- Binance CEO Richard Teng says India’s young, tech-savvy base can make it a crypto leader.
- Chainalysis 2025 report already ranks India No. 1 in global crypto adoption
- Teng wants “smart” rules like the US/Europe; FIU registration lets Binance operate again
Binance CEO Richard Teng told CNBC’s India audience that India is “a very important market” because it combines the world’s largest young, digital-native population with fast crypto uptake.
India Is Already Acting Like A Crypto Leader
Chainalysis’ 2025 Global Crypto Adoption Index shows India sitting at No. 1 across retail, DeFi, centralized services, and institutional use, ahead of the United States.
India is also the anchor market in the Asia–Pacific surge, which grew on-chain volume 69% year on year. This tells readers in the US/UK/CA/AU that India isn’t “trying” to lead; it is already behaving like the biggest grassroots crypto market.
Teng’s Ask: “Smart” Rules, Not A Free-For-All
He stated that Binance has been working with the Indian government to support its agenda. However, Teng urged the Indian lawmakers to come up with smart regulations to support mainstream users seeking stablecoins, crypto trading, utility, and custody.
According to Teng, India should learn from the United States, which has moved from anti-crypto under President Joe Biden to pro-crypto under President Donald Trump. Teng commended the United States government for enacting the Genius Act and the goodwill of passing the Clarity Act.
Reasons Why India Will Lead in Crypto Adoption
Demographics and skills
Teng pointed out that India has led in global crypto adoption and is well-poised to continue leading due to its vast tech-savvy young demographic.
“India is a very important market, the largest demographics in the world, very tech savvy, and a very young population. And in every one of these countries, with a very tech-savvy population and a very young demographic, crypto adoption tends to be the fastest compared to others,” Teng said.
Policy is softening, not hardening
The Indian government has moved from an outright crypto ban to pro-crypto regulation in the past decade. Before 2018, the Indian government heavily leaned towards prohibitionist crypto reactions until the re-legalization through judicial review in 2020.
Related: Indian Court Rules Crypto Is ‘Property,’ Blocks WazirX Plan to Use User’s XRP to Cover Hack Losses
However, since 2022, the Indian government has enacted several clear crypto regulations. Since 2022, India has collected a 30% flat tax on Virtual Digital Assets (VDA). Since 2023, the Financial Intelligence Unit (FIU) has enforced anti-money laundering, whereby Binance had to pay a fine to re-enter India’s market.
Market Implications
Following the upward trajectory in the mainstream adoption of crypto assets in India, Teng highlighted that the ultimate impact will be bullish. Moreover, Teng noted that around 7.5% of the global population has adopted crypto assets.
The clear crypto regulatory framework in India will continue to attract more global investors seeking to benefit from the vast market. Furthermore, according to the 2025 Chainalysis report, India is not in the top 20 countries based on the population-adjusted metrics.
Related: India’s Top Economic Adviser Flags Risks of USD Stablecoins to Global Monetary Order
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