Coinbase Returns to India After 2-Year Exit, Plans 2026 Launch of Fiat Services

Coinbase would resume operations in India after facing regulatory issues in 2023. The exchange has reopened registrations and plans to offer a full fiat on-ramp by 2026.

Coinbase Returns to India With 2026 Fiat Launch Plan

The exchange has reopened its app for users and allowed residents to sign up and start crypto-to-crypto trading again, according to TechCrunch.

John O’Loghlen, the company’s APAC director, announced at India Blockchain Week that a new fiat gateway will launch in 2026. This will give users the ability to deposit rupees and buy assets directly.

The exchange had also tried to enter the market in 2022 but quickly collapsed after the UPI operator refused to support its transactions. In 2023, the exchange offboarded all local customers and exited completely.

O’Loghlen said the withdrawal was painful but necessary.

“We had millions of customers in India, historically, and we took a very clear stance to off-board those customers entirely from overseas entities,” he said. “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.”

After that, the U.S. exchange engaged with the FIU and completed the formal registration this year. In October, they began onboarding users again through an early access program. 

In March, insiders shared that Coinbase plans to return to the country’s crypto market before the end of 2025. Registering with the Financial Intelligence Unit gave the company the regulatory clarity it needed for its previous attempt.

Will India’s Tax Laws Hinder Coinbase?

The government still charges a 30% tax on income from crypto and does not allow any offsets for losses. They also imposed a 1% TDS on every transaction.

O’Loghlen conceded these rules discourage active trading and that they hope over time lawmakers will ease the burden to incentivize long-term asset holding.

As part of its growth plan, the exchange has invested in CoinDCX, one of the largest crypto exchanges in the country. This funding helped raise CoinDCX’s value to $2.45 billion.

The exchange also shared they would expand its local workforce, hiring across engineering, compliance, and product roles. Already it employs more than 500 people in the country.

O’Loghlen made it amply clear that the company’s priority was to position Coinbase as the trusted exchange for the country.

“I think we want to be known as that trusted exchange, ensure that your funds are safe with us,” he said.

India remains a powerhouse in global crypto adoption. An October report by TRM Labs ranked it number one for the third year running, beating out the U.S., Brazil, and other emerging markets.