Binance Focuses On India’s Crypto Leadership By Next Year

India’s stance on cryptocurrency regulation is attracting worldwide attention. The nation has seen significant progress in crypto adoption this year, with Bitcoin recently reaching a record-breaking price of $108,000.

According to Vishal Sacheendran, Head of Regional Markets at Binance, India is well-positioned to lead global cryptocurrency regulation by next year. He said India’s leadership could strengthen trust in the crypto market and promote industry growth on a global scale.

Binance Adjusts Its Operations To Match India’s Regulations

Binance has revealed that it plans to adjust its services to follow India’s cryptocurrency rules. Vishal said the company plans to create a decentralized digital system. This shows that it is looking to offer more than just trading cryptocurrencies.

India’s work on cryptocurrency rules began in 2019 when a draft law suggested banning cryptocurrencies completely. However, this idea was not taken to Parliament. Over time, India’s view changed. The country said it aligned with the global approach of regulating digital currencies rather than halting them.

In a recent parliamentary meeting, Finance Minister Nirmala Sitharaman spoke about the government’s plan for cryptocurrencies. She said the Reserve Bank of India (RBI) suggested rules to control cryptocurrencies. The minister also said if a ban was ever needed, it would require countries around the world to work together to achieve success.

The Indian government introduced new tax rules two years ago to manage the growing crypto market. The country said these rules added a 30% tax on crypto profits from April 1 and a 1% tax taken at the source from July 1. According to reports, these taxes have reduced trading on Indian cryptocurrency exchanges.

Binance And Other Crypto Platforms Faces Challenges

Earlier this year, India’s Financial Intelligence Unit (FIU) gave fines to Binance for not following anti-money laundering rules. In December, the FIU said stopped Binance and eight other foreign cryptocurrency exchanges from working in India. It also asked Apple and Google to remove these exchanges from their app stores.

According to Indian rules, cryptocurrency exchanges must register with the FIU as reporting entities. They must also follow local anti-money laundering laws. In addition, they need to collect taxes on cryptocurrency transactions and profits.

Among the exchanges affected by the FIU’s actions, Seychelles-based KuCoin was the first to follow Indian rules. KuCoin creators said they paid a fine of 3.45 million rupees. Binance registered with the FIU in May and was later allowed to continue its work in India.

India’s changing approach to cryptocurrencies shows its efforts to balance rules with industry growth. The country’s focus on clear regulations has helped it become an important leader in global cryptocurrency policies. Experts said India’s role in this area could influence the world economy and help more people accept cryptocurrencies.