India’s cryptocurrency industry faces slower development despite expanding digital infrastructure, says Binance Asia Pacific Head SB Seker. Limited private sector participation and the absence of clear licensing frameworks remain significant barriers to broader adoption.
Government Initiatives Drive Digital Innovation
India has established digital payment infrastructure through the Unified Payments Interface (UPI), alongside experiments involving blockchain technology and asset tokenisation. However, private cryptocurrency businesses have not received comparable opportunities to expand through regulated market participation.
Seker noted that India’s approach appears focused on developing government-supported infrastructure before allowing greater commercial involvement. “There have been many digitisation initiatives in India: UPI, tokenisation sandboxes or experiments,” he said.
He also acknowledged that the Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) have explored blockchain-related initiatives.
Binance Calls for Regulatory Reforms
Seker believes India’s cryptocurrency ecosystem could eventually adopt a hybrid structure combining public infrastructure with private sector innovation. However, achieving this transition would require clearer licensing rules and stronger regulatory recognition.
Discussing expectations from India’s upcoming Union Budget, Seker emphasized the importance of acknowledging cryptocurrency within national economic priorities.
“I just want to see the importance of this industry reflected in the budget,” he stated. He suggested that taxation changes, licensing reforms or financial incentives could demonstrate stronger government commitment.
Such measures could encourage businesses to invest, develop products and participate more actively in India’s digital asset economy.
Binance Expands Beyond Cryptocurrency Trading
Binance is pursuing diversification through a broader financial services platform. According to Seker, the exchange has begun offering tokenised financial instruments to international users, subject to restrictions in individual markets.
Its expanding product interests include commodities such as gold and silver, alongside tokenised exposure to pre-IPO companies and assets associated with SpaceX. These offerings reflect growing interest in connecting traditional financial markets with blockchain-based infrastructure.
Also Read: Brazil, Thailand and India Strengthen Crypto Regulations and Digital Currency Adoption
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