(Reuters) -Coinbase is working on re-entering the Indian market after ceasing operations over a year ago, TechCrunch reported on Thursday, citing people familiar with the matter.
Coinbase is engaging with Indian authorities, including the Financial Intelligence Unit (FIU), to secure necessary approvals for its re-entry into the market, according to the report.
“Coinbase is excited by the opportunities in the Indian market, and intends to comply with applicable regulatory requirements,” a company spokesperson told Reuters in an emailed statement.
The cryptocurrency exchange platform added they had nothing to announce regarding an FIU registration at this time.
FIU did not respond to a Reuters request for comment.
India is reviewing its stance on cryptocurrencies, due to global regulatory shifts, and influenced by recent U.S. policy changes.
Economic Affairs Secretary Ajay Seth told Reuters earlier this month that India’s approach on the assets cannot be unilateral, as cryptocurrencies do not adhere to borders.
Indians have poured money into cryptocurrencies in recent years despite the country’s tough regulatory stance and steep trading taxes.
(Reporting by Rajveer Singh Pardesi and Mrinmay Dey in Bengaluru; Editing by Mrigank Dhaniwala and Rashmi AIch)
