A major American cryptocurrency trading platform has launched rupee-based transactions for customers in India, representing a significant move into one of Asia’s largest markets.
Coinbase announced Monday that Indian users can now deposit and withdraw rupees through an immediate payment service system. The platform will offer direct trading across multiple digital assets, plus perpetual futures contracts for leading cryptocurrencies.
The exchange had previously shut down its Indian operations in 2023 but returned to the market last year following registration with the Financial Intelligence Unit.
John O’Loghlen, the company’s regional managing director for Asia Pacific, emphasized India’s importance in the cryptocurrency sector.
“India has long been one of the most important markets in crypto: in terms of developer talent, trading activity, and the broader adoption of blockchain technology,” O’Loghlen stated.
Indian regulations require cryptocurrency platforms to follow anti-money laundering protocols. The nation imposes a 30% tax on cryptocurrency trading profits, ranking among the world’s highest rates, though comprehensive regulations for digital assets remain pending.
