Coinbase is reportedly in discussions with India's Financial Intelligence Unit (FIU) as it seeks to re-enter the Indian market.
Coinbase is reportedly in discussions with India's Financial Intelligence Unit (FIU) as it seeks to re-enter the Indian market. This development follows the crypto exchange's withdrawal of support for the Unified Payments Interface (UPI) in April 2022, just days after its launch in the country.
The UPI is a mobile-based real-time payment system developed by the National Payments Corporation of India, designed to facilitate inter-bank transactions.
TechCrunch reported that Coinbase is engaging with various Indian authorities, including the FIU, to address regulatory requirements necessary for its return. A spokesperson for Coinbase expressed enthusiasm for the potential opportunities in India but noted that there were no immediate announcements regarding FIU registration.
This renewed interest from Coinbase coincides with a broader reassessment of crypto regulations in India. Ajay Seth, India’s economic affairs secretary, mentioned earlier this month that the government is reviewing its stance on crypto in light of global regulatory shifts.
He highlighted that multiple jurisdictions have altered their approach to cryptocurrency usage and acceptance, prompting a reevaluation of policies in India.
Meanwhile, some global exchanges have successfully established a presence in India. Recently, Bybit announced its registration with the FIU, having settled a penalty amounting to 92.7 million rupees (approximately $1 million).
As Coinbase navigates these discussions, the FIU has not yet responded to inquiries regarding the ongoing talks.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
