Coinbase Global Inc, the largest cryptocurrency exchange in the world, has launched its trading services in India.

According to reports the launch, at a company event in Bengaluru, comes amid an uncertain environment for crypto assets in the country and newly enforced tax rules that have led to a significant decline in trading volumes on Indian crypto selling platforms.

Brain Armstrong, co-founder and chief executive, Coinbase says, “the company would invest for the long term in India. Coinbase was attracted by the country’s developer talent, entrepreneurial spirit, and willingness to embrace.”

Armstrong says, “Coinbase's role here is going to be in a very long-term game. We're making a long-term investment. We know it's not going to be a straight shot to bring this technology. We don't know exactly how it's going to evolve but we're committed to working with bank partners, regulators, most importantly, the Indian people because they showed a real spark of interest in cryptocurrency and there's a real desire to get access to some of these services and products.”

Nasdaq-listed Coinbase is also looking to hire 1,000 people to its India team across tech, product, design, and business roles, as per reports.

India introduced new tax rules governing virtual digital assets from April 1. According to the rules, there is a 30percent tax on traders for gains made on crypto. Beginning July 1, a tax deducted at source of one percent will also be levied.

Surojit Chatterjee, global chief product officer, Coinbase says, “we are very happy that the Indian government has been looking at digital assets very closely and they have clarified a few things that virtually digital assets are not tenders, they're not competing with digital rupee.”

Shan Aggarwal, the head of corporate development and ventures, Coinbase says, "we are ecosystem investors. We invest in emerging ecosystems in India in certain areas within crypto, it is a rising tide and if we are investing in projects that are growing crypto overall then that is going to benefit Coinbase and others.”