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Coinbase has announced its renewed push into the Indian cryptocurrency market, having secured registration with the country's Financial Intelligence Unit (FIU). This move signals a significant step forward for the U.S.-based cryptocurrency exchange, which had previously encountered regulatory hurdles in the region. The FIU registration is a critical requirement for virtual digital asset service providers operating in India, ensuring compliance with anti-money laundering regulations.
The company's announcement indicates plans to launch retail trading services later in the year, with further investment and product offerings to follow. This re-entry comes after a period of regulatory uncertainty, during which Coinbase had to suspend its services due to challenges related to the Unified Payments Interface (UPI).
Coinbase's decision to re-establish its presence in India reflects the country's growing significance in the global cryptocurrency landscape. Despite the complexities of India's regulatory environment, the market's potential, driven by a large and tech-savvy population, remains highly attractive to international exchanges.
The company has emphasized its commitment to operating in full compliance with local regulations and fostering innovation within the Indian crypto ecosystem. Furthermore, Coinbase is also looking to expand its crypto developer platform within the nation. They aim to empower the Indian developer community.
This development also occurs amidst other changes within the Indian crypto market, with other international exchanges also seeking to comply with Indian regulations. The Indian government has worked to bring virtual digital assets under the Prevention of Money Laundering Act, thus creating a more regulated environment.