Coinbase starts onboarding users again in India, plans for fiat on-ramp next year

Core Insights - After a two-year pause, Coinbase has reopened its app for registration in India, allowing crypto-to-crypto trades, with plans to introduce a fiat on-ramp in 2026 [1] - Coinbase previously faced challenges in India, including the shutdown of UPI support shortly after launching services in 2022 and ceasing operations for Indian users in 2023 [2][3] - The company has engaged with the Financial Intelligence Unit (FIU) and registered with them, leading to the current onboarding of users [4] Regulatory Environment - The Indian government imposes a 30% tax on crypto income without loss offsets and a 1% transaction deduction, which may deter frequent trading [6] - Coinbase hopes for a relaxation of these tax regulations to encourage more users to hold digital assets [6] Market Potential - Despite regulatory challenges, Coinbase remains optimistic about the Indian market, having invested in local exchange CoinDCX at a $2.45 billion post-money valuation [7] - The company plans to expand its workforce in India, focusing on both local and global markets [7] User Experience - Coinbase aims to establish itself as a trusted exchange, emphasizing the importance of a user-friendly interface and a secure experience for onboarding [8]