Coinbase Expands Operations in India with Fiat On-Ramp Plans

Coinbase has reopened user registration in India after a pause of more than two years. Users can currently engage in crypto-to-crypto trades. Speaking at India Blockchain Week, Coinbase's APAC director John OLoghlen announced plans for a fiat on-ramp in 2026, enabling Indian users to load money and purchase crypto.

Coinbase initially entered the Indian market in 2022 but had to suspend support for the Unified Payments Interface after the National Payments Corporation refused to acknowledge their presence. In 2023, Coinbase discontinued all operations for Indian users, advising them to offload their accounts.

OLoghlen stated the decision to off-board millions of customers was difficult but necessary for a fresh start. The company has since registered with the Financial Intelligence Unit this year and began onboarding users for early access in October.

The app is now open to all users. Despite facing challenges such as a 30% tax on crypto income and a 1% deduction on transactions, Coinbase remains optimistic about the Indian market. OLoghlen expressed hope for the government to ease taxation on digital assets.

Additionally, Coinbase's venture arm invested in local exchange CoinDCX at a valuation of $2.45 billion and plans to expand its team in India, which currently has over 500 members.