Coinbase Relaunches in India with 2026 Fiat On-Ramp Plan

San Francisco-based crypto exchange Coinbase has officially reopened its app for user registrations in India, marking a major comeback after a two-year operational halt and setting the stage to launch a fiat-to-crypto on-ramp by 2026. Speaking at India Blockchain Week (IBW), Coinbase’s APAC Director, John O’Loghlen, confirmed that while current users can execute crypto-to-crypto trades, the upcoming fiat integration will soon allow Indian investors to deposit local currency directly to purchase digital assets.

A Clean Slate After Regulatory Turbulence

Coinbase originally debuted its services in India in 2022, but the launch was instantly derailed. Within days, the exchange had to disable support for the Unified Payments Interface (UPI) network after the National Payments Corporation of India (NPCI) declined to recognize its local operations. By 2023, regulatory pressures forced Coinbase to halt all services, instructing Indian users and asked them to offload their accounts entirely.

“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,” O’Loghlen explained. “Because we wanted to kind of burn the boats, 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.”

Securing Compliance with the FIU

To rebuild its presence on solid regulatory ground, Coinbase spent months engaging with India’s Financial Intelligence Unit (FIU), the government body tasked with monitoring financial transactions and preventing fraud. This collaborative effort culminated in Coinbase successfully registering with the FIU earlier this year. Following a limited early-access onboarding phase in October, the exchange has now opened public registration for all users across the country.

Navigating India’s Strict Crypto Tax Landscape

While global tech giants and AI startups like OpenAI have experienced frictionless scaling in India, crypto enterprises face a steep uphill battle due to severe fiscal policies. India currently imposes a flat 30% tax on all crypto income with zero allowance for offsetting losses, alongside a mandatory 1% Tax Deducted at Source (TDS) on every single transaction. O’Loghlen noted that Coinbase remains hopeful the Indian government will eventually ease these tax burdens to foster a more sustainable environment for holding digital assets.

Doubling Down on Local Talent and Investment

Despite these regulatory headwinds, Coinbase is cementing its long-term commitment to the Indian market. The company’s venture capital arm recently increased its investment in local cryptocurrency exchange CoinDCX, valuation-capped at $2.45 billion post-money. Furthermore, Coinbase plans to expand its existing workforce of over 500 employees in India, hiring for multiple strategic roles designed to support both domestic operations and global product development.

“I think we want to be known as that trusted exchange, ensure that your funds are safe with us,” O’Loghlen stated. “We’re not going to get out to the masses if you can’t have a really nice UI, a trusted experience that allows you to onboard in a matter of minutes in the same way that you do with Zepto or Flipkart or any other super app in India.”