Binance, one of the world’s largest cryptocurrency exchanges, is confident that India will become a global leader in crypto regulation by 2025. After recently registering with India’s Financial Intelligence Unit (FIU-IND), Binance believes the country’s efforts to create clear frameworks will build trust, drive innovation, and boost blockchain adoption.
India’s influence in the cryptocurrency world has been rising, especially after a breakthrough year in 2024. The year saw significant growth in crypto adoption and institutional interest, with Bitcoin reaching a record high of $108,000.
A key moment came when the U.S. approved spot Bitcoin and Ether exchange-traded funds (ETFs), reshaping the global crypto market. Vishal Sacheendran, Binance’s Head of Regional Markets, predicts India will take the lead in setting global crypto regulations. He believes India’s efforts will strengthen trust and support the industry’s growth.
Sacheendran also highlighted Binance’s efforts to keep up with India’s changing rules. The company has been working to grow its presence in the country, showing its commitment to offering safe and legal crypto services.
He also pointed out that the future of cryptocurrency extends beyond trading, focusing on creating a decentralized digital ecosystem that benefits everyone.
India’s journey toward crypto regulation began in 2019 with a draft bill proposing a complete ban on cryptocurrencies. However, this bill was never presented in Parliament, and over time, India’s approach became less strict, influenced by global trends.
During a recent parliamentary session, Finance Minister Nirmala Sitharaman stated that the Reserve Bank of India (RBI) had advised the government to create crypto regulations. However, she noted that any ban on cryptocurrencies would require global cooperation.
As part of its regulatory efforts, India introduced taxes on virtual assets. A 30% tax on crypto profits came into effect on April 1, followed by a 1% tax deducted at source (TDS) on transactions from July 1. These measures have significantly reduced trading activity on Indian crypto exchanges.
India’s growing role in crypto regulation is attracting global attention. With major players like Binance betting on its leadership, the next few years could be revolutionary!
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