Coinbase is in talks with India's Financial Intelligence Unit (FIU) to re-enter the Indian market after suspending operations for more than a year. Previously, Binance had resumed operations in India after registering with FIU in August 2024, setting a precedent for overseas crypto exchanges to enter the Indian market in compliance. Coinbase, which briefly launched in India in 2022 but was suspended for three days after the National Payments Corporation of India (NPCI) refused to recognise its UPI payment support, was subjected to "informal pressure" from the RBI, Coinbase CEO Brian Armstrong said. A Coinbase spokesperson said the company is looking forward to the Indian market and plans to comply with all regulatory requirements. However, the growth of the market remains challenging due to the Indian government's implementation of a 30% income tax and a 1% transaction deduction for cryptoasset transactions. original link