Coinbase Plans India Relaunch Following Regulatory Hurdles

Coinbase is planning to relaunch in India after halting operations in September 2023. The exchange is in discussions with the Financial Intelligence Unit (FIU) to secure approvals, according to Decrypt on Wednesday. Coinbase aims to compete with local exchanges like CoinDCX and CoinSwitch, planning to relaunch the same centralized exchange platform that was initially introduced in the country years ago. Executives are expected to visit India in March to meet with the FIU. In 2022, Coinbase briefly supported India's United Payments Interface but suspended services due to regulatory concerns. India leads globally in crypto adoption, despite a 30% tax on crypto transactions.