😱 Coinbase’s🇺🇸 Adventures in India🇮🇳: A Comeback in Sight?

😱 Coinbase’s🇺🇸 Adventures in India🇮🇳: A Comeback in Sight?

The exchange is negotiating its re-entry with the Financial Intelligence Unit (FIU), potentially opening a new chapter in its history in the country.

➡️ A failed attempt: In 2022, Coinbase integrated the Indian UPI payment system, but just three days later, the National Payments Corporation of India blocked it. Although there is no formal ban on cryptocurrencies, the FIUdemanded full transaction transparency, leading Coinbase to exit the market. Additionally, India imposes a 30% tax on crypto income and a 1% transaction deduction.

➡️ Will it follow Binance’s footsteps?: Kraken and Binance also faced restrictions in India, but Binance managed to return last year after agreeing to strict local regulations. It seems Coinbase might take a similar path.

➡️ A change in strategy?: With Trump’s favorable stance on crypto, India may want to avoid tensions with the U.S. Moreover, despite obstacles for foreign exchanges, India led global crypto adoption in 2024.

#news #crypto #India #USA

🏦 Payouter.com — looking for traders for processing in 🇮🇳 India: P2P, P2C, Intent. We are waiting for you