Phased Rollout Prioritizes Regulatory Compliance and Cautious Market Re-entry
Coinbase has reopened registrations in India after more than two years, marking a renewed push into one of the largest retail crypto markets. The move was confirmed in Mumbai during India Blockchain Week, where APAC director John O’Loghlen confirmed the return and outlined a phased rollout. The exchange re-entered the market to rebuild its presence, restore services, and position itself for broader activity across the Asia-Pacific.
Initial Operations Focus on Crypto-to-Crypto Trading
Coinbase now allows Indian users to create accounts and trade crypto pairs, marking its first operational step since the 2023 withdrawal. The shift links directly to the company’s plan to rebuild market access while keeping regulatory engagement at the center of its strategy. O’Loghlen stated that the company aims to introduce a rupee on-ramp in 2026, allowing users to load funds and buy assets directly.
This phased structure connects to earlier challenges. When Coinbase entered India in April 2022, it enabled UPI deposits, but the NPCI publicly declined to acknowledge the exchange. The payment option disappeared within days, and the company began reassessing its exposure to India’s compliance rules soon after.
That earlier friction led to a full withdrawal. Coinbase off-boarded millions of Indian users in 2023 and shut access to the local market while preparing what O’Loghlen described as a clean slate. This choice created short-term losses for the firm; however, it allowed Coinbase to pursue structured engagement with regulators.
Regulatory Reset Strengthened by FIU Registration
The company started direct discussions with India’s Financial Intelligence Unit after the exit, which oversees anti-fraud requirements and records large digital-asset activity. Coinbase completed FIU registration in 2025, which opened the way for an early-access program in October. The app then opened broadly in December, though trading remains limited to crypto-only pairs until fiat connectivity returns next year.
India’s strict tax rules shape Coinbase’s careful approach. The country applies a 30% tax on digital-asset income without loss offsets, plus a 1% levy on each trade. Authorities collected about $818 million in tax revenue since introducing the system in 2022–23, including $323 million in the first year and $525 million in 2023–24. Industry firms say these rules reduced retail trading volume; however, Coinbase continues to expand its footprint.
This expansion includes fresh investment. In October, Coinbase’s venture arm increased funding for CoinDCX, India’s largest exchange, at a $2.45 billion valuation. Executives and analysts said the partnership offers a more viable path into the market than rebuilding payment systems alone. This connects directly to Coinbase’s plan to operate with predictable compliance conditions rather than relying on uncertain payment access.
India as a Strategic Gateway for Broader Asia-Pacific Expansion
Coinbase also intends to grow its India workforce, which already includes more than 500 employees supporting domestic and global operations. This expansion aligns with the firm’s broader strategy across South Asia and the Middle East, where it expects rising institutional demand and increasing blockchain adoption. India’s position as one of the largest crypto-adoption markets underscores the importance of this move.
Other exchanges have followed similar paths. Binance returned to India in August 2024 after paying a compliance penalty, and Bybit restored full app access in September 2025. These shifts show how global exchanges continue to re-enter India despite regulatory hurdles and tax obligations. Notably, India remained the top global crypto adoption market for the third straight year, according to an October report from TRM Labs.
Coinbase’s re-entry places the company in direct competition with regional players such as WazirX and global firms like Binance that already operate in India’s high-volume retail environment. The phased plan also allows Coinbase to test market conditions before proceeding with larger integrations, including future structured products and expanded trading features.