Binance has highlighted the potential of India in shaping global cryptocurrency regulation by 2025 during its recent conferences. This view is affirmed by policy shifts and ongoing dialogues on international platforms.
India's Changing Stance on Cryptocurrency
India's approach towards cryptocurrency regulation has undergone significant changes since 2019. A draft bill to ban digital assets was introduced but never enacted. Over time, increased international demands prompted India to seek balanced solutions. In 2023, during its G20 presidency, Finance Minister Nirmala Sitharaman called for global cooperation on cryptocurrency regulation, aligning with international standards.
SEBI's Multi-Regulator Model for 2024
The Securities and Exchange Board of India (SEBI) proposed a multi-regulator model for crypto-assets starting in 2024. This approach allows for involvement from various regulators, including the Reserve Bank of India. Such a strategy underscores the desire to support innovation while ensuring financial stability.
Institutional Adoption: A New Chapter for Cryptocurrencies
According to Binance's head of regional markets, Vishal Sacheendran, efforts to realign operations with new regulatory demands demonstrate a commitment to providing safe and compliant services. The launch of exchange-traded funds (ETFs) based on Bitcoin and Ether in the US propels development and highlights the resilience of the crypto industry. This signals the need for comprehensive regulatory measures to maintain stability and foster innovation.
By 2025, India could emerge as a leader in global cryptocurrency laws, influencing not only the local market but setting a precedent for global standards. Support from players like Binance will be crucial for sustainable growth in India's crypto sector.
