US-based cryptocurrency exchange Coinbase has registered with India’s Financial Intelligence Unit (FIU), paving the way for its entry into the country’s rapidly evolving digital asset market. The company confirmed the registration on Tuesday, marking a significant step towards offering crypto trading services in India.
In a blog post, John O’Loghlen, Regional Managing Director for APAC at Coinbase, underscored the company’s commitment to fostering blockchain innovation within regulated markets. “We’re committed to building in markets that believe in the potential of crypto and on-chain innovation. 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,” he stated.
Coinbase intends to roll out its initial retail services later this year, followed by additional investments and products in the Indian market. The company views India as a crucial hub for blockchain development, citing the country’s expanding technology ecosystem and entrepreneurial talent as key factors in its expansion strategy.
According to Coinbase, India’s role in the global blockchain industry has grown substantially in recent years. The share of Indian developers contributing to global blockchain projects surged from 3% in 2018 to 12% in 2023. Among emerging markets, India now boasts one of the highest concentrations of blockchain talent.
Empowering Local Entrepreneurs
Highlighting the potential of India’s developer community, O’Loghlen emphasized Coinbase’s ambition to support local entrepreneurs. “India’s developer community and entrepreneurial energy are unmatched. But too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that. By expanding access to our trusted platform and tools such as Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally,” he said.
Coinbase’s commitment to strengthening ties between the US and India was further reinforced by the appointment of its Chief Legal Officer, Paul Grewal, to the Board of the US-India Business Council (USIBC). This move highlights the company’s long-term vision of fostering collaboration between the two economies in the blockchain sector.
As Coinbase embarks on its expansion in India, it has reiterated its dedication to complying with local regulations and supporting the country’s emergence as a global leader in blockchain innovation. “We look forward to growing our presence in India and supporting its role as a global leader in on-chain innovation,” the company said in its blog post.
