Coinbase is quietly returning to India, signaling that the U.S. crypto giant still sees the country as a critical growth market—despite regulatory ambiguity and a rocky start in 2022.
After more than two years of limited activity, Coinbase has reopened new user registrations for Indian residents. According to John O’Loghlen, Coinbase’s director for Asia-Pacific, Indian users can once again create accounts and trade a range of digital assets, but only on a crypto-to-crypto basis for now. That means customers in India can trade pairs like BTC/ETH or stablecoins against major tokens, yet cannot directly deposit or withdraw Indian rupees via the exchange.
This renewed access marks the company’s most meaningful step so far toward rebuilding its presence in one of the world’s fastest-growing digital-asset markets. India’s massive population, rising smartphone penetration, and active developer community make it an obvious target for any global exchange, even as policymakers continue to send mixed signals on the sector.
O’Loghlen, speaking at India Blockchain Week, outlined Coinbase’s longer-term vision for the country. The company is working toward reintroducing a fiat on-ramp for Indian users by 2026. If that plan holds, customers would once again be able to deposit rupees into their Coinbase accounts and buy cryptocurrencies directly, rather than relying on external platforms or peer-to-peer transfers.
A fiat on-ramp is the missing piece for many retail users who aren’t yet comfortable with stablecoins, cross-exchange transfers, or more technical workflows. By allowing people to simply move funds from a bank account into the app and convert them into crypto, Coinbase could significantly lower the barrier to entry for Indian newcomers.
This is notable because Coinbase had previously attempted a full-featured launch in India in 2022. That rollout initially included support for the country’s widely used Unified Payments Interface (UPI), enabling seamless rupee deposits. But just weeks later, the operator of UPI signaled discomfort with crypto-related use, which effectively shut down that channel. Under regulatory and banking pressure, Coinbase scaled back its local offering and stopped actively onboarding new Indian users.
The new strategy seems more cautious and incremental. By limiting activity to crypto-to-crypto trading initially, Coinbase can operate in a narrower, arguably less contentious part of the market, while continuing to study how India’s regulatory environment evolves. At the same time, its public commitment to a 2026 fiat on-ramp shows that the company is betting on a more mature, clearer policy framework emerging over the next couple of years.
For Indian users, this phased comeback has several practical implications. Experienced crypto holders who already own digital assets on other platforms can now move them into Coinbase and use the exchange’s liquidity and product suite to diversify, rebalance, or trade. However, complete beginners who only hold rupees in bank accounts will still face friction: they will need to use alternative local exchanges, peer-to-peer markets, or stablecoin gateways to acquire their first crypto before transferring it to Coinbase.
From a competitive standpoint, Coinbase is re-entering a market where local exchanges have continued to operate despite regulatory and tax challenges. Platforms based in India have built deep familiarity with domestic compliance, taxation issues like the 1% TDS on crypto trades, and local payment methods. Coinbase, by contrast, brings global brand recognition, institutional-grade infrastructure, and a large portfolio of listed assets—tools that may appeal to both sophisticated retail traders and developers building on-chain projects.
The timing of this return is also worth noting. India’s stance on crypto has been cautious rather than outright prohibitive. While the government has imposed heavy taxation and expressed concerns about investor protection and illicit flows, it has stopped short of a full ban and increasingly participates in international discussions on digital-asset rules. This creates a window for large, compliant players to quietly position themselves ahead of potential future policy normalization.
Coinbase’s renewed focus on India also aligns with its broader global strategy of diversifying away from an overreliance on the U.S. market. As regulatory pressure in its home jurisdiction has intensified, the company has looked to markets in Europe, the Middle East, and Asia-Pacific as key pillars of future growth. India, with tens of millions of potential retail customers and a thriving tech workforce, naturally sits high on that list.
For the Indian crypto ecosystem, having a major global exchange back in the picture could bring several second-order benefits. International liquidity, better price discovery, and deeper integration with global finance may follow as more advanced products and institutional services roll out. Developers building decentralized applications, token projects, or infrastructure solutions may also gain increased visibility and easier pathways to international users and capital.
However, the path to a fully functional cash-to-crypto pipeline remains uncertain. The success of the proposed 2026 fiat on-ramp will depend heavily on how Indian regulators ultimately classify and supervise digital assets, what obligations they place on exchanges, and whether banking partners are willing to support such services at scale. Any renewed friction with domestic payment networks could once again slow progress.
In the meantime, Coinbase’s message is clear: India remains a long-term priority, not a brief experiment abandoned after early challenges. Reopening registrations and allowing crypto-to-crypto trading is a signal that the company is prepared to invest time, resources, and political capital into re-establishing itself in the country, even if that means moving step by step rather than returning with a full suite of services overnight.
For Indian users watching from the sidelines, the next couple of years will be critical. If Coinbase manages to navigate regulatory complexity, secure stable banking relationships, and deliver on its 2026 target for rupee deposits, India could evolve from a difficult frontier to one of the exchange’s most significant markets worldwide.