The appointment of Tuhin Kanta Pandey as SEBI chairman could foster development of the regional crypto market in India.
Appointment of Tuhin Kanta Pandey
Mr. Tuhin Kanta Pandey was appointed as the 11th chairman of the Indian Security and Exchange Board (SEBI) on February 28, 2025, replacing Madhabi Puri Buch. Before this, he served as finance secretary and revenue department secretary. An alumnus of the University of Birmingham, Tuhin joined the Indian Administrative Service. Known for his financial acumen, expectations are high for clear crypto regulations under his leadership.
Economic Contexts and Crypto Market in India
Due to growing criticism of Madhabi Puri Buch and allegations made by the renowned short-seller Hindenburg, Tuhin's appointment is seen as strategic. Concurrently, the Indian crypto scene is experiencing significant growth, driven by rising unemployment and losses in the traditional finance market, including a $1 trillion drop in the stock market recently, causing many Indian investors to turn to the Chinese market.
Crypto Investment Trends in India
According to Todayq, cities like Lucknow, Pune, and Rajasthan have shown a surge in crypto activity. India is at the forefront of crypto adoption despite lower earnings per user. The primary challenges include a lack of education and awareness about digital assets. As of publication, the crypto market cap was $2.66 trillion, having declined 7% recently.
With Tuhin Kanta Pandey's appointment, new prospects emerge for the crypto market in India. Despite challenges in user earnings and the need for educational initiatives, there is hope for a brighter future through new regulatory approaches.
