The US-based Cryptocurrency Exchange Coinbase has registered with India’s financial regulator to offer crypto trading services in the country.
Coinbase is preparing to re -enter the Indian market after receiving regulatory approval from the country’s financial intelligence unit. On March 11 blog postThe exchange stated that approval allows it to offer Crypto Trading Services in India, plans to launch early retail services later this year, followed by “after additional investment and products in India.”
“India today represents one of the most exciting market opportunities in the world, and we are proud to deepen our investment in full compliance with local rules.”
John O’Loglane, Regional Managing Director for APAC in Coinbase
The coinbase’s previous attempt to launch services in India ended unsuccessfully in April 2022. The company offered 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.
Now, the Coinbase says that it is returning to India, calling it a market that is “to encourage and encourage innovation in Crypto and Onchain Space.”
The US -based Crypto noted that India has become home to one of the “most vibrant startup ecosystems” in the world, making it “natural fit” for the coinbase as the country’s share of global developers increased by 3% to 12% in 2018.
“India’s developer community and entrepreneur energy are unmatched. But often, young Indian entrepreneurs have felt forced to look abroad for the manufacture of global companies. Crypto can change it. ,
John O’Loglene
Coinbase announced its expansion in India, Cathy Wood’s Arch Investment Acquired According to the firm’s website, over 64,000 coinbase shares of about $ 10.5 million at the time of purchase. According to Nasdaq data, the coinbase coin shares fell by 17.58% declining on Monday, 10 March amid widespread market disturbance.
