The Competition Commission of India has approved Coinbase acquiring a minority stake in Indian cryptocurrency exchange CoinDCX, marking a significant regulatory development for the US based crypto company’s presence in the country.
In a notice released Tuesday, the competition watchdog confirmed that it had cleared Coinbase Global’s minority investment in DCX Global Limited, the parent company of CoinDCX. The approval allows the transaction to move forward under India’s competition framework.
Coinbase chief legal officer Paul Grewal acknowledged the decision in a post on X on Wednesday. He said the approval strengthens Coinbase’s long term partnership with one of India’s most established digital asset platforms. Neither the regulatory filing nor Grewal’s statement disclosed the size of the stake or the financial terms of the investment.
Coinbase Investment in CoinDCX Gets Clearance
The regulatory clearance follows earlier disclosures from October, when Coinbase indicated plans to invest in CoinDCX at a post money valuation of approximately $2.4 billion. At the time, Coinbase said CoinDCX was generating about $141 million in annual revenue as of July.
Coinbase also rejected reports suggesting it intended to acquire CoinDCX outright for $1 billion, clarifying that the move was limited to a minority stake rather than a full acquisition. Cointelegraph reported that a Coinbase spokesperson did not respond to questions regarding the exact ownership percentage at the time of publication.
CoinDCX is one of India’s largest cryptocurrency trading platforms and has operated amid a complex regulatory environment for digital assets. The Competition Commission of India’s approval signals that the transaction does not raise competition concerns under current market conditions.
Coinbase Plans Return to Indian Market
The investment approval comes as Coinbase prepares for a broader re entry into India. Reports last week indicated that the exchange is planning to introduce fiat on ramps for India based users starting in 2026. If confirmed, the move would mark Coinbase’s formal return to the country more than two years after it halted services in September 2023.
India represents one of the world’s largest potential markets for cryptocurrency adoption. With a population exceeding 1.4 billion, industry estimates suggest that the country has more than 100 million crypto users, though figures vary widely depending on methodology.
Coinbase previously entered the Indian market but faced operational challenges linked to payments infrastructure and regulatory uncertainty. The renewed focus on India, combined with a strategic stake in CoinDCX, indicates a more cautious and partnership driven approach.
The Competition Commission’s approval also highlights growing regulatory clarity around foreign investment in Indian crypto firms, even as broader policy discussions around digital asset regulation continue. For Coinbase, the minority stake provides exposure to India’s expanding crypto ecosystem without assuming full operational control.
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