The shares of Coinbase Global (Nasdaq: COIN), the largest U.S. crypto trading exchange, surged after the company received a nod from Indian authorities to acquire a minority stake in an Indian exchange.
Brian Armstrong and Fred Ehrsam founded Coinbase in 2012 and turned it into a public company in 2021.
The company, which operates crypto exchange platforms in more than 100 countries across the world, made it to the S&P 500 index in May this year.
Related: Coinbase to re-enter India after nearly two years
On Dec. 16, the Competition Commission of India (CCI) approved the proposed deal involving acquisition of minority shareholding in CoinDCX by Coinbase.
CoinDCX is a popular crypto exchange in India that got drained of approximately $44.2 million in July this year.
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India leads in crypto adoption but lacks regulatory regime
Though India has been leading the world in the Chainalysis Global Crypto Adoption Index, the country faces a regulatory hurdle regarding crypto assets despite high taxes.
India imposes a flat 30% tax on crypto gains and a 1% tax deducted at source (TDS) on every crypto trade.
However, the government—though it hasn't banned crypto—doesn't grant any regulatory clarity to crypto assets either.
The Reserve Bank of India (RBI), India's central bank, is even more critical of the place of digital assets in the country. Deputy Governor T Rabi Sankar recently refused to recognize crypto as currency and instead referred to it as "pure gamble based on mathematical bets."
In contrast, the U.S.—Coinbase's home ground—is proceeding on crypto regulation at a rapid speed.
The Joe Biden administration gave a green light to Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in 2024.
The second Donald Trump administration signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to deal with USD-pegged stablecoins in July this year.
The Digital Asset Market Clarity (CLARITY) Act , the CBDC Anti-Surveillance State Act , and the proposed crypto market structure legislation are also progressing in the U.S.
Following the news of the regulatory update from India, the COIN stock fell over 4% to close at $244.19 on Dec. 17.
The stock rose 2% to trade at $249.04 on Dec. 18.
This story was originally published by TheStreet on Dec 18, 2025, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.
