Coinbase has secured approval to offer digital assets trading in India, bringing it a step closer to re-entering one of the world’s largest crypto markets.
The exchange is aiming to launch crypto trading services in India later this year, a company representative said Tuesday in a statement. Coinbase first planted roots in India in 2022, but it withdrew from the market a year later due to regulatory hurdles.
“India’s developer community and entrepreneurial energy are unmatched,” Coinbase Regional Managing Director for APAC John O’Loghlen said in the statement.
Coinbase’s latest attempt to compete in the Indian market comes as local regulators and policymakers re-evaluate more restrictive attitudes toward digital assets amid a broader pro-crypto shift in the U.S. and other corners of the world.
India boasts the world’s highest rate of grassroots crypto adoption, with a strong decentralized finance scene, according to a 2024 Chainalysis report. But until now, the country’s tight crypto regulations have kept many large industry players on the sidelines of its booming market.
With local decision makers’ stances on digital assets poised to change, India is now “one of the most exciting market opportunities in the world,” O’Loghlen said Tuesday in a statement.
The executive added that India is a major hub for onchain development—an increasing area of focus for Coinbase, which launched its Ethereum-based Layer-2 Base in 2023.
India has amassed the highest concentration of talent in the onchain space, with 12% of all global developers residing in the country as of 2023, Coinbase’s data shows.
It’s that local talent Coinbase is aiming to woo by putting down roots in India, O’Loghlen said.
“By expanding access to our trusted platform and tools such as Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally,” he said.
Edited by James Rubin
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