Global cryptocurrency exchange Coinbase is planning to re-enter the Indian market. In 2022, the company ceased its operations in the country.

The US-based crypto trading platform is engaging with various Indian authorities such as the Financial Intelligence Unit (FIU), TechCrunch reported. 

 

“Coinbase is excited by the opportunities in the Indian market and intends to comply with applicable regulatory requirements,” a spokesperson for the company told the online publication.

The exchange had initially launched its operations in April 2022. However, the same year, Coinbase had to roll back its operations.

The development comes as Paul Grewal, chief legal officer at Coinbase, joined the board of directors of US-India Business Council this week. 

“I’m honoured to join the USIBC Board to help strengthen the bridge between India and the US in shaping the future of finance,” a statement shared by USIBC quoted him as saying. 

“India has one of the largest and fastest-growing Web3 ecosystems in the world, with a booming developer community, pioneering startups, and bold institutional adoptions. Since 2018, its share of global Web3 developers has quadrupled to 12%, the highest growth among emerging markets,” he said. 

The move follows another global cryptocurrency exchange Binance resuming operations in India last August after registering with FIU following a seven-month regulatory halt.

The development comes as India reviews its cryptocurrency stance. Economic affairs secretary Ajay Seth told Reuters this month that the Centre is re-examining its position on digital assets amid global policy shifts, marking a change from January 2024 when former RBI governor Shaktikanta Das had warned of risks from cryptocurrencies.

Domestic players too have begun venturing in the space, with Reliance Industries launching ‘JioCoin’ last month.