Coinbase, a cryptocurrency exchange based in San Francisco, California, has registered with India's Financial Intelligence Unit ( FIU ), enabling the company to offer crypto trading services in the country.

The company plans to launch initial retail services later this year, followed by additional investment and products in India thereafter.

“We’re committed to building in markets that believe in the potential of crypto and onchain innovation,” says John O'Loghlen, regional managing director for Asia-Pacific at Coinbase. “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.”

India’s emergence as a global technology powerhouse, home to one of the most vibrant start-up ecosystems, makes it a natural fit for Coinbase’s international expansion, the company says in a statement. The country has rapidly grown into a blockchain development hub, with its share of global developers increasing from 3% in 2018 to 12% in 2023. Among emerging markets, India now boasts the highest concentration of talent in the blockchain space.

“India’s developer community and entrepreneurial energy are unmatched,” says O'Loghlen. “But too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that. By expanding access to our trusted platform and tools such as Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally.” 

​​Meanwhile, Paul Grewal, Coinbase’s chief legal officer, has been appointed to the board of the US-India Business Council. “The USIBC plays a pivotal role in advancing the US-India commercial relationship, and Coinbase looks forward to being an active participant in this dialogue,” the company statement says.