The Coinbase exchange has made its cryptocurrency trading services available to users in India.
Exchange co-founder and CEO Brian Armstrong, who has been in India for the past few weeks, also announced that the company will make a long-term investment in the Indian crypto market.
Earlier, India announced tough new taxes on cryptocurrency. The new legislation includes a 30% tax on profits from cryptocurrency transactions and a 1% withholding tax (TDS).
Armstrong acknowledged the regulatory challenge to the mass promotion of cryptocurrencies.
Earlier this week, Coinbase announced plans to hire 1,000 people in India by the end of the year.