The post Crypto service providers eye Indian market as India signals shift in crypto regulation appeared on BitcoinEthereumNews.com.

As India signals a recalibration of its crypto policies, crypto service providers are targeting the Indian market. As national jurisdictions are changing their stance on crypto, led by Donald Trump’s pro-crypto agenda, India is starting to recalibrate as well. Although India had initially planned to release a consultation paper on crypto regulation after its G20 presidency in 2023, the government has yet to follow through. In a recent roundtable discussion, Ajay Seth, Secretary of India’s Department of Economic Affairs, stated, “We were ready with a discussion paper, but we now need to recalibrate it due to these changes.” The Indian government levies 30% tax on income from crypto and 1% tax deducted at source, implemented in 2022. This have deferred many retail and institutional traders, resulting in low trading volumes on crypto trading platforms. As a result, many crypto exchanges and market makers have exited the Indian market. For instance, WazirX, once India’s largest crypto trading platform, experienced a 90% drop in business following the implementation of a 30% tax on crypto income and a 1% tax deducted at source. This has led WazirX to relocate part of its operations to Dubai. However, with signs of a shift in crypto policies, crypto firms are eyeing a return to the Indian market, according to Bloomberg. On March 11, Coinbase registered with India’s Financial Intelligence Unit to launch its its retail trading platform. This follows registrations by competitors such as Binance, Bybit, and KuCoin. India’s hint at recalibration is part of the broader global trend where countries are creating increasingly favorable environments both for crypto traders and service providers. Beyond U.S. and European Union, among recent notable examples are Hong Kong, Australia, and UAE. In February, Hong Kong introduced regulatory measures for tokenization and virtual asset exposure in authorized funds. It also approved…

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Filed under: News - @ March 22, 2025 1:21 am