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Coinbase is making moves to re-enter the Indian market after halting operations over a year ago. The American crypto exchange is currently in discussions with Indian authorities, including the Financial Intelligence Unit (FIU), as it seeks regulatory approval. The comeback follows Binance’s successful return to India last year after complying with FIU regulations, setting a path for foreign exchanges to operate in the country.
Coinbase previously launched in India in 2022 with support for UPI but faced immediate regulatory hurdles, forcing a suspension within days. The Reserve Bank of India reportedly pressured banks against facilitating crypto transactions, making operations difficult. Despite regulatory challenges and high taxation on crypto transactions, Coinbase remains committed to India’s fast-growing web3 ecosystem and is working to secure the necessary approvals.
Paul Grewal, Coinbase’s Chief Legal Officer, recently joined the board of the U.S.-India Business Council, signaling the company’s long-term interest in the region. A successful return to India could reshape the country’s crypto landscape, offering a trusted global platform amid recent local exchange disruptions.
Robinhood’s crypto trading volume soared by 400% in the fourth quarter to $70 billion as Bitcoin’s rise past $100 000 energized investors driving total revenues to a remarkable $1.01 billion. The firm’s transaction-based revenue saw a significant leap of 200% year-over-year totaling $672 million with crypto trades contributing $358 million thanks to a 700% increase.
Amidst a broader market rally the trading platform’s performance marked a strong recovery from earlier declines in the year. The surge aligns with heightened institutional adoption and market anticipation of clearer US regulations which Robinhood CEO Vlad Tenev has actively advocated for enhancing crypto market accessibility.
Further bolstering its market position Robinhood expanded its offerings by adding new cryptocurrencies and launching features like Ethereum staking in Europe. Plans are also underway to introduce futures trading for commodities and Bitcoin showcasing the company’s commitment to innovation and its optimistic outlook on the digital assets space.
New York Senator James Sanders Jr. has introduced a bill to set up a dedicated task force to delve into the burgeoning cryptocurrency and blockchain scene within the state. Dubbed the New York State Cryptocurrency and Blockchain Study Act this initiative aims to meticulously analyze the crypto landscape identifying key metrics such as the variety of digital currencies traded and the operational scope of exchanges.
The task force’s mission extends to evaluating the economic effects of cryptocurrencies on state and local tax revenues alongside environmental concerns linked to energy consumption. A comprehensive report detailing findings and recommendations for enhancing transparency security and consumer protection in the crypto sector is expected to be submitted to the New York governor and legislature by December 15 2027.
Amidst rising interest across the US in crypto-focused legislative measures New York’s proactive step could serve as a benchmark encouraging a balanced regulatory framework that supports innovation while addressing industry challenges. This move also reflects a broader acceptance of digital currencies as integral components of modern financial systems fostering a more inclusive digital economy.