The CCI recently published its Order dated December 16, 2025, which marks the first in its decisional practice relating to the cryptocurrency market.

The transaction notified to the CCI comprised global cryptocurrency exchange player, Coinbase’s acquisition of additional shares in DCX Global (DCX). DCX owns the brand, technology and IP of CoinDCX, one of India’s largest cryptocurrency exchanges.

While the exact relevant market definition was left open by the CCI, it preliminarily considered the impact of overlaps between parties in the ‘market for exchanges offering cryptocurrency services in India’. Within this broad market, the CCI also considered a narrower segment comprising the ‘market for exchanges offering cryptocurrency services through Centralised Crypto Exchanges.’ The transaction was unconditionally approved, in light of the minimal market increment and the presence of several other competitors.

Notably, even in the absence of any precedent, CCI’s approval was obtained approximately six weeks after the initial notification, and only 11 calendar days after the notifying parties had filed complete responses to the CCI’s information requests.