A crypto trading service from Coinbase (COIN) is now available to users in India, the company announced Thursday.

  • The exchange’s app will now be active in India, the firm said at an event in India’s tech hub, Bengaluru. Coinbase is the second largest exchange in terms of trade volume in the world.
  • During his recent visit to India, Coinbase’s founder and CEO Brian Armstrong announced that the company is making “a long-term investment” there. Later, Surojit Chatterjee, the firm’s Chief Product Officer, demonstrated the exchange’s user onboarding.
  • Indian government announced new crypto taxes at the same time as the announcement. As of April 1, the law imposed a 30% tax on crypto transaction profits and a controversial 1% tax deducted at source (TDS), which will become effective on July 1.
  • Armstrong acknowledged that promoting the technology to mass acceptance is a challenge at a time when enthusiasm has dipped due to the new tax law. “We know it’s not going to be a straight shot to bring this technology. We don’t know exactly how it’s going to evolve. But we’re committed to working with bank partners, regulators, most importantly, the Indian people because they’ve shown a real spark of interest in cryptocurrency, and there’s a real desire to get access to some of these services and products,” he said.
  • In order to sign up on Coinbase, you’ll need to set up a UPI payment method. UPI (Unified Payments Interface) is an instant real-time payment system that enables direct peer-to-peer and person-to-merchant transactions. It is regulated by the Indian central bank.
  • Armstrong said, “India has shown a great willingness with UPI.” Chatterjee explained how setting up UPI would be the first step in buying crypto. Chatterjee also said Coinbase has “invested over $150 million in over 10 companies in India” including “Polygon, CoinDCX, CoinSwitch.”
  • Coinbase announced this week its plans to hire 1,000 employees in India by the end of the year at its tech hub.

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