Binance CEO Richard Teng said India’s young and tech-savvy population is driving rapid cryptocurrency adoption.
India ranks as one of the top countries in the Chainaloss Global Crypto Adoption Index.
Teng believes that clear and sensible regulations will enhance India’s role in the global cryptocurrency ecosystem.
India’s growing crypto potential is attracting global attention.
Binance CEO Richard Teng believes the country could soon 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 highlighted that India has a huge population, a young demographic and a tech-savvy population, which has huge potential for digital asset adoption. He pointed out that countries with similar characteristics tend to accelerate the adoption of cryptocurrencies rapidly.
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 market and regulatory hurdles, Teng is optimistic about the future. He believes that India’s position in the global cryptocurrency ecosystem will be further strengthened if the government and regulators provide clearer information.
Teng also added that Binance is actively working with policymakers to explore ways to support the government’s broader digital and financial innovation efforts.
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 well-designed regulations are key to accelerating the adoption of cryptocurrencies.
According to Teng, a smart regulatory framework supporting areas such as stablecoins, utility tokens, crypto trading, asset management, and custody services will create a stronger foundation for the industry. He said the clearer guidance regulators provide, the faster the sector will grow and prosper.
Teng said that with clear and supportive regulations, the adoption of cryptocurrencies could accelerate rapidly. He cited the United States as an example, noting the shift to a policy to promote cryptocurrencies under President Trump.
India’s cautious approach
India appears to be taking a cautious stance towards virtual currencies. Instead of introducing new legislation to regulate the sector, the government intends to continue with partial oversight.
However, an Indian court recently ruled that crypto assets qualify as property that can be owned and trusted. This gives legal status to digital assets for the first time in India.
Global crypto exchanges such as Binance and Coinbase are still betting on India, hoping clearer rules will unlock the potential of India’s huge market.
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 global cryptocurrency adoption is still in its very early stages.
