Binance predicts India will Take the Lead in Crypto Regulation by 2025
Binance, one of the largest cryptocurrency exchanges in the world, recently registered with India’s Financial Intelligence Unit (FIU-IND), is optimistic about India taking the leading role in global crypto regulations by 2025. This positive outlook is driven by India’s progressive efforts to create frameworks that foster trust, encourage innovation, and expand blockchain use.
India’s Growing Importance in Crypto Regulation
India’s increasing significance in cryptocurrency regulation is gaining recognition, especially after 2024 saw significant advancements in crypto adoption and institutional interest, resulting in Bitcoin reaching an all-time high of $108K.
A pivotal moment was the U.S. approval of spot Bitcoin and Ether exchange-traded funds (ETFs). As a result, Vishal Sacheendran, Head of Regional Markets at Binance, envisions India leading global crypto regulation by 2025, contributing to building trust and fostering industry growth.
Sacheendran also emphasized Binance’s efforts to stay abreast of India’s evolving regulations. The company has been actively expanding its presence in the country, demonstrating its commitment to providing secure and compliant crypto services.
Sacheendran further emphasizes that the future of crypto extends beyond trading to creating a decentralized and innovative digital ecosystem that benefits all stakeholders.
India’s Shifting Stance Towards Crypto
India’s journey towards crypto regulation began in 2019 with a draft bill proposing a complete ban on cryptocurrencies. However, this bill never made it to Parliament, and over time, India’s approach has become more lenient, influenced by global trends.
During a recent Parliament session, Finance Minister Nirmala Sitharaman stated that the Reserve Bank of India (RBI) has recommended the government establish regulations for cryptocurrencies. However, the government believes any ban would require international cooperation.
Nevertheless, the government has implemented taxes on virtual assets, with a 30% tax on crypto profits from April 1, followed by a 1% TDS from July 1. These regulations have resulted in reduced trading activity on crypto exchanges in India.
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