In order to reenter the Indian market, Coinbase

Coinbase is collaborating with Indian regulators, particularly the Financial Intelligence Unit of India (FIU-IND), to re-establish its presence in the market following a year-long absence.

The business has ceased enrolling new customers in India in June 2023 because to the strict legal environment and financial problems that cryptocurrency startups face.

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Since 2022, India has imposed taxes on digital assets, such as a 1% tax deduction for bitcoin transactions and a 30% capital gains tax.However, worldwide circumstances, notably as the United States' growing pro-crypto position, have forced India to reconsider its policies.

Binance, one of Coinbase's key rivals, successfully resumed operations in India in mid-2024 after overcoming regulatory concerns.With multinational corporations increasingly involved in the Indian market, the country's cryptocurrency industry looks to be entering a new era of development.

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In another development, Coinbase's subsidiary, CB Payments Ltd, has received a license from the UK's Financial Conduct Authority (FCA) to provide cryptocurrency services, cementing the company's position as a significant distributor of digital assets in the UK, its largest overseas market.