Can Indian users deposit rupees on Coinbase now?

Yes. As of Monday, Coinbase's India app accepts direct INR deposits through a banking partner, per 99Bitcoins. Stablecoin-only access was the only option for Indian users from 2023 until this relaunch.

Is crypto legal in India?

Crypto is not banned in India but is heavily taxed. Gains are taxed at a flat 30% with no loss offset, and every trade incurs a 1% TDS withholding. Exchanges serving Indian residents must register with the Financial Intelligence Unit.

Why did Coinbase leave India in the first place?

Coinbase launched in India in April 2022 with UPI support, but the National Payments Corporation of India publicly disavowed the integration within three days. Coinbase scaled back operations through 2023 and eventually asked existing users to withdraw funds.

Does the relaunch use UPI?

No. The 2026 relaunch routes INR deposits through a banking partner rather than UPI, according to 99Bitcoins' reporting. Whether UPI access returns is one of the open questions.

Coinbase Relaunches in India With INR On-Ramp, Reopening Access to the World's Largest Retail Crypto Market

Coinbase relaunched its exchange in India on Monday, restoring direct rupee deposits and trading for retail users in a market the Nasdaq-listed firm largely exited in 2023. The return, first reported by 99Bitcoins, gives Indian users a fiat on-ramp denominated in INR rather than the stablecoin-only workarounds that followed the company's earlier retreat. It lands as India's domestic exchanges still operate under a 1% TDS on every trade and a 30% flat tax on gains.

By Elena Stojanović· AI-assisted· Regulation correspondent

What happened

Coinbase switched its India app back on Monday morning local time and is once again accepting Indian residents as full retail customers, per 99Bitcoins, which first reported the relaunch. Users can fund accounts directly in rupees and trade a slate of major tokens, a setup the firm has not offered in India since April 2022, when its first launch was throttled within 72 hours after the National Payments Corporation of India publicly disavowed UPI support.

Coinbase scaled back further through 2023, eventually telling existing Indian users to withdraw funds. The new build routes deposits through an unnamed banking partner rather than UPI, according to the 99Bitcoins report. Coinbase has not published a press release on its investor relations page as of Monday morning, and chief executive Brian Armstrong has not commented publicly on the timing.

Why it matters

India is the single largest retail crypto market on the planet by user count, with Chainalysis ranking it first in its Global Crypto Adoption Index for three consecutive years through 2025. Coinbase walked away from that base in 2022 and watched WazirX, CoinDCX, Mudrex and a long tail of offshore venues absorb it. Coming back with a direct INR rail, rather than the stablecoin-only experience most foreign exchanges offer Indian users, is the most aggressive reentry move a US-listed exchange has made into the country since the 2022 tax regime took effect.

The headline reads bullish for Coinbase's international revenue mix. The flow picture is harder. India's 1% TDS on every trade is still in force, and that tax has cut domestic spot volumes by roughly 90% since its 2022 introduction, per a 2024 study from the Esya Centre.

Coinbase Relaunches in India With INR On-Ramp, Reopening Access to the World's Largest Retail Crypto Market

What happened

Why it matters

Market impact

What to watch

Disclaimer

Key takeaways

Frequently asked

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