

This move signals a fresh attempt by Coinbase to establish itself in India after an earlier effort in 2022 failed to gain traction.

However, this time appears different, with Coinbase reaffirming its stance on working closely with regulators to ensure responsible crypto adoption.

The company stated that securing FIU registration represents a major milestone in its global expansion strategy, reinforcing its focus on compliance, security, and fostering innovation in a regulated environment

India’s crypto ecosystem

Coinbase sees India as a key market due to its booming technology sector and expanding blockchain developer base.

John O’Loghlen, Coinbase’s Regional Managing Director for APAC, emphasized India’s potential, describing it as a market brimming with opportunity. He reiterated the exchange’s commitment to operating within the country’s regulatory framework.

Coinbase’s renewed push comes when digital assets are gaining popularity among Indian investors.

Besides that, the exchange pointed out that the Asian country has emerged as a global hub for on-chain development, with its share of blockchain developers surging from 3% in 2018 to 12% in 2023. It also holds the highest concentration of on-chain talent among emerging markets.

Considering this, O’Loghlen highlighted the strength of India’s developer community but noted that many entrepreneurs have traditionally looked overseas to scale their projects. He believes crypto can change that by enabling innovators to build within India while reaching a global audience.

He said:

“Too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that. By expanding access to our trusted platform and tools such as Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally.”