Cryptocurrency exchange operator Coinbase has announced that it is establishing a business presence in India. The company has also posted several job openings for its Indian operations despite reports that the government may ban cryptocurrencies.
Coinbase Sets up Shop in India
Coinbase has officially announced its expansion into India. The company said last week:
We’re happy to announce that Coinbase is establishing a business presence in India. By housing some IT services, including engineering, software development and customer support operations in India, we will benefit from its huge pool of world-class engineering talent.
“India has long been known as a hub for engineering and technology innovation, and we look forward to finding that world-class talent to help the Coinbase group develop new ways for our customers to interact with the cryptoeconomy,” the announcement continues.
Coinbase further stated, “We expect to open a physical office, initially in Hyderabad, for Indian employees as Covid-related conditions allow.”
The company is also hiring for a number of positions. On Linkedin, for example, there are 15 job postings for positions with Coinbase in India. Besides India, Coinbase is actively hiring in the U.S., U.K., Ireland, Japan, Singapore, Canada, and the Philippines. The company has also invested in a local crypto exchange.
Meanwhile, Coinbase is currently preparing for an initial public offering (IPO) via a direct listing on Nasdaq, which has reportedly been delayed after the U.S. Commodity Futures Trading Commission (CFTC) fined the company $6.5 million.
The announcement by Coinbase to set up operations in India came amid regulatory uncertainty for cryptocurrency. There have been reports of the Indian government planning to ban cryptocurrencies. A crypto bill was supposed to be introduced during the Budget session of parliament but the session has ended and the crypto bill was not introduced.
According to Indian Finance Minister Nirmala Sitharaman, the crypto bill is being finalized. She explained that the government is not going to shut off all options and will take a calibrated approach to cryptocurrency legislation. However, the central bank, the Reserve Bank of India (RBI), has voiced some major concerns regarding cryptocurrencies to the government and RBI Governor Shaktikanta Das said that the central bank and the government are in agreement in their crypto approach. Most recently, the Indian government introduced new disclosure rules for companies dealing in cryptocurrencies.
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