In a significant boost for India’s thriving cryptocurrency market, Coinbase has rolled out direct rupee bank transfers through the Immediate Payment Service (IMPS). This new feature enables users to effortlessly deposit and withdraw Indian rupees, expanding their trading capabilities on one of the world’s fastest-growing digital asset platforms.
Coinbase's latest initiative enhances the user experience by allowing seamless transitions between local bank accounts and the exchange for spot and perpetual futures trading. This strategic move comes as Coinbase aims to solidify its footprint in a competitive market, having received the green light from the Financial Intelligence Unit (FIU) for regulatory compliance.
Regulatory Milestone
Having faced setbacks in its initial foray into the Indian market in 2022, Coinbase has now re-established its presence by securing necessary regulatory endorsements. The company registered with the FIU in March 2025, aligning its operations with India’s Anti-Money-Laundering (AML) framework. This crucial step not only enables Coinbase to offer a broader range of trading services but also serves to legitimize cryptocurrency trading in a jurisdiction where regulatory clarity has often been a challenge.
Market Dynamics and Competition
As Coinbase ventures into this crowded arena, it faces competition from established domestic platforms including CoinDCX, CoinSwitch, ZebPay, and WazirX. Moreover, global exchanges such as Binance and KuCoin have made inroads with their own unique offerings, relying mainly on crypto-only or peer-to-peer access to rupee transactions. With Coinbase’s new IMPS-based direct transfers, it stands to differentiate itself by providing enhanced liquidity and accessibility for local traders seeking to navigate both spot and futures markets.
Crypto Ecosystem in India
India's cryptocurrency landscape is not only vibrant but also pivotal on the global stage. Chainalysis has recognized India as the top country in its 2025 Global Crypto Adoption Index, highlighting a robust grassroots engagement with digital assets. Factors contributing to this status include extensive activity in retail on-chain transactions and significant volumes on both centralized and decentralized exchanges.
Despite regulatory headwinds, including a steep 30% tax on digital asset gains and a 1% tax deducted at source for certain transactions, the appetite for cryptocurrencies continues to swiftly grow in India. Coinbase's direct rupee functionalities are poised to capitalize on this momentum, enabling users to engage more deeply with both local and global crypto markets.
As the exchange continues to adapt and expand, it remains committed to providing Indian traders with the tools and resources necessary to thrive in an ever-evolving digital economy.
Source: Cointelegraph
