The return of Coinbase to India marks a significant step, more than two years after it initially ceased local services in September 2023. The exit followed a troubled debut of its local exchange in 2022. O’Loghlen stated, “We had millions of customers in India, historically, and we took a very clear stance to off-board those customers entirely from overseas entities, where they were domiciled and regulated. Because we wanted to kind of burn the boats, have a clean slate here.”

Immediate Crypto-to-Crypto Trades

As Coinbase India resumes its customer onboarding process, users can immediately engage in crypto-to-crypto trades. This was highlighted in a TechCrunch report, noting that the exchange began onboarding users through an early-access program in October. This move coincided with the hiring of Karan Malik as the India marketing lead. Malik, who had previously managed marketing for the IBW event, stated, “Last year, I was leading the charge and building the marketing and brand playbook for IBW. This year, I’m bringing Coinbase to the party.”

Strengthening Indian Ties

Coinbase is actively working to rebuild its relationship with the Indian government. In December, Katie Mitch, the exchange’s international policy adviser, presented before India’s Parliamentary Standing Committee on Finance. She expressed optimism about the potential for forward-looking Virtual Digital Assets (VDA) regulation in India.

Moreover, a memorandum of understanding was signed between Priyank Kharge, Karnataka’s IT minister, and Coinbase India. This agreement aims to boost the state’s leadership in blockchain innovation and cybersecurity. The collaboration will focus on startup incubation on the Coinbase-backed Base protocol and expedite real-world blockchain applications.

Future Prospects for Coinbase India

In a strategic move earlier this year, Coinbase secured a license with India’s Financial Intelligence Unit in March 2025, paving the way for its potential relaunch. Additionally, Paul Grewal, Coinbase’s chief legal officer, met with Karnataka’s IT minister Kharge to discuss collaboration on developer tools, cybersecurity, and blockchain governance.

As Coinbase India gears up for this exciting new chapter, the exchange is poised to play a significant role in the country’s growing cryptocurrency landscape. This comeback has invigorated the market, offering new opportunities for traders and investors alike.

The post Coinbase India’s Amazing Comeback: 5 Powerful Moves for a Positive Return appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In a statement released on Wednesday, Shan Aggarwal, Coinbase’s chief business officer, emphasized the potential of these regions. “India and the Middle East are poised to play pivotal roles in the future of crypto. CoinDCX is a high-growth, financially sound enterprise positioned for scale amidst the immense growth opportunities in these regions,” he stated.

Coinbase Investment in CoinDCX: A Strategic Move

Coinbase’s alliance with CoinDCX is not new. The American exchange has previously shown its confidence in CoinDCX by participating in various funding rounds through Coinbase Ventures since 2020. However, the precise details of this latest financial commitment remain undisclosed.

Sumit Gupta, Co-founder and CEO of CoinDCX, confirmed that the deal values the exchange at $2.45 billion post-money. Nevertheless, the transaction is still awaiting regulatory approval to reach completion.

Significance of Coinbase Investment

Founded in 2018, CoinDCX has grown rapidly, boasting over 20.4 million users and managing $165 billion in annualized transaction volumes as of July. The platform also maintains assets under custody exceeding $1.2 billion and an annualized revenue of $141 million.

Coinbase’s latest investment signifies an endorsement of CoinDCX’s robust market presence and potential for growth. This move also reflects Coinbase’s broader strategy to tap into emerging markets where crypto adoption is gaining momentum.

Past Challenges and Resilience

Despite its achievements, CoinDCX has faced challenges. In July, the platform experienced a $44 million security breach when hackers, masquerading as recruiters, managed to install malware on an employee’s laptop. This incident followed a significant exploit at WazirX, another Indian exchange, which lost $230 million due to a similar scam.

These challenges, however, have not deterred Coinbase’s investment, highlighting CoinDCX’s resilience and capability to navigate and overcome adversities in the dynamic crypto landscape.

While Coinbase remains tight-lipped beyond the official announcement, CoinDCX continues to strengthen its foothold in the competitive crypto market, driven by its innovative approach and strategic partnerships.

As the crypto industry evolves, the Coinbase investment in CoinDCX could serve as a catalyst for further growth and innovation, not just for the exchange but for the broader crypto markets in India and beyond.

