Coinbase Makes Comeback in India; Fiat Trading to Launch in 2026

After a two-year exile, Coinbase has relaunched operations in India, reopening user registrations and enabling crypto-to-crypto trading as of December 2025. This cautious comeback follows the exchange’s 2023 offboarding of millions of users due to regulatory hurdles. A full fiat gateway—allowing seamless INR deposits and withdrawals—is slated for 2026, per APAC Director John O’Loghlen at India Blockchain Week. The move underscores India’s allure as crypto’s third-largest market, with 30% adoption among 18–35-year-olds despite punitive taxes.

 The Rocky Exit and Regulatory Reset
Coinbase first entered India in 2022, but UPI integration failed when the National Payments Corporation of India (NPCI) rejected support, crippling fiat ramps. Escalating compliance woes—amid the 2022 crypto winter and FIU-IND scrutiny—forced a full shutdown in 2023, with users urged to withdraw funds. O’Loghlen called it a “painful but necessary” clean slate. Fast-forward: Coinbase secured FIU registration in March 2025, complying with anti-money laundering rules and enabling this phased relaunch via an early-access program started in October.

 What Users Get Now—and Soon
– Immediate Access: Verified Indians can trade pairs like BTC/ETH, access Coinbase Wallet, and use global liquidity, though no INR yet.
– 2026 Fiat Rollout: Expect IMPS/NEFT integrations for rupee on-ramps, expanded pairs, and institutional tools, bypassing P2P workarounds. Partnerships with local banks and aggregators will handle custody, per reports.

 Boosting India’s $10B+ Crypto Scene
1. Adoption Surge: Fiat ease could reclaim offshore volume (90% of trades evade 1% TDS), drawing retail from WazirX and CoinDCX—Coinbase just invested in the latter at $2.45B valuation.
2. Competition Heat: Local exchanges face pressure to cut fees (amid 30% gains tax, no loss offsets), fostering innovation.
3. Institutional Signal: With 500+ Indian hires in engineering/compliance, Coinbase eyes long-term growth, aligning with $180B global ETP inflows.

Hurdles and Optimism
India’s 42.7% effective tax burden and volatility loom, but O’Loghlen bets on policy thaw—echoing RBI’s 2025 stablecoin nods. X buzz hails it as a “major step for adoption,” with users eyeing easier entry. Risks persist: Regulatory flux could delay fiat, but Coinbase’s FIU compliance builds trust.

In essence, this relaunch positions India as a compliance-first hub, blending global scale with local rails. By 2026, INR-crypto bridges could unlock billions, accelerating Ethereum’s ZK-rollup ecosystem and Bitcoin’s $91K rally. A phoenix rise for crypto’s sleeping giant.