Coinbase offers trading using Indian rupee
Coinbase has resumed trading in India, allowing users to deposit and withdraw rupees via the UPI system, while offering spot trading and perpetual futures contracts. The move follows the platform’s registration with India’s Financial Intelligence Unit after exiting the market in 2023, marking a strategic expansion into Asia’s third-largest economy despite high crypto taxes and unclear regulations.
U.S.-based cryptocurrency exchange Coinbase has reintroduced trading services in India, enabling users to deposit and withdraw funds in Indian rupees through the Unified Payments Interface (UPI). The announcement comes as Coinbase expands its operations in Asia’s third-largest economy, where it had previously suspended services in 2023 before registering with India’s Financial Intelligence Unit last year. Customers can now access spot trading for various crypto assets alongside perpetual futures contracts, including major cryptocurrencies. The platform’s regional managing director for Asia Pacific, John O’Loghlen, highlighted India’s significance in crypto, citing strong developer talent and trading activity. India’s regulatory environment remains strict, requiring exchanges to comply with anti-money laundering laws while imposing a 30% tax on crypto trading profits. Despite these challenges, Coinbase’s return signals growing interest in India’s blockchain adoption, even as broader regulatory clarity for the sector remains pending. The move underscores Coinbase’s strategic focus on Asia, where demand for crypto services continues to rise despite regulatory hurdles.
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