Coinbase starts crypto trading services in India

Coinbase has now opened up its trading services for users in India, the company confirmed on Thursday.

This information was made public at an event in Bengaluru, India's tech hub. Coinbase is the world's second-largest exchange by trade volume.

Brian Armstrong, co-founder and CEO of Coinbase stated that his company will be making "a long term investment" in India.

Earlier, India had announced new tax laws for profits from crypto transactions. The law includes a 30% tax on profits from crypto transactions, and a 1% tax deducted at source.

Coinbase acknowledged the regulatory challenge in promoting crypto mass adoption after the new law made investing in cryptocurrencies rather unattractive. Armstrong said "We know it's not going to be a straight shot to bring this technology. We don't know exactly how it's going to evolve. But we're committed to working with bank partners, regulators, most importantly, the Indian people because they've shown a real spark of interest in cryptocurrency, and there's a real desire to get access to some of these services and products".

Earlier this week, Coinbase announced its plans to hire 1,000 people in India at its tech hub by the end of the year.