Coinbase Brings INR Deposits and Futures Trading to India

TLDR

• Coinbase adds direct INR deposits and withdrawals for Indian users via IMPS.
• New INR order books let Indian users trade crypto without stablecoin swaps.
• Coinbase also launches perpetual futures for major crypto assets in India.
• The rollout marks Coinbase’s strongest India push since its 2022 UPI exit.
• India’s high crypto taxes remain despite strong adoption and market growth.

Coinbase has expanded its India service with direct INR deposits, withdrawals, local order books, and crypto futures trading. The move gives Indian users a cleaner route from bank accounts to crypto markets. It also marks Coinbase’s strongest local push since its failed 2022 launch.

Coinbase Adds INR Rails Through IMPS

Coinbase now allows Indian customers to deposit and withdraw INR through the Immediate Payment Service. The new system removes the need for peer-to-peer routes and other payment workarounds. It also gives users a direct banking path into the exchange.

The platform has added INR order books for spot trading across several crypto assets. Therefore, users can trade directly in rupees without moving through stablecoins. This setup may also reduce friction for users who prefer local currency settlement.

Coinbase has also introduced perpetual futures contracts for major crypto assets in India. The product gives traders access to leveraged markets on the same platform. However, India still lacks a dedicated crypto law for such products.

India Relaunch Follows Coinbase’s 2022 Setback

Coinbase first entered India in 2022 with support for UPI payments. Yet, the exchange suspended that service within three days after a public response from NPCI. Brian Armstrong later linked the shutdown to informal pressure from the Reserve Bank of India.

The exchange later reopened Indian sign-ups without fiat support. As a result, users could only access crypto-to-crypto trading on the platform. The new INR rollout now changes that structure and restores fiat access through IMPS.

Coinbase also holds registration with India’s Financial Intelligence Unit. That status places the exchange under India’s compliance framework for virtual digital asset service providers. Besides, the company says it follows local taxation requirements for Indian users.

Direct INR Access Targets A Large Crypto Market

India remains one of the world’s largest crypto markets by user activity. Chainalysis ranked the country first in global grassroots crypto adoption for the third straight year. Coinbase enters a market with strong demand and deep developer talent.

The Indian crypto market reached about $3.04 billion in 2025. Forecasts project the market could reach $14.21 billion by 2034. However, the sector still operates under a 30% tax on gains and 1% TDS on transactions.

Coinbase is positioning the INR launch around banking access, execution quality, and global liquidity. The exchange also points to its NASDAQ listing and institutional custody record. Consequently, the rollout gives Coinbase a fresh path into India after years of limited local access.

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