Coinbase Opens Office in India Despite Crypto Ban Reports

This site is reader-supported. When you click through links on our site, we may be compensated.

    <div class="featured_image_container">

    </div>

            <strong>Cryptocurrency exchange operator Coinbase has announced that it is establishing a business presence in India. </strong><strong>The company has also posted several job openings for its Indian operations despite reports that the government may ban cryptocurrencies.</strong>

Coinbase Sets up Shop in India

Coinbase has officially announced its expansion into India. The company said last week:

We’re happy to announce that Coinbase is establishing a business presence in India. By housing some IT services, including engineering, software development and customer support operations in India, we will benefit from its huge pool of world-class engineering talent.

“India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the cryptoeconomy,” the announcement continues.

Coinbase further stated, “We expect to open a physical office, initially in Hyderabad, for Indian employees as Covid-related conditions allow.”

The company is also hiring for a number of positions. On Linkedin, for example, there are 15 job postings for positions with Coinbase in India. Besides India, Coinbase is actively hiring in the U.S., U.K., Ireland, Japan, Singapore, Canada, and the Philippines. The company has also invested in a local crypto exchange.

Meanwhile, Coinbase is currently preparing for an initial public offering (IPO) via a direct listing on Nasdaq, which has reportedly been delayed after the U.S. Commodity Futures Trading Commission (CFTC) fined the company $6.5 million.

The announcement by Coinbase to set up operations in India came amid regulatory uncertainty for cryptocurrency. There have been reports of the Indian government planning to ban cryptocurrencies. A crypto bill was supposed to be introduced during the Budget session of parliament but the session has ended and the crypto bill was not introduced.

According to Indian Finance Minister Nirmala Sitharaman, the crypto bill is being finalized. She explained that the government is not going to shut off all options and will take a calibrated approach to cryptocurrency legislation. However, the central bank, the Reserve Bank of India (RBI), has voiced some major concerns regarding cryptocurrencies to the government and RBI Governor Shaktikanta Das said that the central bank and the government are in agreement in their crypto approach. Most recently, the Indian government introduced new disclosure rules for companies dealing in cryptocurrencies.

What do you think about Coinbase establishing a business presence in India? Let us know in the comments section below.

    <div class="article__body__tags-related">




        <div class="article__body__tags-related__tags">
            <h6 class="article__body__tags-related__title">
                Tags in this story
            </h6>
            <div class="article__body__tags">
                <a href="https://news.bitcoin.com/tag/bitcoin-regulation/">Bitcoin regulation</a>, <a href="https://news.bitcoin.com/tag/coinbase/">Coinbase</a>, <a href="https://news.bitcoin.com/tag/coinbase-exchange/">coinbase exchange</a>, <a href="https://news.bitcoin.com/tag/coinbase-hiring/">coinbase hiring</a>, <a href="https://news.bitcoin.com/tag/coinbase-india/">coinbase india</a>, <a href="https://news.bitcoin.com/tag/crypto-regulation/">Crypto regulation</a>, <a href="https://news.bitcoin.com/tag/india/">India</a>, <a href="https://news.bitcoin.com/tag/indian-crypto/">indian crypto</a>, <a href="https://news.bitcoin.com/tag/indian-cryptocurrency-regulation/">indian cryptocurrency regulation</a>, <a href="https://news.bitcoin.com/tag/indian-regulation/">Indian Regulation</a>, <a href="https://news.bitcoin.com/tag/regulation/">Regulation</a>                </div>
        </div>
    </div>
                <p class="images_credits"><em><b>Image Credits</b>: Shutterstock, Pixabay, Wiki Commons</em></p>



    <div class="disclaimer" readability="18.596525096525"><strong>Disclaimer</strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. <a href="https://bitcoin.com">Bitcoin.com</a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.