Coinbase Reopens Doors In India, Eyes 2026 For Rupee Deposits
Coinbase has reopened user onboarding in India after a two-year pause and plans to enable fiat deposits in 2026, signalling renewed confidence in the country’s crypto market.
Coinbase is officially back in India. After more than two years of silence and uncertainty, the global crypto exchange has quietly restarted user onboarding in the country, signalling what could be the most significant comeback by any major crypto platform in India’s tightly regulated market.
Coinbase Returns After A Long Pause
The Coinbase app is now open for registrations once again, reported TechCrunch, allowing users to trade crypto pairs. However, traditional fiat deposits are still off-limits for the moment. Speaking at India Blockchain Week (IBW), John O’Loghlen, director for Coinbase in APAC, confirmed that the company is planning to introduce a fiat on-ramp in 2026, enabling users to add funds in local currency and purchase crypto.
Coinbase originally launched services in India in April 2022 with support for payments through UPI. The National Payments Corporation of India (NPCI), which manages the UPI network, publicly stated it did not recognise Coinbase’s use of the payment system, forcing the exchange to withdraw support. By 2023, Coinbase had discontinued all operations for Indian account holders and instructed them to remove assets.
“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 [sic], have a clean slate here. As a commercial business person wanting to make money and active users, that’s like the worst thing you can do, and so you know it wasn’t without some hesitation,” O’Loghlen said.
Regulatory Engagement And Compliance Efforts
Since stepping back, Coinbase has spent the last year working with policymakers and compliance frameworks. It began engagement with the Financial Intelligence Unit (FIU), a government body tasked with overseeing suspicious financial activity. Earlier this year, the company formally registered with FIU, marking its first step toward regulatory alignment in India.
In October, Coinbase began onboarding users through an early-access program. With testing complete, the platform is now accessible nationwide.
India’s Crypto Landscape Remains Challenging
India continues to be one of the toughest markets for crypto businesses due to tax rules and compliance mandates. The current tax structure imposes a 30 per cent levy on crypto gains, with no provision for offsetting losses, along with a 1 per cent tax deducted at source (TDS) on every transaction.
O’Loghlen expressed hope that regulatory policies could evolve, saying Coinbase would welcome changes aimed at making participation less restrictive for everyday users.
Betting On Growth Despite Risks
Even with taxation hurdles, Coinbase appears confident about long-term opportunities in India. The company’s investment arm recently increased its stake in CoinDCX at a valuation of $2.45 billion. Coinbase also plans to expand its India team, which already exceeds 500 employees, with new roles supporting both Indian operations and global projects.
For now, Coinbase’s India relaunch starts cautiously, crypto-to-crypto trading, no rupee deposits yet, and a slow rebuild of trust. But its re-entry signals one thing clearly: despite regulatory headwinds, India remains too large and too influential a crypto market to ignore.
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