Radhika Parashar
- Karnataka’s IT minister, Priyank Kharge met with Coinbase’s chief legal officer, Paul Grewal
- In May this year, Coinbase completed its registration with FIU-IND
- Coinbase will assess how it can support Karnataka’s tech leadership
Coinbase is planning to deepen its contribution to India’s Web3 fabric. On Tuesday, August 6, Coinbase officials opened dislogue with the senior officials of Karnataka state to discuss strategies focused on the growth of the blockchain sector.
Karnataka’s IT minister, Priyank Kharge met with Coinbase’s chief legal officer, Paul Grewal on Tuesday. In an update shared on X, Kharge said his team wanted to better understand how the Coinbase Developer Platform helps accelerate blockchain-related developments.
“Their developer platform is helping simplify blockchain development and enabling developers to build onchain applications with ease,” Kharge noted. “With blockchain continuing to grow in significance, we are keen on exploring its potential in critical areas relevant to our governance and digital public infrastructure.”
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In May this year, Coinbase completed its registration with India’s Financial Intelligence Unit (FIU) to legalize its operations in the world’s most populated nation. With this, the exchange resumed its India operations after a brief hiatus of around two years. It had halted its in the country around 2023 after the National Payments Corporation of India (NPCI) refused to officiate its UPI-based crypto buying feature, leading to legal hurdles.
Now that it has returned to India, the exchange plans to expand its engagement in the country. Kharge, during the meeting, discussed potential areas of collaboration with Coinbase — especially around cybersecurity.
Grewal re-shared Kharge’s post saying that Coinbase will assess how it can support Karnataka’s tech leadership through developer tools, cybersecurity collaboration, and capacity-building.
India houses one of the largest pool of Web3 developers in the world. Earlier this year, a report by Hashed Emergent had estimated that 17 percent of the global Web3 developer force resides in the sub-continent.
Despite the appetite of crypto-related developments in the country, India is yet to formulate a concrete set of regulations to oversee the overall digital assets industry.
