Coinbase seeks re-entry into India after regulatory setbacks: report

After a missed launch in 2022, Coinbase now requests the approval of Indian regulators to restart operations in the country.

More than a year after having withdrawn India,, Jamming Seems to work to make a return. The exchange of crypto based in the United States spoke to Indian regulators, including the financial intelligence unit, Techcrunch A learnedciting sources nearby.

The previous attempt at Coinbase to launch services in India ended in April 2022. The company introduced the support of the Upi Popular Payment System of India, but had to suspend operations Just three days later. The National Payments Corporation of India refused to approve the services of the Crypto Exchange and the Reserve Bank of India would have applied “informal pressure” to stop the exchange.

In September 2023, Coinbase even disabled new user registrations for its exchange product in India. Business clarified that he stopped exchange operations for certain customers who did not align themselves with the updated standards of the company.

Despite the challenges, Coinbase now seems to seek to relaunch its services with the necessary regulations. The report notes that the exchange of the exchange could help to fill the gap left by the collapse of Wazirx, because two other local trading platforms, Coinswitch and Coindcx, are both supported by Coinbase.

Crypto trading is legal in India, but in 2022, the government imposed a 30% tax on the benefits of cryptography and a 1% tax on transactions, which has slowed market growth.