Coinbase Enables Direct INR Transfers via IMPS in India

Coinbase has started accepting direct Indian rupee deposits and withdrawals for customers in India through the Immediate Payment Service (IMPS). The exchange is rolling the feature out gradually, and some users report seeing a “Buys not supported” message after completing onboarding and KYC.

The company is routing INR transfers via IMPS rather than the Unified Payments Interface (UPI). Coinbase first launched with UPI support in 2022 but suspended it within days after a public statement from the National Payments Corporation of India. Chief executive Brian Armstrong later wrote that the company had faced informal pressure from the Reserve Bank of India. Coinbase reopened sign-ups last year but initially did not restore fiat rails. The firm is registered with India’s Financial Intelligence Unit (FIU-IND).

Coinbase has added spot trading and perpetual futures with a local INR order book, allowing trades against domestic liquidity. Offering perpetual futures to retail traders falls into a legal gray area because India does not yet have a dedicated cryptocurrency law.

Coinbase stated INR deposits will carry no fee and that trading costs will be designed to match local competitors. The company also stated that using direct bank rails should reduce the premiums users paid when they traded via peer-to-peer routes.

India applies a flat 30% tax on crypto gains and a 1% tax deducted at source; those rates remained unchanged in the 2026 budget. The tax regime has shifted a large share of trading activity offshore. Market research projects India’s crypto market could approach $14 billion by 2034, and blockchain analytics firm Chainalysis ranks India first in grassroots crypto adoption.

Coinbase has taken steps to build a local presence, including an investment in CoinDCX, one of India’s largest exchanges. The company highlights its Nasdaq listing, institutional custody services and deeper liquidity as features aimed at cautious and higher-volume traders. Akshay Chugh, Coinbase India product lead, wrote in a social post: “Rolling out gradually to all users. Stay tuned!” Several users who completed onboarding reported temporary blocks on buying while the staged rollout continues.