by Exchange Vows to Take Crypto Seriously This Time, Plans Year-Long Regulatory Limbo
New Delhi Coinbase announced this week that it is officially returning to India after a two-year exile, armed with lessons learned and a newfound commitment to… talking to regulators.
“We’re back with a ‘clean slate’ approach,” declared John O’Loghlen, Coinbase’s Asia-Pacific director, with the enthusiasm of an ex returning to their hometown hoping everyone forgot how things ended. In 2022, their previous India launch lasted three weeks before the Unified Payments Interface operator essentially said, “We see you, but we’re pretending not to.”
This time, Coinbase has registered with the Financial Intelligence Unit, which translates from government-speak to: “We asked permission and they didn’t say no, so we’re treating that as yes.”
Indian users can now do crypto-to-crypto trading in a country with a flat 30% tax on gains, no loss offsets, and a 1% transaction fee that makes every trade feel like paying rent. Full fiat on-ramp? “Maybe 2026,” Coinbase hopes, which is corporate-speak for “we’ll reassess in 365 days.”
The government has extracted ?700 crore ($818 million) in crypto taxes since 2022, essentially farming speculation for revenue. Coinbase, undeterred, plans to expand to 500+ employees across Indiabetting that Indians will eventually want to lose money more efficiently in rupees.
For Bohiney Magazine’s full breakdown of crypto’s regulatory squeeze play, read the investigation today.
SOURCE: https://bohiney.com
SOURCE: Bohiney.com ()
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