Coinbase has resumed onboarding users in India after a pause of more than two years, allowing crypto-to-crypto trading through its app, while planning to introduce a fiat on-ramp in 2026 to enable users to load local currency and purchase digital assets, according to remarks made by the company at India Blockchain Week.
Return to the Indian Market After Regulatory Pause
Coinbase initially launched its services in India in 2022 but suspended support for the Unified Payments Interface within days after the National Payments Corporation of India declined to formally recognise the exchange’s operations. In 2023, the company halted services for Indian users entirely and off-boarded customers who were accessing the platform from overseas jurisdictions.
“We had millions of customers in India, historically, and we took a very clear stance to off-board those customers entirely from overseas entities, where they were domiciled and regulated. Because we wanted to kind of burn the boats, have a clean slate here,” said John O’Loghlen, Coinbase’s Asia-Pacific director. He added that from a commercial standpoint, the move was difficult because it meant giving up active users and revenue.
Coinbase began formal engagement with India’s Financial Intelligence Unit, which oversees financial transactions and fraud, and completed its registration with the agency earlier this year. The company started onboarding users through an early-access program in October and has now opened registration to the general public.
Current Trading Access and Fiat On-Ramp Plans
At present, users in India can only conduct crypto-to-crypto trades on the platform. Speaking at India Blockchain Week, O’Loghlen said Coinbase plans to introduce a fiat on-ramp in 2026. The feature would allow Indian users to deposit local currency and purchase cryptocurrencies directly through the exchange.
Regulatory and Tax Environment for Crypto in India
India remains a challenging market for crypto exchanges due to strict regulatory oversight and taxation. The country imposes a 30% tax on income from cryptocurrency transactions without allowing losses to be offset. In addition, a 1% tax is deducted at source on every crypto transaction, which can reduce trading frequency.
O’Loghlen said the company hopes the government will ease the tax burden to make it less restrictive for individuals to hold and trade digital assets.
Investment and Hiring Plans in the Country
Despite regulatory constraints, Coinbase continues to position India as a long-term market. The company’s venture arm increased its investment in Indian crypto exchange CoinDCX at a post-money valuation of $2.45 billion.
Coinbase also plans to expand its workforce in India, where it already employs more than 500 people. The company is hiring for multiple roles that will support both domestic operations and international markets.
“I think we want to be known as that trusted exchange, ensure that your funds are safe with us,” O’Loghlen said. He added that reaching a broader user base depends on offering a reliable interface and streamlined onboarding experience comparable to widely used Indian digital platforms.
Featured image credits: Ivan Radic via Flickr
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