Binance CEO Says India’s Young, Tech-Savvy Population Is Powering Rapid Crypto Adoption

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India’s growing crypto potential has caught global attention. 

Binance CEO Richard Teng believes that the country could soon emerge as one of the world’s leading crypto hubs. In a recent interview with CNBC, he shared his perspective on why India stands out as a major player.

India Could Be the Next Crypto Superpower

Teng highlights that India, with its massive population, young demographics, and tech-savvy citizens, holds tremendous potential for digital asset adoption. He noted that in countries with similar characteristics, crypto adoption tends to accelerate rapidly.

He noted that India ranks among the top countries in the Chainalysis Global Crypto Adoption Index because of all those factors coming into play.

Although there are still some market and regulatory barriers, Teng remains optimistic about the future. He believes that as the government and regulators provide greater clarity, it will further strengthen India’s position in the global crypto ecosystem. 

Teng also added that Binance is actively working with policymakers to explore ways to support the government’s broader digital and financial innovation initiatives. 

The Role of Smart Regulation

When asked how regulators can help facilitate this growth, Teng explained that Binance has extensive experience working with authorities around the world, operating as the most regulated exchange globally, with licenses in 22 different jurisdictions. He emphasized that clear and well-designed regulations are key to driving crypto adoption.

According to Teng, smart regulatory frameworks that support areas such as stablecoins, utility tokens, crypto trading, asset management, and custody services will create a stronger foundation for the industry. The more clarity and guidance regulators provide, he said, the faster the sector can grow and thrive.

Teng said that clear and supportive regulations can rapidly accelerate crypto adoption. He cited the US as an example, noting the shift toward pro-crypto policies under President Trump. 

India’s Cautious Approach

India appears to be taking a cautious approach toward cryptocurrencies. Instead of introducing new laws to regulate the sector, the government plans to keep partial oversight.

However, recently an Indian court ruled that crypto assets qualify as property capable of ownership and trust. This gives digital assets legal status for the first time in India.

Global crypto exchanges like Binance and Coinbase are still betting on India, hoping that clearer rules will open up its huge market potential. 

Binance has had a complex history with Indian regulators. However it has resumed full operations in India and is now registered with the Financial Intelligence Unit-India (FIU-IND) as a reporting entity.

Crypto Goes Mainstream

Teng noted that for a long time, crypto was seen as a niche asset class, driven by retail investors. However, he said that crypto has now gone mainstream. Binance has seen record participation from institutions, corporations, and even sovereign entities allocating assets into crypto.

He believes that the long-term trend is “very bullish” noting that we are still at a very early stage of global crypto adoption.