Finance, Coinbase, India, Regulation The crypto trade began withdrawing from the nation in 2022 because of regulatory stress.
Coinbase (COIN) is one step nearer to completely returning to India after securing registration with the Financial Intelligence Unit (FIU), the crypto trade mentioned on Tuesday.
The Nasdaq-listed firm, which was lively within the nation a number of years in the past, confronted a lot of points because of regulatory stress and ultimately backed away from India.
In 2022, it began operations within the nation solely to droop them because of “informal pressure” from the Reserve Bank of India. The following 12 months, the exchange shut off new user registration, whereas persevering with to supply pockets providers to Indian residents.
The FIU registration permits Coinbase to deliver its buying and selling providers to the Indian market.
Earlier this 12 months, TechCrunch reported that Coinbase was in discussions with regulators, together with the FIU, for a potential re-entry into India.
The Brian Armstrong-led trade mentioned it plans to begin up retail providers this 12 months, including that additionally it is releasing different merchandise and growing funding within the nation.
“India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations,” mentioned John O’Loghlen, regional managing director for APAC at Coinbase.
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