Crypto exchange Coinbase (Nasdaq: COIN) has secured registration with India’s Financial Intelligence Unit (FIU), allowing the company to legally provide cryptocurrency trading services in the country. Announcing the milestone on social media platform X on March 11, Coinbase stated:

We’re approved to launch in India.

The company highlighted India’s potential, emphasizing: “India represents one of the world’s most dynamic markets for crypto and onchain innovation.” The FIU registration enables Coinbase to expand its offerings, with plans to roll out retail services later this year. The company reiterated its dedication to compliance, stating: “We have registered with India’s Financial Intelligence Unit (FIU), enabling us to offer crypto trading services in the country. This milestone reinforces our commitment to compliance and is another significant step in our international expansion strategy.”

India’s rapid evolution as a global technology and startup hub has made it an attractive destination for Coinbase’s expansion efforts. The company emphasized this in a press release on March 11: “Coinbase’s registration with India’s Financial Intelligence Unit (FIU) marks a significant milestone in our international expansion strategy. It enables us to offer crypto trading services in India.” The crypto exchange noted:

We plan to launch our initial retail services later this year, followed by additional investment and products in India thereafter.

The country has seen significant growth in blockchain and onchain development, with its share of global developers increasing from 3% in 2018 to 12% in 2023. John O’Loghlen, Coinbase’s regional managing director for the Asia-Pacific region, described India’s potential:

India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations.

Beyond regulatory approval, Coinbase is actively strengthening its engagement in the U.S.-India economic relationship. The company’s chief legal officer, Paul Grewal, recently joined the Board of the U.S.-India Business Council (USIBC), reflecting Coinbase’s dedication to fostering collaboration between the two nations. The company has also reaffirmed its commitment to working closely with regulators worldwide to ensure compliance and consumer protection. The FIU registration is a crucial step in responsibly integrating crypto into India’s financial ecosystem while supporting the country’s role as a leader in blockchain innovation.

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