After a failed launch in 2022, the coinbase is now demanding approval from Indian regulators to resume its operations in the country.
More than a year after pulling out of India, the coinbase is working on returning. The US -based Crypto Exchange is reportedly speaking to Indian regulators, including Financial Intelligence Unit, Tekkachchan Have you learntCiting sources close to the case.
The coinbase’s previous attempt to launch services in India ended in April 2022. The company introduced support for India’s popular UPI payment system, but had to suspend operations only three days later. India’s National Payment Corporation refused to approve the Services of Crypto Exchange and Reserve Bank of India Allegedly Applied “informal pressure” to prevent the exchange.
In September 2023, the Coinbase also disabled the new user sign-up for its exchange product in India. The company clarified that it stopped the exchange operation for some customers, which were not align with the company’s updated standards.
Despite the challenges, the coinbase is now looking to resume its services with the required rules. The report stated that the return of the exchange may help fill the gap left by the collapse of Wazirx, as two other local trading platforms, coinwich and coindakx are supported by both coinbase.
Crypto trading is legal in India, but in 2022, the government imposed a 30% tax on crypto earnings and 1% tax on transactions, which has slowed down market growth.
