Coinbase Global, a U.S.-based cryptocurrency exchange, has announced its registration with India's Financial Intelligence Unit (FIU) to offer crypto trading services in the country, as stated on Tuesday.
The company plans to introduce its initial retail services later this year and expand with further investments and products, without specifying a timeline.
Coinbase's entrance into India coincides with a surge in interest in cryptocurrencies among young Indians, many of whom are turning to trading academies to supplement their incomes.
Noteworthy crypto exchanges currently operating in India include CoinDCX, Binance, and KuCoin.
John O'Loghlen, Coinbase's regional managing director for Asia Pacific, expressed, "India represents one of the most exciting market opportunities in the world today, and we're proud to deepen our investment here in full compliance with local regulations."
Virtual digital asset service providers like crypto exchanges are compelled to register with the FIU in India as reporting entities and adhere to anti-money laundering rules mandated by the country.
Despite India's 30% tax on crypto trading gains, one of the highest globally, regulations for the asset class remain undeclared, following heightened attention since Donald Trump's U.S. Presidential election victory last year.
India's stance on cryptocurrencies is evolving due to global regulatory changes and recent U.S. policy alterations, according to a senior official's statement to Reuters last month.