FILE PHOTO: Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Coinbase is working on re-entering the Indian market after ceasing operations over a year ago, TechCrunch reported on Thursday, citing people familiar with the matter.
Coinbase is engaging with Indian authorities, including the Financial Intelligence Unit (FIU), to secure necessary approvals for its re-entry into the market, according to the report.
India is reviewing its stance on cryptocurrencies, due to global regulatory shifts, and influenced by recent U.S. policy changes.
Economic Affairs Secretary Ajay Seth told Reuters earlier this month that India's approach on the assets cannot be unilateral, as cryptocurrencies do not adhere to borders.
Coinbase and FIU did not immediately respond to Reuters' request for comment.
Indians have poured money into cryptocurrencies in recent years despite the country's tough regulatory stance and steep trading taxes.
(Reporting by Rajveer Singh Pardesi in Bengaluru; Editing by Mrigank Dhaniwala)
