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Coinbase (Nasdaq: COIN) has officially registered with India’s Financial Intelligence Unit (FIU), granting it the legal authority to offer cryptocurrency trading services in the country. The exchange announced this milestone on March 11 via social media platform X, stating: “We’re approved to launch in India.”
Highlighting India’s growing role in the crypto and blockchain space, Coinbase described the country as “one of the world’s most dynamic markets for crypto and onchain innovation.” With this approval, the company aims to expand its presence in India, starting with retail services later this year.
Coinbase emphasized its dedication to regulatory compliance, stating: “We have registered with India’s Financial Intelligence Unit (FIU), enabling us to offer crypto trading services in the country. This milestone reinforces our commitment to compliance and is another significant step in our international expansion strategy.”
India has rapidly emerged as a global technology and blockchain hub. Recognizing this, Coinbase is positioning itself to capitalize on the country’s growing developer and investor base. The company reiterated this in a press release on March 11: “Coinbase’s registration with India’s Financial Intelligence Unit (FIU) marks a significant milestone in our international expansion strategy. It enables us to offer crypto trading services in India.”
The exchange also revealed plans to introduce retail services this year, with further investments and new products to follow.
The country’s share of global blockchain developers has grown significantly, rising from 3% in 2018 to 12% in 2023. John O’Loghlen, Coinbase’s regional managing director for the Asia-Pacific region, emphasized the importance of this market:
“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.”
In addition to adhering to regulations, Coinbase is fortifying its connections between the United States and India. Paul Grewal, the company’s chief legal officer, recently joined the board of the U.S.-India Business Council (USIBC), demonstrating the organization’s dedication to international cooperation. Coinbase is making a big step toward responsibly incorporating cryptocurrency into India’s financial system and bolstering the country’s expanding blockchain sector with its FIU registration.