Coinbase, a prominent U.S.-listed cryptocurrency exchange, has announced a significant expansion of its services in India by enabling users to trade using the Indian rupee. This development allows Indian customers to deposit and withdraw rupees through the immediate payment service channel, enhancing their access to the platform’s offerings.

Service Resumption and Market Importance

After discontinuing its services in India in 2023, Coinbase resumed crypto trading last year following its registration with the Financial Intelligence Unit. The company’s regional managing director for Asia Pacific, John O’Loghlen, emphasized India’s critical role in the cryptocurrency market, citing the country’s developer talent, trading activity, and the broader adoption of blockchain technology as key factors.

Trading Options and Regulatory Environment

Indian users will now have access to spot trading across a range of assets, along with perpetual futures contracts covering major crypto assets. This move comes as India requires crypto exchanges to comply with its anti-money laundering regulations. Despite the country’s high 30% tax on crypto trading gains, which is among the highest globally, it has yet to establish comprehensive regulations for the asset class.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.