The post Coinbase Investment: 7 Amazing Insights into CoinDCX’s $2.45 Billion Valuation appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to a report by ANI, Goyal detailed that the digital currency, supported by the Reserve Bank of India, aims to enhance transaction efficiency, minimize paper usage, and provide faster, traceable payments compared to conventional banking systems. Since late 2022, India has been piloting its CBDC, known as the digital rupee.

CBDC’s Role in India’s Financial System

The introduction of the CBDC is expected to revolutionize how transactions are conducted in India. “Our idea is that this will only make it easier to transact. It will also reduce paper consumption and will be faster to transact than the banking system. But it will also have traceability,” Goyal explained.

This move underscores the country’s preference for government-backed digital currencies over private cryptocurrencies, which are subject to heavy taxation to deter their use.

India’s Cautious Approach to Cryptocurrencies

While India has not outright banned cryptocurrencies without central government endorsement, the heavy taxation policy reflects its cautious approach. A Reuters report from September highlighted a government document indicating India’s reluctance to introduce comprehensive crypto legislation, arguing regulation could inadvertently legitimize the asset class.

Despite these stringent measures, India continues to lead in global crypto adoption. A Chainalysis report from September placed India at the top of global rankings for the second year, showcasing its significant role in grassroots crypto activity, particularly in the Asia Pacific region.

Implications for the Crypto Landscape

India’s stance on CBDC and cryptocurrencies is likely to influence the broader digital currency landscape. By prioritizing a state-backed digital currency, India aims to harness the advantages of digital transactions while maintaining regulatory control.

The emphasis on traceability and efficiency in the CBDC initiative aligns with India’s broader economic goals, including digitalization and financial inclusion. As India advances its CBDC agenda, the global crypto community watches closely, anticipating potential shifts in crypto regulation and adoption.

In conclusion, India’s approach to digital currencies marks a significant juncture in its financial policy, balancing innovation with regulation. As the CBDC pilot progresses, it will be crucial to monitor its impacts on both the domestic and global stages.

Disclaimer: This article is intended for informational purposes only and should not be construed as financial, legal, or investment advice.

The post CBDC Plans: 5 Powerful Insights into India’s Bold Crypto Stance appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

“Looking at the trends, it’s clear that most stock market and forex traders are transitioning to cryptocurrencies,” Jethwani conveyed to Cointelegraph. “We’re witnessing a significant influx of crypto investors and traders in India presently. There’s no going back for them.”

Jethwani is hopeful that the growing demand will prompt the Indian government to reconsider their unregulated and heavily taxed treatment of cryptocurrencies. He metaphorically referred to India’s present crypto environment as a “compressed spring,” indicating that regardless of the stringent regulations and high taxes, people are still gravitating towards digital assets.

“The Indian authorities attempt to curb crypto with hefty taxes and TDS (Tax Deducted at Source)”, Jethwani explained, highlighting the 1% TDS that many believe has hampered trading activity. The existing Indian Income Tax Act imposes a flat rate of 30% tax on profits made from selling Virtual Digital Assets (VDAs), in addition to the 1% TDS that applies to all crypto transactions above $115, deducted from either the buyer or seller of VDAs.

While comprehensive regulatory guidelines for crypto are yet to be introduced in India, Jethwani stated that the pressure is escalating. He cited increasing political consciousness and recent demands for a Bitcoin reserve initiative. On June 26, Pradeep Bhandari, a spokesperson for the ruling party in India, suggested the country consider setting up its own Bitcoin reserve, following the example set by the US. Bhandari also stressed the need for regulatory clarity and the potential for India to establish a sovereign Bitcoin strategy.

Despite the likely slow pace of progress, Jethwani believes user demand will “force” a shift. “It’s inevitable. The government will eventually have to take it seriously and we can expect more favorable regulations,” Jethwani asserted to Cointelegraph.

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Jetking, which later ventured into IT education, faced a significant setback during the COVID-19 pandemic, seeing their 200 centers across the nation suffer from dwindling business. This compelled the leadership to brainstorm about 15 different strategies for rejuvenation of the company.

Ultimately, they made a bold decision: to morph into a company focusing on Bitcoin. Jetking’s CFO, Siddarth Bharwani, in a conversation with Coinpedia, revealed, “Jetking’s decision to hold Bitcoin as a treasury asset has had both symbolic and financial implications, The move sparked interest from a new class of investors, particularly younger or tech-savvy retail investors.” The company has set an ambitious goal of holding 210 Bitcoins by the end of 2025.

