Coinbase officially launched direct Indian rupee (INR) support in India on June 1, enabling customers to deposit and withdraw funds via the Immediate Payment Service (IMPS) for the first time.
The move eliminates the peer-to-peer (P2P) workarounds Indian traders have long relied on to access global crypto exchanges, and positions Coinbase as a direct competitor to domestic players in one of the world’s fastest-growing crypto markets, valued at $3.04 billion in 2025.
Coinbase Brings Direct INR Banking Support to India
Indian customers can now deposit and withdraw rupees directly from their bank accounts via IMPS. This Indian banking system enables instant transfers between bank accounts, with access to both spot trading and perpetual futures markets for major crypto assets.
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Coinbase has also built local INR order books to provide dedicated liquidity, keeping Indian users from trading against global prices with thinner spreads. For more advanced users, the Coinbase Advanced suite offers institutional-grade tools including TradingView charting integration, WebSocket order book streaming, and professional-grade APIs.
A Redemption Arc Four Years in the Making
This isn’t Coinbase’s first attempt at India. In 2022, the exchange tried to launch support for Unified Payments Interface (UPI), and was publicly dismissed within days by India’s National Payments Corporation, which said it did not know about any such arrangement with a crypto exchange. The launch collapsed before it started.
This time, Coinbase has opted for IMPS, a direct bank transfer system. The relaunch follows Coinbase’s registration with India’s Financial Intelligence Unit (FIU-IND), satisfying tax and compliance mandates for virtual digital asset service providers.
Coinbase Builds on Years of Investment in India
The launch follows several years of investment in India’s crypto ecosystem. Coinbase is already an investor in CoinDCX, one of India’s leading local exchanges, valuing the platform at approximately $2.45 billion, and has funneled over $1 million into Indian developers through its Base Layer 2 network, with more than 4,000 builders in India active on the network.
India ranks first in the Global Crypto Adoption Index according to the Chainalysis 2025 report, and its crypto market is projected to reach $14.21 billion by 2034.
On the Flipside
- India’s crypto tax regime remains a challenge. A 30% tax on gains and 1% transaction levy continue to weigh on trading activity, potentially limiting retail adoption despite Coinbase’s market entry.Â
Why This Matters
For Coinbase, the India launch is more than new revenue; it is a test case for becoming a truly global exchange. If India works, it could become a template for other markets. Brazil, Southeast Asia, and other high-adoption regions are watching closely.
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People Also Ask:
INR rails allow users to deposit and withdraw Indian rupees directly between their bank accounts and Coinbase.
Yes — Coinbase is registered with the Financial Intelligence Unit of India (FIU-IND) and complies with the country’s virtual digital asset service provider framework.
Yes. India charges a 30% flat tax on crypto gains and a 1% tax deducted at source (TDS) on every transaction, which remains a key cost consideration for active traders.
