In a recent interview with CNBC at the ongoing Hong Kong Fintech Week (November 3-7), Binance CEO Richard Teng highlighted India as a crucial market for cryptocurrency. He attributed this to the country’s large, tech-savvy youth population, which drives rapid crypto adoption. Teng expressed hope that clearer regulations from the Indian government and regulators could significantly boost India’s position in the global cryptocurrency landscape.
“India is a very important market. It has one of the largest demographics in the world — a very tech-savvy and young population. In countries with such demographics, crypto adoption tends to be faster compared to others,” Teng said during the interview.
Teng’s comments come amid reports from Chainalysis and TRM Labs, which rank India at the top in crypto adoption indices. He reaffirmed Binance’s optimistic outlook on India and stressed the company’s ongoing collaboration with regulators.
“So, we are bullish on India and working closely with the government to see how we can support their efforts,” Teng told CNBC.
According to a report by Business Standard, Binance once controlled 90% of India’s 4 billion crypto investors. However, the exchange faced significant regulatory hurdles, including a ban that lasted nearly seven months because it was not registered with local regulators. Initially fined $2 million, Binance’s penalty later surged to $86 million.
Despite these challenges, Binance has managed to reestablish its presence in the Indian market. Vishal Sacheendran, Binance Head of Regional Markets, highlighted this progress at the Binance India Super Meetup in November 2024.
“India has always been a very important market for Binance, and the community here is a testament to what we have strived to achieve over the past few years,” Sacheendran said, as quoted by Business Standard.
Binance’s renewed focus on India coincides with growing interest from Indian policymakers and virtual asset service providers (VASPs) in cryptocurrency. In a significant policy shift, India’s Finance Minister Nirmala Sitharaman emphasized the transformative impact of innovations like stablecoins on global finance.
Speaking in early October, she noted that stablecoins are reshaping how money moves across borders, warning that India could miss out if it doesn’t take appropriate steps.
“Innovations like stablecoins are transforming the landscape of money and capital inflows. These shifts may force nations to make binary choices: adapt to a new monetary architecture or risk exclusion. Such developments underscore the scale of transformation underway,” Sitharaman said.
Meanwhile, Coinbase has resumed its operations in India after securing registration and approval from the Financial Intelligence Unit (FIU). The crypto exchange had shut down its India operations about three years ago, citing regulatory challenges.
With a clearer regulatory environment potentially on the horizon, the Indian crypto market appears poised for significant growth, drawing both industry leaders and policymakers closer to embracing digital assets.
https://bitcoinethereumnews.com/crypto/binance-ceo-bullish-on-india-seeks-regulatory-clarity-to-boost-crypto-market-standing-%e2%8b%86-zycrypto/