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<p class="is-style-lead">India’s CCI clears Coinbase’s minority stake in CoinDCX, cementing the US exchange’s return to India and strengthening the local platform’s position in a top crypto adoption market.</p><div id="cn-block-summary-block_4def2228b18100eb080019d2a78b3467" class="cn-block-summary"><div class="cn-block-summary__nav tabs"><span class="tabs__item is-selected">Summary</span></div><div class="cn-block-summary__content"><ul class="wp-block-list"><li>India’s Competition Commission approves Coinbase’s minority acquisition in CoinDCX, tightening their partnership and formalizing the US exchange’s return to India.​</li><li>CoinDCX, hit by a recruiter-led malware breach earlier in the year, is described by Coinbase as financially sound and positioned to scale after the deal.​</li><li>India ranks first globally in crypto adoption for a third year, and analysts say the transaction may open the door for more foreign exchange investment into the market.</li></ul></div></div><p>India’s antitrust regulator approved Coinbase Global Inc.’s acquisition of a minority stake in local cryptocurrency exchange <a href="https://coindcx.com/" rel="noopener noreferrer nofollow">CoinDCX</a>, the Competition Commission of India announced Tuesday.</p><p>The approval marks a development in the U.S. firm’s efforts to expand operations in India, according to the regulatory filing. Coinbase will strengthen its <a href="https://www.theblock.co/post/383109/india-coinbase-coindcx-investment" rel="noopener noreferrer nofollow">partnership</a> with CoinDCX, one of India’s digital asset platforms, through the transaction.</p><h2 class="wp-block-heading" id="india-and-crypto-legislation">India and crypto legislation</h2><p>The investment was first announced in October. CoinDCX received a valuation as part of the transaction, though specific financial terms were not <a href="https://crypto.news/paradigm-leads-82m-raise-for-crypto-payments-firm-mesh/" rel="noopener noreferrer nofollow">disclosed</a>.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"> https://twitter.com/CryptooIndia/status/1991526042620793212?s=20 </div></figure><p>The exchange experienced a security breach earlier this year when a software engineer was deceived into installing malware by attackers posing as recruiters, according to previous reports. Coinbase described CoinDCX as a financially sound business positioned for growth and scale, according to company statements.</p><p>The approval coincides with Coinbase’s return to operations in India after more than two years. The company had previously exited the market due to regulatory hurdles, according to company filings.</p><p>You might also like: <a href="https://crypto.news/crypto-prices-today-dec-24-btc-eth-bnb-trx-remain-muted-ahead-of-us-jobless-data-and-28b-options-expiry/" rel="noopener noreferrer nofollow"> Crypto prices today (Dec. 24): BTC, ETH, BNB, TRX remain muted ahead of US Jobless data and $28B options expiry </a></p><p>Coinbase aims to increase its presence in <a href="https://crypto.news/india-lawmaker-proposes-tokenization-bill-real-estate/" rel="noopener noreferrer nofollow">India</a> and the <a href="https://crypto.news/india-crypto-adoption-policy-divide-continues/" rel="noopener noreferrer nofollow">Middle East</a>, targeting markets that have shown adoption of digital assets, according to company statements.</p><p>India ranked first globally in cryptocurrency adoption for the third consecutive year, ahead of the United States, Pakistan, the Philippines, and Brazil, according to an October report from TRM Labs.</p><p>The transaction may encourage additional investments by foreign exchanges seeking to enter India’s digital finance market, according to market analysts. The approval strengthens CoinDCX’s position among the nation’s cryptocurrency platforms, according to industry observers.</p><p>Read more: <a href="https://crypto.news/hyper-foundation-confirms-hype-burn-as-validators-back-assistance-fund-vote/" rel="noopener noreferrer nofollow"> Hyper Foundation confirms HYPE burn as validators back Assistance Fund vote </a></p>

Coinbase wins CCI nod for minority stake in India’s CoinDCX exchange

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