Cryptocurrency exchange Coinbase has officially announced its plans to relaunch its services in India after securing a license with the country’s Financial Intelligence Unit (FIU). This news comes as a major step towards empowering Indian entrepreneurs to build, innovate, and scale global onchain businesses from the comfort of their own homes.

In a recent social media post, Coinbase revealed that they have been approved to launch in India. This was followed by a statement from the company’s chief legal officer, Paul Grewal, who confirmed that Coinbase is now FIU-registered. This development is expected to benefit not only crypto traders but also India’s developer community, as Coinbase offers a range of tools and services, including its Base network.

While the company has not specified a timeline for its service rollout in India, it has confirmed its plans to offer cryptocurrency trading services in the country. This move is a significant shift from Coinbase’s previous attempt to enter the Indian market in 2022, which was cut short due to issues with the country’s central bank.

India has had a complicated relationship with cryptocurrency, with the FIU banning several crypto exchanges over the years. However, with global crypto adoption on the rise, there are fears that India will be left behind. In February, India’s economic affairs secretary Ajay Seth acknowledged the borderless nature of cryptocurrencies and suggested that the country needs to stay ahead of the adoption curve.

Despite the controversy surrounding crypto in India, the country has emerged as a leader in terms of adoption within the Central, Southern Asia and Oceana (CSAO) region, according to a report by Chainalysis. India received high marks for retail and decentralized finance adoption, indicating a growing interest in the industry.

As Coinbase prepares to relaunch its services in India, it remains to be seen how the country’s stance on cryptocurrency will evolve. But for now, this news is a positive step towards greater crypto adoption and innovation in India.