Coinbase wins regulatory nod in India as it seeks re-entry

Coinbase of cryptocurrency based in the United States has registered with the financial regulator of India to offer crypto trading services in the country.

Jamming Prepares to enter the Indian market after obtaining the regulatory approval of the country’s financial intelligence unit. In a March 11 blogThe exchange said that approval would allow it to offer cryptographic trading services IndiaWith plans to launch initial retail services later this year, followed by “investment and additional products in India”.

“India represents one of the most exciting market opportunities in the world today, and we are proud to deepen our investment here in full compliance with local regulations.”

John O’loghlen, regional director general of APAC in Coinbase

The previous attempt at Coinbase to launch the services in India ended without safe blow in April 2022. The company introduced the support of the popular payment system of the UPI 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.

Now, Coinbase says that he returns to India, calling a market that “adopts regulation and encourages innovation in cryptographic and onchain space”.

The exchange of crypto based in the United States notes that India has become the house of one of the “most dynamic start-up ecosystems” in the world, making it a “natural adjustment” for Coinbase, because the part of the country of world developers climbed 3% in 2018 to 12% in 2023.

“The community of developers of India and entrepreneurial energy are unrivaled. But too often, young Indian entrepreneurs felt forced to look abroad to build global companies. Crypto can change that.

John O’Loghlen

One day just before Coinbase announces its expansion in India, the Ark of Cathie Wood Invest acquired More than 64,000 Coinbase shares, worth around $ 10.5 million at the time of purchase, according to the company’s website. The acquisition occurred while Coinbase Coinbase actions fell 17.58% in the middle of larger market turbulence on Monday, March 10, according to NASDAQ data.