India's Competition Commission Approves Coinbase's Minority Stake in CoinDCX
The Competition Commission of India has approved Coinbase's bid to acquire a minority stake in CoinDCX, the parent company DCX Global Limited. CoinDCX is valued at $2.45 billion, although the exact amount of Coinbase's investment was not disclosed.
Coinbase has been an investor in CoinDCX since 2020, and this regulatory approval allows Coinbase to deepen its presence and expand local operations in India. According to Asia-Pacific director John O'Loghlen, Coinbase plans to launch a rupee on-ramp in 2026 alongside broader local expansion efforts.
This approval marks a significant regulatory milestone that follows CoinDCX's mid-October disclosure of the deal. Notably, CoinDCX experienced a $44.2 million wallet hack earlier this year.
Analysts believe that the clearance boosts confidence in India as a crypto market and signals the country's openness to foreign participation, provided there is transparency in governance, ownership, and control. This comes amid ongoing tax and compliance considerations within the industry.
Additionally, Coinbase recently reopened user registrations in India after more than two years, enabling crypto-to-crypto trading once again.
