India’s role in cryptocurrency regulation is drawing attention, with Binance expressing optimism that the country will take a leading position in 2025. Vishal Sacheendran, Head of Regional Markets at crypto exchange Binance, emphasized the importance of clear regulatory frameworks to foster growth and trust in the sector. He remarked:

We are hopeful that in 2025, India will take the lead in forming progressive and comprehensive crypto regulations.

His comments reflect growing industry sentiment that India’s policy direction could significantly influence the global crypto landscape.

The push for stronger regulations comes as 2024 witnessed significant strides in crypto adoption and institutional engagement. A pivotal moment was the approval of spot bitcoin and ether exchange-traded funds (ETFs) in the U.S., which Sacheendran described as a testament to the industry’s resilience. “The debut of bitcoin and ether ETFs, coupled with rising institutional demand for diversified crypto exposure, has showcased the industry’s resilience in overcoming the various challenges it faced in 2024,” he stated. This development, alongside growing altcoin adoption, underscores the increasing need for comprehensive regulatory frameworks that can foster stability while encouraging innovation.

Sacheendran highlighted Binance’s proactive approach to aligning with India’s evolving regulations, noting the company’s recent efforts to strengthen its presence in the country. “Recognizing the importance of India in the crypto space, we registered with the Financial Intelligence Unit – India. This step reflects our response to regulatory shifts and our renewed commitment to providing secure and compliant crypto services,” he said.

Binance’s focus for 2025 will center on strengthening trust within the crypto ecosystem, the executive revealed. He detailed: “Looking ahead to 2025, the focus will be on increasing knowledge and trust within the crypto community, fostering stronger collaborations with authorities, and enhancing blockchain utility to address real-world challenges.” Sacheendran emphasized:

The future of crypto is about more than just trading; it’s about building a decentralized, inclusive, and innovative digital ecosystem.

India’s approach to crypto regulation began in 2019 with a draft bill proposing a complete ban, but the bill was never introduced in Parliament. Over time, the stance softened in response to global trends and domestic demand. By 2023, during India’s G20 presidency, Finance Minister Nirmala Sitharaman called for global cooperation on crypto regulations, aligning with frameworks like the Financial Action Task Force. In 2024, the Securities and Exchange Board of India (SEBI) proposed a multi-regulator model, suggesting shared oversight of crypto assets instead of exclusive control by the Reserve Bank of India (RBI), which had consistently warned of risks. The Financial Intelligence Unit mandated crypto exchanges to register and comply with anti-money laundering rules, resulting in Binance being fined $2.25 million in June. India taxes crypto profits at 30% with no deductions except for acquisition costs and applies a 1% tax deducted at source on transactions.

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