Coinbase records with FIU in India, the encryption trading services will resume two years later
According to advertisement On March 11, the US -based Crypto Coinbase was appointed to re -enter India after registration with the country’s financial intelligence unit (FIU). The Stock Exchange stated that this development represents a great milestone in its international expansion strategy.
Coinbase Group to re -enter the Indian market
The pioneer on the digital asset trading platform is ready to return to India. The Exchange noticed that she plans to launch primary retail services later this year, with additional follow -up products.
For beginners, FIU is the World Money Laundering Agency in India, while overseeing all the codes operating in the country. Digital asset trading platforms such as CoINDCX have already been recorded in FIU, while Coinbase Binance has recently received organizational approval from monitoring monitoring.
It should be noted that Coinbase to stop Its operations in India in 2022 due to the unwanted digital asset regulations in the country. At that time, Brian Armstrong, CEO of Coinbase, stated that the exchange had to get out of the market because of the “informal pressure” from the central bank in India.
Coinbase to India comes at a time when encryption regulations in the United States are subject to major changes. Commenting on the development, John Olujen, APAC Regional Director at Coinbase, said:
We are committed to building in the markets that believe in the potential of encrypted innovation and UNIChen. India is one of the most exciting market opportunities in the world today, and we are proud to deepen our investments here in the full compliance with local regulations.
The advertisement indicates that the appearance of India as a global technical power makes it naturally suitable for Coinbase’s international expansion. Over the years, India has strengthened its place as a major development center on the series, which increased its share of international developers from 3 % in 2018 to 12 % in 2023.
The US -based exchanges such as Coinbase, Gemini and Kaken relief after US President Donald Trump won the November 2024 elections. In February, the US Securities and Stock Exchange Committee (SEC) Decline The issue of its enforcement against Coinbase.
Pusing Coinbase to global expansion in the first place by the positive organizational environment in the United States. Recently, the exchange of digital assets unveil Plans to add 1,000 new workers in the United States.
India reconsidates its position on encrypted currencies
For a long time, India has maintained an anti -digital position towards digital assets, duty A large tax on encryption transactions to bend investors from engaging with the emerging assets category.
India’s strict position towards cryptocurrencies is amazing, as the country classifies Firstly In the world in terms of adopting encryption. Due to India’s policy of inhibiting encryption companies, many entrepreneurs have been forced to move to countries like the Emirates or Singapore to create their business.
However, Trump’s positive vision of digital assets is said to be India review Her draconian position on encrypted currencies. At the time of the press, BTC is trading at $ 81,633, an increase of 3.1 % in the past 24 hours.
Distinctive image from Unsplash, charts from Chainalysis and TradingView.com
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