Coinbase Talks are held with the financial authorities in India to obtain a green light to re -enter the local market. After suspending the operations in 2022, the platform is now looking for New opportunity To expand in the country.
Let’s see all the details in this article.
Coinbase exchange news: New negotiations with local authorities in India to obtain approval
Coinbase, one of the leading cryptocurrency exchanges in the world, has started talks with the organizational authorities in India to obtain the necessary approval to return to the country.
After stopping the operations in 2022 after pressing the Indian Reserve Bank, the stock exchange is now looking Re -establishing its existence In one of the most important markets and development in the encryption sector.
According to Crunch technology, Coinbase is currently working on the Financial Intelligence Unit (FIU) and other organizational authorities to discuss the conditions of the potential return.
Although the company mentioned its intention to comply with all regulatory requirements, no official plan to register with FIU has been announced.
In 2022, Coinbase had to stop operations in India just days after launch due to what was described as “informal pressure” from the Indian Reserve Bank.
In 2023, the stock exchange stopped Acceptance of new records, With continuing to provide its portfolio to Indian customers.
Despite the block, Coinbase has always expressed interest in strengthening its presence in India.
As we know, the Indian market for Criptovalute is one of the most dynamic things in the world, with millions of active investors despite the organizational environment that is still unconfirmed.
An increasingly organized market
India recently intensified controls on the exchange of cryptocurrencies, which impose Severe regulations To ensure more transparency and tax compliance.
Binance, the largest exchange by trading, managed to register with FIU after paying a fine of $ 2.2 million for unauthorized operations.
Bybit also followed a similar path, where he received the registration after paying a fine of one million dollars.
Coinbase’s possible return in India can be affected by the experiences of these competitors, who had to adapt to strict regulations to continue work.
Coinbase’s interest in the Indian market is understandable: with more than 1.4 billion people and an increasing accreditation of encrypted currencies, the country represents an enormous growth opportunity.
However, the challenges do not decrease. The organizational framework is still developing and local authorities are trying to balance technological innovation with the need to protect the investor.
For Coinbase, it may mean returning to India not only expanding the base of users, but also Confirm its commitment To comply with local regulations and cooperate with financial institutions.
If negotiations with FIU succeed, exchange can resume operations early in the coming months, which opens new horizons for the Indian encryption market.
Meanwhile, society continues to be in anticipation of more developments, and it is aware that the future of the organization of encryption in India will be crucial to the success of this initiative.
