Ah, the illustrious cryptocurrency exchange, Coinbase, has taken a step closer to its grand re-entrance into the Indian bazaar, having secured a shiny new license from the Financial Intelligence Unit (FIU). One can almost hear the trumpets blaring! 🎺
On this fateful day, March 11, the crypto exchange proclaimed on social media, “we’re approved to launch in India,” a declaration that sent ripples through the digital ether, prompting a follow-up from the ever-eloquent chief legal officer, Paul Grewal. One can only imagine him in a top hat, tipping it to the crowd.
“Coinbase is now FIU-registered,” Grewal announced with the gravitas of a man who has just discovered the secret to eternal youth. “It’s a major step towards empowering Indian entrepreneurs to build, innovate and scale global onchain businesses — all from home.” Home, sweet home, where the Wi-Fi is strong and the dreams are even stronger! 💪
A blog post from Coinbase confirmed their intentions to offer cryptocurrency trading services in the land of spices and Bollywood, though they were rather coy about the timeline. Perhaps they are waiting for the stars to align? 🌌
In a twist of fate, the developer community in India might just find themselves basking in the glow of Coinbase’s tools, including the illustrious Base network, as noted by the company’s APAC regional managing director, John O’Loghlen. A veritable treasure trove for the tech-savvy! 🏆
CryptoMoon, ever the diligent reporter, reached out to Coinbase for more juicy details about their India launch plans but was met with the deafening silence of the digital void. Perhaps they were busy polishing their crystal balls? đź”®
Let us not forget Coinbase’s first foray into India back in 2022, which lasted a mere flicker of time before it collided with the stern visage of the central bank. At that time, Coinbase declared their commitment to “working with […] relevant authorities to ensure that we are aligned, with local expectations and industry norms.” A noble endeavor, indeed!
India’s Crypto Tango
India’s relationship with cryptocurrency has been nothing short of a dramatic tango, with the FIU having banned several exchanges over the years. Legal expert Amit Kumar Gupta shared with CryptoMoon that many lawmakers view this industry through a rather dim lens, associating it with gambling and other nefarious activities. Ah, the age-old battle of perception! đźŽ
Yet, as the global crypto adoption heats up like a spicy curry, fears loom that India might be left in the dust. In February, Reuters quoted India’s economic affairs secretary, Ajay Seth, as saying that cryptocurrencies “don’t believe in borders,” a clarion call for the nation to leap ahead of the adoption curve. 🚀
Despite the swirling controversies, India has emerged as the leading nation in crypto adoption within the Central, Southern Asia, and Oceana (CSAO) region, according to a 2024 report by Chainalysis. The report sang praises for India’s retail and decentralized finance adoption, leaving one to wonder if the nation is indeed the phoenix rising from the ashes! 🔥
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2025-03-11 19:43