Coinbase is reportedly in talks with India’s financial regulator to seek a re-entry into the country. The crypto exchange is “engaging with various Indian authorities,” including the Financial Intelligence Unit, TechCrunch reported today, citing two people familiar with the matter.
The news comes after Coinbase disabled its support for the Unified Payments Interface in India in April 2022, just days after marking its entry into the Indian market. UPI is a real-time payment system developed by the National Payments Corporation of India to facilitate inter-bank transactions using a mobile phone.
“Coinbase is excited by the opportunities in the Indian market, and intends to comply with applicable regulatory requirements, but we have nothing to announce regarding a FIU registration at this time,” a Coinbase spokesperson told The Block.
Earlier this month, Ajay Seth, India's economic affairs secretary, told Reuters that the country was reviewing its stance on cryptocurrencies in response to global regulatory shifts. “More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of the usage, their acceptance, where do they see the importance of crypto assets,” they said. “In that stride, we are having a look at the discussion paper once again.”
Some other global exchanges have recently become available in India. Last week, Bybit announced that it completed its registration with the FIU after agreeing to settle a penalty of 92.7 million rupees ($1 million). Binance also re-entered India in August last year after paying a $2.25 million penalty.
The FIU did not immediately respond to The Block’s request for comment.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
