U.S.-listed cryptocurrency exchange Coinbase is expanding its presence in India once again, enabling customers to trade digital assets directly in Indian rupees as the company seeks to strengthen its foothold in one of the world’s fastest-growing crypto markets.
The move marks a significant step in Coinbase’s renewed India strategy after the company was forced to scale back operations in 2023 amid regulatory challenges and uncertainty surrounding the country’s approach to digital assets.
Under the new offering, users will be able to deposit and withdraw funds in rupees through India’s Immediate Payment Service (IMPS) network, providing a more seamless entry point into cryptocurrency markets. Customers will also gain access to spot trading across a range of digital assets and perpetual futures contracts tied to major cryptocurrencies.
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The expansion comes less than a year after Coinbase resumed crypto trading services in India following its registration with the country’s Financial Intelligence Unit (FIU), a key requirement for crypto firms operating under India’s anti-money laundering framework.
“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,” said John O’Loghlen, Coinbase’s regional managing director for Asia Pacific.
The renewed push reflects the growing importance of India in the global cryptocurrency ecosystem. Despite regulatory ambiguity and one of the world’s toughest tax regimes for digital assets, India has emerged as a major source of blockchain developers, crypto entrepreneurs, and retail investors.
Industry studies consistently rank India among the leading countries for crypto adoption, driven by a young, technology-savvy population and widespread smartphone penetration. The country has also become a major hub for blockchain engineering talent, with many global crypto firms employing Indian developers to build infrastructure, decentralized applications, and Web3 services.
For Coinbase, re-establishing operations in India is strategically important as growth opportunities in North America and Europe become increasingly competitive. Asia remains one of the largest crypto markets globally, and India represents one of the few major economies where digital asset adoption continues to expand despite regulatory headwinds.
The company’s return also comes amid a broader resurgence in cryptocurrency markets. Institutional participation has increased significantly over the past two years, while major exchanges are seeking to expand beyond traditional crypto trading into derivatives, payments, and blockchain-based financial services.
However, India remains a challenging market.
The government currently imposes a 30% tax on gains from cryptocurrency trading, among the highest rates globally. In addition, a tax deducted at source (TDS) regime on crypto transactions has weighed on trading volumes at domestic exchanges and pushed some activity offshore.
While authorities have introduced anti-money laundering requirements and registration obligations for exchanges, India has yet to establish a comprehensive regulatory framework governing cryptocurrencies. Policymakers have repeatedly indicated that they prefer a coordinated global approach before introducing broader legislation.
That regulatory uncertainty has created a complex operating environment for exchanges. Several international platforms have either suspended services or modified their business models in India over the past few years as authorities tightened compliance requirements.
Coinbase’s decision to offer both spot trading and perpetual futures contracts is thus seen as an indication that the company sees substantial long-term potential despite those challenges. Perpetual futures, which allow traders to speculate on cryptocurrency prices without an expiration date, have become one of the fastest-growing segments of the global digital asset market and typically generate higher trading activity than spot markets.
The expansion also highlights the increasing institutionalization of the cryptocurrency industry. Major exchanges are increasingly seeking licenses, registrations, and formal oversight as they pursue growth in large markets, rather than operating outside traditional regulatory structures.
For India, Coinbase’s renewed commitment serves as another indication that global crypto firms remain eager to access the country’s vast pool of investors and technology talent. Yet the long-term trajectory of the market will likely depend on whether New Delhi moves beyond taxation and compliance requirements to establish a clearer regulatory framework for digital assets.
Overall, India presents both a major opportunity and a significant policy risk for cryptocurrency companies seeking growth in one of the world’s largest digital economies.