Coinbase restarts user registration in India, will launch fiat currency deposit channel next year Odaily Planet Daily News: Coinbase has reopened registration to Indian users, after the business had been suspended for over two years. Currently, Indian users can conduct cryptocurrency transactions within the app. John O'Loghlen, Head of Coinbase Asia Pacific, announced at India Blockchain Week that the company plans to launch a fiat deposit channel in 2026, allowing users to directly top up and purchase cryptocurrency assets. Coinbase entered the Indian market in 2022, but suspended support for the Unified Payment Interface (UPI) a few days after its launch, as the UPI operator NPCI did not confirm Coinbase's business in the local area. Subsequently, the company stopped providing services to Indian users in 2023 and required users to clear their accounts. O'Loghlen mentioned that the company chose to completely exit in order to restart its business within a compliance framework. This year, Coinbase has communicated with the Financial Intelligence Unit (FIU) of India and completed registration. Starting from October, the application will be relisted through "early access" and is now open to all users. Although India is the world's second largest Internet market, its strict encryption regulation and tax system pose challenges to the development of the industry. The Indian government imposes a 30% tax rate on cryptocurrency revenue and does not allow loss deduction, and imposes a 1% tax deduction on each transaction. Coinbase expressed the hope that policies will be relaxed in the future. Despite strict regulations, Coinbase remains optimistic about the Indian market. Its investment department has recently increased its investment in local exchange CoinDCX (with a post investment valuation of $2.45 billion) and plans to expand its 500+person team in India. O'Loghlen stated that Coinbase aims to become a trusted platform for users, providing a secure and convenient trading experience for the Indian market.