India’s growing crypto potential is attracting global attention.
Binance CEO Richard Teng believes the country has the potential to emerge as one of the world’s leading crypto hubs. In a recent interview with CNBC, he shared his views on why India stands out as a major power.
India could become the next crypto superpower
Teng emphasizes that India is a “very important market” with the world’s largest demographic and young, tech-savvy population. He points out that such countries typically adopt cryptocurrencies much faster than in other countries.
He pointed out that due to all these factors, India ranks among the top countries in the Chainalysis Global Cryptocurrency Adoption Index.
Although there are still some barriers in the market, Teng is optimistic about the future. He believes that India’s position in the global cryptocurrency space will increase if the government and regulators provide clearer information.
Teng also added that Binance is exploring ways to work with policymakers to support government policies.
The role of smart regulation
When asked how regulators can help foster this growth, Teng explained that Binance has extensive experience working with authorities around the world, and is licensed in 22 different jurisdictions and operates as the most regulated exchange in the world. He emphasized that clear and sensible regulation is key to accelerating the adoption of cryptocurrencies.
“The more clarity regulators can provide and come up with smart regulations that support stablecoins, utilities, crypto trading, crypto asset management, custody, etc., the better it will be for the industry and further the adoption of crypto.”” he said.
He cited the United States as an example, noting the shift to a policy to promote cryptocurrencies under President Trump. India is taking a cautious approach to cryptocurrencies. However, an Indian court recently granted legal clarity to digital assets by ruling that crypto assets qualify as property.
Binance has a checkered history with Indian regulators. However, the company has fully resumed its operations in India and is now registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND).
Cryptocurrency becomes mainstream
Teng pointed out that for a long time, cryptocurrencies were considered a niche asset class driven by retail investors. However, he said that cryptocurrencies are now mainstream. Binance has record participation from institutions, companies, and even sovereign entities allocating assets to cryptocurrencies.
He believes the long-term trend is “very bullish,” noting that we are in the very early stages of global cryptocurrency adoption.
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