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India poised to shape global crypto regulation by 2025

India poised to shape global crypto regulation by 2025

GrafaGrafa2024/12/27 05:50
By:Mahathir Bayena

Binance has expressed optimism that India will emerge as a leader in global cryptocurrency regulation by 2025, driven by the establishment of clear and progressive regulatory frameworks.  

Vishal Sacheendran, Binance's Head of Regional Markets, highlighted the necessity of robust regulations to enhance trust and stimulate growth within the crypto sector.  

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

The call for stronger regulations follows a notable increase in crypto adoption and institutional engagement throughout 2024.  

A key development was the approval of spot Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) exchange-traded funds (ETFs) in the U.S., which Sacheendran described as evidence of the industry's resilience.  

“The debut of bitcoin and ether ETFs... has showcased the industry’s resilience in overcoming various challenges,” he noted.

Binance is actively aligning with India’s evolving regulatory environment, having registered with the Financial Intelligence Unit – India to comply with local laws.  

Sacheendran emphasised that Binance's focus for 2025 will be on fostering trust within the crypto community and enhancing blockchain utility to tackle real-world issues.  

India's approach to crypto regulation has evolved since a proposed ban in 2019, which was never enacted.  

By 2023, during its G20 presidency, India began advocating for global cooperation on crypto regulations.  

The Securities and Exchange Board of India (SEBI) has suggested a multi-regulator model for overseeing crypto assets, indicating a shift towards shared regulatory responsibilities.  

Currently, cryptocurrencies are subject to a 30% tax on profits, along with a 1% tax deducted at source on transactions.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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