Despite the challenging 30% tax on crypto profits in India, Jetking has adopted a unique approach. They follow a ‘Never Sell Bitcoin’ strategy, thereby not realizing profits on its Bitcoin holdings and avoiding taxable events. Any changes in value are simply recorded as revaluation reserves in the financial reports.

Addressing the Reserve Bank of India’s (RBI) concerns about the possibility of crypto being utilized for illicit cross-border transfers, Jetking asserts that it prioritizes compliance. All Bitcoin purchases are made through regulated, FIU-registered exchanges and are stored with institutional-grade custodians that adhere to KYC and AML checks.

As India is in the process of formulating a formal set of crypto regulations, Jetking is hopeful of more balanced rules. The company supports governmental oversight but wishes for a transition from the flat 30% tax to a graded capital gains model based on the duration of crypto holdings.

The post Tradition Meets Innovation: How a Historic Indian Brand is Embracing Bitcoin Despite High Crypto Taxes appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Philip Martin, the Chief Security Officer of Coinbase, reported that the company had identified customer support contractors who inadvertently provided scammers with access to user data. He hinted that these individuals might be Indian nationals. This revelation followed a series of phishing attempts using Coinbase user data, which the exchange estimates could potentially result in a loss of $180 to $400 million in terms of remediation and compensation.

Qiao Wang, a key member of Alliance DAO, expressed in a May 15 post that he could have been a target of such an attack. He narrated how a scammer informed him about a potential security breach in his Coinbase account. The scammer then asked Wang to confirm his personal details, which the fraudsters may have procured through the compromised agents, and urged him to transfer all his assets to a “Coinbase self-custodial wallet”.

Wang expressed his dissatisfaction with the scammer’s tactics, stating, “I told them they needed to up their game […] They claimed they had made $7m that day.”

As of now, both Martin and Coinbase have not responded to requests for comments. This is an ongoing story, and updates will be provided as more information becomes available.

The post Coinbase Takes Action Against Allegedly Compromised Agents in India: Details Inside appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Just last week, Garantex’s domains and servers were seized, and nearly $28 million worth of crypto linked to the exchange was frozen by an international alliance of law enforcement agencies from the U.S., Germany, and Finland, with the assistance of stablecoin issuer Tether.

In 2022, the U.S. Treasury’s Office of Foreign Asset Control (OFAC) sanctioned the exchange for its alleged deliberate involvement in money laundering activities for ransomware actors, such as Conti and Black Basta, and major darknet markets like Hydra, which was the world’s most significant of its kind until its shutdown in 2022.

Garantex has also been implicated in large-scale sanctions evasion, notably with high-end services like the TGR Group, serving Russian oligarchs. The exchange is also accused of aiding criminal activities such as money laundering for North Korea’s Lazarus Group, the mastermind behind the recent colossal $1.5 billion Bybit heist.

Alongside the seizure operation, U.S. prosecutors have charged Besciokov and another operator of Garantex, Aleksandr Mira Serda, a 40-year-old Russian national residing in the United Arab Emirates, with a money laundering conspiracy. Besciokov’s name currently features on the U.S. Secret Service’s Most Wanted list.

Efforts to get comments from the Kerala police and the U.S. Department of Justice (DOJ) regarding Besciokov’s reported arrest yielded no response.

The post Crypto Exchange Garantex’s Operator Aleksej Besciokov Apprehended in India: Latest Update appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to the statement released by Coinbase, the exchange aims to kick off its retail services within the year and follow up with additional offerings and products. However, a precise timeline for this launch has not been revealed.

The entry of Coinbase into the Indian market comes amidst a surge in the popularity of cryptocurrency in the country. A notable demographic of young Indians are exploring the potential of crypto, with many enrolling in trading academies to supplement their regular earnings.

India already hosts several crypto exchanges, including CoinDCX, Binance, and KuCoin. “India represents one of the most promising markets globally, and we are thrilled to increase our investment here, fully adhering to local regulations,” stated John O’Loghlen, Coinbase’s regional managing director for Asia Pacific.

In India, providers of virtual digital asset services like crypto exchanges are mandated to register with the FIU. They are also required to comply with the country’s anti-money laundering rules. Despite imposing a 30% tax on crypto trading gains, which is among the highest worldwide, India is yet to lay out specific regulations for the asset class. This area has been under scrutiny since Donald Trump’s victory in the U.S. Presidential election last year.

