Binance CEO Says India’s Young, Tech-Savvy Population Is Powering Rapid Crypto Adoption

India’s growing crypto potential has caught global attention. 

In a recent interview with CNBC, Binance CEO Richard Teng shared how India is emerging as one of the most promising markets in the global crypto landscape. It is catching the attention of major players in the crypto world and its digital asset adoption is accelerating faster than in many other parts of the world.

India’s Youth Driving Crypto Boom

Teng highlights that India is a “very important market” with the largest demographics in the world, and tech-savvy, young population. He notes that in such countries, crypto adoption usually happens much faster compared to others.

He noted that India ranks among the top countries in the Chainalysis Global Crypto Adoption Index because of all these factors coming into play.

Although there are still some market barriers, Teng remains optimistic about the future. He believes that as the government and regulators provide greater clarity, it will boost India’s position in the global crypto space. 

Teng also added that Binance is working with policymakers to explore ways to support the government’s agenda.

The Role of Smart Regulation

When asked how regulators can help facilitate this growth, Teng explained that Binance has extensive experience working with authorities around the world, operating as the most regulated exchange globally, with licenses in 22 different jurisdictions. He emphasized that clear and smart regulations are key to driving crypto adoption.

“If the regulator can give a lot of clarity and come up with smart regulation to support the likes of stablecoins, utility, crypto trading, crypto asset management, custody, the better it is for the industry and the greater the crypto adoption that we will see,” he said.

He cited the US as an example, noting the shift toward pro-crypto policies under President Trump. India has taken a cautious approach toward cryptocurrencies. However, recently an Indian court ruled that crypto assets qualify as property, granting legal clarity for digital assets.

Binance has had a complex history with Indian regulators. However it has resumed full operations in India and is now registered with the Financial Intelligence Unit-India (FIU-IND) as a reporting entity.

Crypto Goes Mainstream

Teng noted that for a long time, crypto was seen as a niche asset class, driven by retail investors. However, he said that crypto has now gone mainstream. Binance has seen record participation from institutions, corporations, and even sovereign entities allocating assets into crypto.

He believes that the long-term trend is “very bullish” noting that we are still at a very early stage of global crypto adoption.