Indian regulators should embrace different aspects of crypto; stablecoins, crypto payments are important: Binance CEO

Indian regulators should embrace different aspects of crypto; stablecoins, crypto payments are important: Binance CEO

Binance CEO Richard Teng urged Indian policymakers to think of crypto beyond just exchange trading, as stablecoins and financial instruments like crypto payments bring significant value.

Speaking to Moneycontrol in an interview at Binance Blockchain Week in Dubai, he said, “We continue to see strong growth in India. And we do hope that there will be more embracement by the policymakers, the regulators, on different aspects of crypto. Because trading is just one aspect, so things like stablecoins are important, crypto payments are important.”

He also emphasised on the need for having proper banking access and support in the country, one of the major challenges for the crypto industry in India.

“Policy makers need to ensure that banking happen within the crypto industry and that banks are supportive,” he said.

Binance’s India plans

Earlier in an interview with Moneycontrol, Binance APAC Head SB Seker had shared that the crypto trading giant sees India as the next big growth market that will contribute significantly to Binance’s next one billion users.

“APAC is a leader in terms of year-on-year growth for digital assets (for Binance). We saw about 69-70% growth last year coming from APAC. And within that, India is by far the leader. It comfortably exceeds that growth pace,” Seker had said.

Teng too reiterated that “India is an extremely important market” for Binance, as the company places a lot of emphasis and focus on the country.

“If you look at the demographics of India, it has very young demographics. Nearly 70% of the population is below 35 years old. There’s extremely high level of mobile penetration, extremely tech-savvy people. In countries such as this, you will see very high penetration of crypto adoption,” he said.

He added, “We are registered with the FIU in India. We are closely engaging with the government of India.”