Recent U.S. policy changes and global regulatory shifts have prompted India to reconsider its stance on cryptocurrencies, a senior official shared with Reuters last month.

The post Coinbase Steps into Indian Market, Registers with Financial Intelligence Unit appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

On March 6, it was revealed by the Dantewada District Administration in Chhattisgarh, India, that they had successfully digitized more than 700,000 land records through the Office of Land Records. The digitized records were securely stored on the Avalanche blockchain in association with LegitDoc by Zupple Labs, an Indian-based blockchain startup.

Mayank Chaturvedi, an Indian Administrative Service (IAS) officer and the district collector of Dantewada, emphasized the significance of the project, “For many years, our residents have faced considerable delays in obtaining their land records, with verification sometimes taking weeks. By digitizing these records and securing them on the blockchain, we have made sure they are readily available and impervious to tampering.”

As part of this initiative, kiosks have been set up in every sub-district of the town, enabling citizens and government officers to access land details. Prior authorization is required for application to ensure privacy of sensitive data.

The CEO of LegitDoc, Neil Martis, explained to Cointelegraph that, “The application is a permissioned application where records can be accessed via Tehsil level (sub-district administration) revenue officers.”

The blockchain-anchored land records application allows the responsible officer to search for land properties and to download and view the digitized records on the blockchain. This allows for a variety of government records, including B-1 forms (elevator installation), records of rights, plot registers, ownership records, and cadastral maps, to be viewed and verified over the blockchain.

Avalanche India growth consultant, Devika Mittal, expressed to Cointelegraph, “Avalanche is privileged to assist the Office of Land Records, Dantewada in this revolutionary step providing trust and transparency at scale to Lakhs of citizens. Blockchain is the future of land record digitization, and Chhattisgarh is leading the way.”

This initiative has not only eliminated the need for manual searching of land records but also enabled tribal communities and farmers in the region to secure ownership records and minimize disputes.

Previously, LegitDoc has supported various Indian state-level blockchain initiatives, including the issuance and verification of caste certificates, diploma certificates, and skill certificates, among others.

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Currently, India enforces a hefty 30% capital gains tax on crypto assets, without differentiating between short-term and long-term holdings. This places crypto assets in one of the highest tax brackets within the nation, comparable only to the tax on lottery and gambling winnings, which also stand at 30%. This implies that the Indian government equates crypto assets with gambling.

Moreover, a severe amendment to Section 158B of the Indian Income Tax Act has been made to incorporate Virtual Digital Assets (VDAs). If an individual is found with undisclosed crypto assets, they could face a staggering 70% penalty. Prior to this, this rule was only applicable to undisclosed cash, bullion, and jewelry.

Amit Kumar Gupta, a practitioner in the Indian Supreme Court, suggests that India perceives crypto as a vehicle for money laundering and terrorism financing. However, there seems to be a shift in India’s viewpoint on crypto.

Ajay Seth, India’s Secretary of Economic Affairs, acknowledges that digital assets transcend national borders. Consequently, the Indian government is considering revising its stance on crypto, potentially easing the strict taxes currently in place.

Analysts predicted that crypto endorsement by certain countries could set off a global trend, which seems to be materializing. As the US embraces a pro-crypto stance under Trump, other nations might follow suit and pass legislation favoring crypto. El Salvador serves as a prime example. Despite a recent $1.4B agreement with the IMF, which limits public sector involvement in crypto, the country continues to accumulate Bitcoin.

Bitcoin’s trajectory remains positive despite recent turbulence. Experts believe that short-term corrections are healthy for the market and present an opportunity for investors to expand their BTC portfolios. A significant altcoin worth considering for investment during this upswing is the Best Wallet Token ($BEST).

$BEST is the token of Best Wallet App, a decentralized, non-custodial, multi-chain crypto wallet. The app has demonstrated impressive growth, boasting a total user base of 500K. The $BEST token offers users benefits like early access to token presales and transaction fee discounts, making it a promising crypto presale investment.

With ambitious goals to capture a substantial portion of the $10B crypto wallet market by 2026, Best Wallet and, by extension, the $BEST token, forecast substantial growth. However, as with all investments, thorough research and understanding of the volatile crypto market are crucial before making any financial commitments.

The post India’s Potential Shift Towards Crypto Amid Bull Market: Will $BEST Token Presale Skyrocket by 100x in 2025? appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.