US-based Coinbase offers trading using Indian rupee

US-listed cryptocurrency exchange Coinbase is allowing users in India to make trades using the rupee, marking a key expansion of its services in Asia’s third-largest economy.

Customers can deposit and withdraw rupees through the so-called immediate payment service channel, the company said on Monday.

They will also have access to spot trading across a range of assets, alongside perpetual futures contracts covering major crypto assets, the company said.

Coinbase, which had discontinued its services in India in 2023, resumed crypto trading last year after registering with the Financial Intelligence Unit.

“India has long been one of the most important markets in crypto: in terms of developer talent, trading activity, and the broader adoption of blockchain technology,” said John OLoghlen, Coinbase’s regional managing director for Asia Pacific.

India requires crypto exchanges to comply with its anti-money laundering rules.

The country levies a 30 per cent tax on crypto trading gains, among the highest globally, but has yet to outline regulations for the asset class.