India’s crypto story may be entering a new chapter. After years of cautious policy and tax pressure, the world’s biggest exchange believes the country is finally ready for something bigger.
Binance CEO Richard Teng, in a CNBC interview, says India has all the right ingredients to become a global crypto superpower — a young, tech-savvy population, solid fintech infrastructure, and a fast-growing digital economy.
“India is a very important market — the largest demographics in the world, very tech savvy, very young population,” Teng told CNBC recently. “In every country with a young demographic, crypto adoption tends to be the fastest. India is no different.”
A Digital Foundation is Already in Place
Teng pointed out that India’s existing digital rails, UPI, Aadhar, and mobile payments have already changed how people interact with money. Those same systems, he said, could become the base for the next phase of blockchain growth.
With government programs like the National Blockchain Strategy, he believes India could lead in stablecoins, DeFi, and NFTs — if regulations move in the right direction.
Digital currencies and decentralized finance can complement what India has already built, Teng said.
Caution Meets Conversation
For years, India’s approach to crypto has been cautious. A 30% tax on gains and a 1% TDS on trades slowed volumes, but it didn’t kill the enthusiasm. India still ranks among the top countries in global crypto adoption.
Now, the conversation is shifting. As Moneycontrol reported, Binance, CoinDCX, Mudrex, and Canton Network have jointly approached regulators seeking clarity on how crypto tokens and Web3 businesses will be classified under existing laws.
It’s a rare show of unity in an industry that often speaks in different voices. The companies are asking for consistent rules under the Prevention of Money Laundering Act (PMLA) and clear definitions of digital assets.
The broader industry sentiment has shifted toward collaboration, with firms emphasizing the need for clarity and consistency rather than concessions.
Law and Legitimacy
Adding to that momentum, an Indian court ruled on October 26 that crypto assets qualify as property capable of ownership and trust. The ruling is small in scope but big in implication.
It gives digital assets a legal identity for the first time, meaning they can be held in trusts, used as collateral, and recognized under existing property laws. For investors and startups, that recognition is a long-awaited first step.
A $1.1 Trillion Opportunity
But time is ticking. A separate analysis estimated that delays in clear policy could cost India $1.1 trillion in missed opportunities, from venture investment to blockchain infrastructure and developer growth.
That’s the size of the prize. Many in the industry believe India’s success will hinge on creating structured, transparent regulations instead of imposing broad restrictions. Clarity, not caution, is what unlocks innovation.
Foreign Confidence Returns
Despite the uncertainty, global confidence in India’s crypto future seems to be returning. Earlier in October, Coinbase expanded its footprint by investing strategically in CoinDCX, one of India’s biggest exchanges.
That move was read by industry watchers as a sign that institutional players are back. The focus, they say, has shifted from speculation to long-term infrastructure and compliance — a healthier phase for the ecosystem.
Binance’s India Reset
For Binance, this is also a comeback story. After previous friction with authorities, the exchange is now registered with the Financial Intelligence Unit (FIU-IND) as a reporting entity and compliant under the PMLA.
Teng confirmed that Binance is in advanced talks with the Finance Ministry, the RBI, and the FIU to align on compliance and investor protection frameworks.
The company has also launched Binance Academy in Hindi and other regional languages to promote crypto literacy and counter scams — an area where misinformation still runs deep.
The company aims to collaborate with regulators to develop rules that encourage innovation and safeguard investors.
A Slow Shift, But a Real One
India’s crypto story is still complicated, taxes remain high, and official recognition hasn’t come yet. But the tone is changing.
Courts are giving crypto legal space, the FIU is tightening oversight, and global exchanges are knocking again, not to bypass the system, but to work within it.
For years, India’s crypto scene survived in a gray zone. Now, it’s inching toward structure. If that continues, the country’s next chapter might not be about resisting crypto, but defining how it should work.
“India’s potential is impossible to ignore,” Teng said. And this time, few would disagree.