India will lead global crypto regulation by 2025, predicts Binance

Binance, one of the world’s largest cryptocurrency exchanges, is confident that India will become a global leader in cryptocurrency regulation by 2025. Having recently registered with Financial Intelligence Unit (FIU-IND) of India, Binance believes that the country’s efforts to create clear frameworks will build confidence, spur innovation and drive blockchain adoption.

India’s Growing Role in Crypto Regulation

India’s influence in the world of cryptocurrencies has grown, especially after a breakthrough year in 2024. The year saw significant growth in cryptocurrency adoption and institutional interest, with Bitcoin reaching an all-time high of $108,000.

A key moment came when the United States approved Bitcoin and Ether exchange-traded funds (ETFs), reshaping the global crypto market. Vishal Sacheendran, head of regional markets at Binance, predicts that India will take the lead in establishing global crypto regulations. He believes that India’s efforts will build confidence and support the growth of the industry.

Binance expands its focus on India

Sacheendran also highlighted Binance’s efforts to keep up with the evolving Indian rules. The company is working to increase its presence in the country, demonstrating its commitment to offering safe and legal crypto services.

He also emphasized that the future of cryptocurrency extends beyond commerce, focusing on creating a decentralized digital ecosystem that benefits everyone.

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India’s outlook towards crypto is changing

India’s journey towards cryptocurrency regulation began in 2019 with a bill proposing a total ban on cryptocurrencies. However, this bill was never presented to Parliament and, over time, India’s approach became less strict, influenced by global trends.

During a recent parliamentary session, Finance Minister Nirmala Sitharaman said that the Reserve Bank of India (RBI) had advised the government to create regulations on crypto. However, she stressed that any ban on cryptocurrencies would require global cooperation.

As part of its regulatory efforts, India has introduced taxes on virtual assets. A 30% tax on cryptocurrency profits came into effect on April 1, followed by a 1% withholding tax (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!