In a landmark development for cryptocurrency adoption in India, the Competition Commission of India (CCI) has granted final regulatory approval for Coinbase Global's strategic minority stake acquisition in DCX Global Limited, the parent company of leading Indian exchange CoinDCX. This approval, announced in a Tuesday notice, clears the last major hurdle for the partnership, which had been under discussion since at least October.
The deal is structured as a strategic equity investment, not a full acquisition. Both companies have explicitly denied earlier reports of a potential $1 billion outright purchase. Coinbase Chief Legal Officer Paul Grewal confirmed the approval in a Wednesday social media post, stating it deepens the exchange's "long-term partnership with one of India’s most established and trusted digital asset platforms." The exact percentage of the stake and the financial terms were not disclosed in the regulatory filing or Grewal's announcement.
This partnership is viewed as a significant vote of confidence in India's crypto market, which boasts a population exceeding 1.4 billion and an estimated user base of over 100 million cryptocurrency investors. The CCI's clearance indicates the regulatory body sees the collaboration as promoting fair competition and consumer choice, rather than creating a monopoly.
Parallel to this investment, Coinbase is executing a dual-track strategy for the Indian market. The U.S.-based exchange has resumed new user registrations in India through its own app and plans to roll out direct fiat on-ramps supporting the Indian Rupee (INR) starting in 2026. This marks Coinbase's return to the country after it halted services in September 2023 and aims to simplify the onboarding process for millions of potential users.
The strategic benefits of the Coinbase-CoinDCX partnership are multifaceted. Indian users can expect potential enhancements in platform security through the integration of Coinbase's infrastructure, greater liquidity and trading pairs, and the development of more sophisticated, locally-tailored investment products. Furthermore, the partnership is expected to strengthen the industry's voice in ongoing regulatory dialogues with Indian policymakers.
Despite the optimism, challenges remain, particularly regarding India's tax treatment of crypto assets. However, the final regulatory approval represents a watershed moment, signaling maturation of India's crypto ecosystem and likely accelerating institutional interest in the region.
