Coinbase is in discussions with Indian regulators because it
considers reentering the market after halting operations in 2023. The US-based
cryptocurrency trade has engaged with India’s Monetary Intelligence Unit
(FIU) to discover regulatory compliance, in response to Cointelegraph.
Coinbase Authorized Officer Joins USIBC Board
The event follows Coinbase’s Chief Authorized Officer, Paul
Grewal, becoming a member of the US-India Enterprise Council (USIBC) international board of
administrators. The council facilitates enterprise cooperation between the 2
international locations. Grewal said that he goals to assist monetary innovation and
strengthen ties between the US and India.
“I’m honored to hitch the USIBC Board to assist strengthen
the bridge between India and the US in shaping the way forward for finance,”
Grewal stated.
“India has one of many largest and fastest-growing Web3
ecosystems on the earth, with a booming developer group, pioneering
startups, and daring institutional adoption. Since 2018, its share of worldwide web3
builders has quadrupled to 12%, the best development amongst rising markets,”
he added.
JUST IN: 🇮🇳 Coinbase to re-enter India, after formally exiting Indian market in 2022. – @TechCrunch stories pic.twitter.com/wBAMbQHDeu
— Crypto India (@CryptooIndia) February 13, 2025
India Registers Binance, KuCoin After Penalties
Coinbase discontinued its companies in India in September
2023, asking customers to withdraw funds. The trade didn’t present particular
causes for the exit. Earlier, in April 2022, Coinbase halted its United
Funds Interface (UPI) service in India days after launching. The Nationwide
Funds Company of India had said that it didn’t acknowledge
crypto-related UPI transactions.
Coinbase’s return would come as India maintains a strict
stance on offshore crypto exchanges. The FIU imposed restrictions on a number of
overseas platforms in late 2023 however later registered Binance and KuCoin after
accumulating penalties in Might 2024. Stories in September 2024 urged that two
extra offshore exchanges have been below evaluate for approval.
This text was written by Tareq Sikder at www.financemagnates.com.
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