Coinbase Launches Direct Indian Rupee Deposit and Withdrawal Rails

Coinbase has launched direct INR banking rails in India that route deposits and withdrawals through the country’s Immediate Payment Service (IMPS), eliminating the need for the peer-to-peer intermediaries and simplifying the onboarding process for local users.

The exchange has established dedicated INR order books that allow Indian users to trade directly in rupees without converting through stablecoins or other intermediary assets. Coinbase also rolled out perpetual futures contracts covering major cryptocurrencies, providing Indian traders access to leveraged instruments that have driven volume on competing regional platforms.

Coinbase Regional Managing Director, APAC, John O’Loghlen, said that the exchange was “here for the long term” in a statement, adding that the firm has “invested meaningfully in the Indian ecosystem” in recent years.

In a tweet, Coinbase India Product Lead Akshay Chugh noted that “all the pieces are coming together now,” adding that “India is one of the most important markets for Coinbase globally” and that direct INR rails are “Gradually rolling out to all users.”

The infrastructure upgrades leverage Coinbase’s registration with India’s Financial Intelligence Unit, the government agency that monitors suspicious transactions and oversees crypto compliance. The direct banking integration represents a technical milestone for international exchanges operating in India, where regulatory uncertainty has historically forced platforms to rely on workaround solutions.

India maintained its position as the global leader in crypto adoption for the third consecutive year, ahead of the United States, Pakistan, Vietnam and Brazil, according to the 2025 Chainalysis Global Crypto Adoption Index. The Indian cryptocurrency market reached $3.04 billion in 2025 and is projected to hit $14.21 billion by 2034, growing at a compound annual rate of 18.66%.

The market expansion comes despite India’s flat 30% tax on crypto gains and 1% tax deducted at source on all transactions, among the highest crypto tax rates globally.

Coinbase’s current infrastructure marks a stark reversal from its troubled 2022 India launch, when the exchange suspended UPI payment support within three days after the National Payments Corporation of India issued a public statement. Chief Executive Brian Armstrong attributed the suspension to “informal pressure” from the Reserve Bank of India, forcing Coinbase to operate with crypto-to-crypto trades only.

The exchange exited India entirely before returning in December 2025 with Financial Intelligence Unit registration. The two-year absence allowed Indian exchanges like CoinDCX and WazirX to dominate market share while Coinbase navigated regulatory requirements and made investments in the local ecosystem, including in CoinDCX.