Source: Cointelegraph Original: "{title}"
Cryptocurrency exchange Coinbase has taken another step closer to relaunching its services in India after receiving a license from the Financial Intelligence Unit (FIU) of India.
On March 11, the cryptocurrency exchange revealed on social media: "We have been approved to launch services in India," followed by a clarification from Coinbase's Chief Legal Officer Paul Grewal.
Grewal stated, "Coinbase is now registered with the Financial Intelligence Unit. This is an important step towards empowering Indian entrepreneurs to build, innovate, and scale their businesses on a global blockchain from within the country."
A blog post from Coinbase confirmed that the exchange plans to offer cryptocurrency trading services in India, but did not specify a timeline for the launch.
According to John O’Loghlen, Managing Director for Asia Pacific at Coinbase, the developer community in India, in addition to cryptocurrency traders, will also benefit from the launch of Coinbase and its related tools, including its Base network.
Cointelegraph reached out to Coinbase for more information about its plans to launch services in India but did not receive an immediate response.
Coinbase first entered the Indian market in 2022; however, its operations lasted only a few days after encountering issues with the Reserve Bank of India. At that time, Coinbase stated, "We are committed to working with… relevant authorities to ensure we meet local expectations and industry standards."
India's Changing Stance on Cryptocurrency
India has a complex history with cryptocurrency, with the Financial Intelligence Unit having banned several cryptocurrency exchanges over the years.
Legal expert Amit Kumar Gupta told Cointelegraph that many lawmakers hold a negative view of the cryptocurrency industry, associating it with gambling and illegal activities. This partly explains why some departments of the Indian government wish to regulate the industry by implementing stringent tax laws.
Nevertheless, as global acceptance of cryptocurrency continues to rise, the situation seems to be changing, raising concerns that India may fall behind.
In February, Reuters quoted Ajay Seth, Secretary of the Department of Economic Affairs in India, stating that cryptocurrency is "not bound by borders," indicating that India needs to be at the forefront of the acceptance of cryptocurrency.
In terms of cryptocurrency acceptance, India scores the highest among countries in the Central Asia, South Asia, and Oceania (CSAO) region. Source: Chainalysis
Despite the controversies, according to a report released by Chainalysis in 2024, India has become the leading country in the Central Asia, South Asia, and Oceania (CSAO) region in terms of cryptocurrency acceptance. The report noted that India scored particularly high in retail and decentralized finance acceptance.
Related: Bybit registers with Indian regulators, committed to entering the Indian market
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