Richard Teng, the CEO of Binance, has expressed a keen interest in the Indian market. During an interview this week, Teng said India is a very important market particularly owing to its young and tech-savvy population.
Teng said nations like India, where the population is young, crypto adoption should clock growth faster than other countries.
“We’re very bullish. We’re working with the government there to see how we can support,” the Binance honcho mentioned, underlining that the faster Indian regulators define crypto guidelines, the sooner India’s standard in the crypto scene would boost.
Consecutively for the last two years, India has been topping the Global Crypto Adoption Index report released by on-chain intelligence firm Chainalysis. This year as well, the country secured the first rank on the international index.
Source: Chainalysis
Teng, in his interview, did mention that the technical soundness of the country has played a vital part in India showing fastest crypto adoption at the grassroot level. Clips from the interview have been surfacing on social media.
Binance recently re-entered India after having secured its registration with the country’s Financial Intelligence Unit (FIU) and having agreed to comply with the anti-money laundering rules.
The country is taking a gradual approach towards understanding and adopting crypto. The sector is partially regulated in the country and recognized as a taxable sector. The financial regulators in India are studying the pros and cons of crypto on the economy before finalizing rules. Under its G20 Presidency in 2023, India had called for a global cooperation in defining crypto rules that would work uniformly on the international level. Research work in the area is also ongoing.