Coinbase starts onboarding users again in India, plans for fiat on-ramp next year

Coinbase App Now Open for Registration in India

After a hiatus of more than two years, popular crypto exchange Coinbase has finally opened its app for registration in India. Currently, users can engage in crypto-to-crypto trades, with plans to introduce a fiat on-ramp in 2026. This development will enable Indian users to load money and purchase cryptocurrencies directly through the platform.

Previous Challenges Faced by Coinbase in India

In 2022, Coinbase initially launched its services in India but soon faced obstacles when the Unified Payments Interface (UPI) payment network withdrew its support shortly after. The National Payments Corporation (NPCI) did not acknowledge Coinbase’s presence in the country, leading to the cessation of UPI support. Subsequently, in 2023, Coinbase ceased all operations for Indian users and requested them to withdraw their account balances.

John O’Loghlen, Coinbase’s APAC director, explained the decision to off-board Indian customers, emphasizing the company’s commitment to compliance and regulatory standards. Despite the challenges faced, Coinbase has since engaged with the Financial Intelligence Unit (FIU) and obtained necessary registrations to resume operations in India.

Current Outlook and Future Plans

Despite regulatory hurdles and taxation complexities surrounding cryptocurrencies in India, Coinbase remains optimistic about its prospects in the country. The company has increased its investment in local exchange CoinDCX and plans to expand its team in India to cater to both local and global markets.

Looking ahead, Coinbase aims to establish itself as a trusted exchange platform, prioritizing user experience and security. O’Loghlen highlighted the importance of a seamless onboarding process and a user-friendly interface to attract a wider audience in India.

As Coinbase continues to navigate the evolving landscape of cryptocurrency regulations in India, the company remains dedicated to providing a secure and user-friendly platform for digital asset trading.