India To Lead Crypto Regulation by 2025 Says Binance
Binance, one of the world’s largest cryptocurrency exchanges, recently registered with India’s Financial Intelligence Unit (FIU-IND) and now believes India will take a leading role in global cryptocurrency regulation by 2025. This optimistic outlook is driven by India’s progressive efforts to create a framework that builds trust, promotes innovation and expands the use of blockchain.
India’s growing importance in cryptocurrency regulation
India’s growing role in cryptocurrency regulation is drawing attention, especially as 2024 marks a major step forward in cryptocurrency adoption and institutional interest, with Bitcoin reaching All-time high $108,000.
One of the defining moments was the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States. Therefore, Vishal Sacheendran, regional market director at Binance, believes that by 2025, India will lead the way in global cryptocurrency regulation, helping to build trust and support industry growth.
Sachindran also emphasized that Binance strives to maintain Keep up with the ever-changing rules in India. The company has been working to expand its operations in the country, demonstrating its commitment to providing safe and legal encryption services.
Sacheendran further noted that the future of cryptocurrencies is not just about transactions, but about creating a decentralized and innovative digital ecosystem that benefits everyone.
India’s changing stance on cryptocurrencies
India’s cryptocurrency regulatory journey began in 2019 with a draft bill proposing a complete ban on cryptocurrencies. However, the bill was never introduced in Parliament, and over time, India’s approach became less stringent, influenced by global trends.
in the most recent parliamentary meetingFinance Minister Nirmala Sitharaman said that the Reserve Bank of India (RBI) has recommended the government to frame cryptocurrency rules. Still, the government believes any ban will require global cooperation.
However, the government also taxes virtual assets. A 30% tax on cryptocurrency profits will be levied from April 1, followed by a 1% TDS from July 1. These regulations have led to a decline in trading activity on Indian cryptocurrency exchanges.
