A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
MUMBAI (Reuters) - U.S.-headquartered cryptocurrency exchange Coinbase Global has registered with India's Financial Intelligence Unit (FIU), allowing it to offer crypto trading services in the country, the company said on Tuesday.
Coinbase said it plans to launch its initial retail services later this year and roll out additional investments and products thereafter, but did not disclose a specific timeline.
Coinbase's entry into India comes at a time when interest in the asset class has soared in the country, with many young Indians dabbling in crypto and flocking to trading academies in the hopes of supplement their regular incomes.
Other crypto exchanges that currently operate in India include CoinDCX, Binance and KuCoin.
"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," said John O'Loghlen, Coinbase's regional managing director for Asia Pacific.
India requires virtual digital asset service providers, such as crypto exchanges, to register with the FIU as a reporting entity and comply with obligations mandated under the country's anti-money laundering rules.
While the country levies a 30% tax on crypto trading gains, among the highest globally, it is yet to outline regulations for the asset class, which has been in the spotlight since Donald Trump's victory in the U.S. Presidential election last year.
India is reviewing its stance on cryptocurrencies due to global regulatory shifts, and influenced by recent U.S. policy changes, a senior official told Reuters last month.
(Reporting by Jaspreet Kalra; Editing by Varun H K)
