The post India To Lead Crypto Regulation by 2025 Says Binance appeared first on Coinpedia Fintech News
Binance, one of the largest cryptocurrency exchanges in the world, which recently registered with India’s Financial Intelligence Unit (FIU-IND) now believes that India will take the leading role in global crypto regulations by 2025. This optimistic outlook is driven by India’s progressive efforts to create frameworks that build trust, boost innovation, and expand blockchain use.
India’s Growing Importance in Crypto Regulation
India’s growing role in cryptocurrency regulation is gaining attention, especially as 2024 marked major advancements in crypto adoption and institutional interest, with Bitcoin reaching an all-time high of $108K.
One of the defining moments was the U.S. approval of spot Bitcoin and Ether exchange-traded funds (ETFs). Therefore, Vishal Sacheendran, Head of Regional Markets at Binance, believes India will take the lead in global crypto regulation by 2025, helping to build trust and support growth in the industry.
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.
Sacheendran further notes that the future of crypto is not just about trading but about creating a decentralized and innovative digital ecosystem that benefits everyone.
India’s Shifting Stance Towards Crypto
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 Parliament session, Finance Minister Nirmala Sitharaman said that the Reserve Bank of India (RBI) has advised the government to create rules for cryptocurrencies. Still, the government believes that any ban would need global cooperation.
However, the government has also introduced taxes on virtual assets. A 30% tax on crypto profits began on April 1, followed by a 1% TDS from July 1. These rules have caused a drop in trading activity on crypto exchanges in India.