India a crown jewel for us as far as impact is concerned: Binance's Seker

Binance's APAC head says India is the fastest-growing digital asset market globally despite regulatory uncertainty, with explosive potential driven by mobile penetration and savvy users

India has emerged as the world's fastest-growing cryptocurrency market despite regulatory ambiguity, attracting the attention of Binance, the world's largest digital asset exchange. With over 80 per cent mobile and internet penetration, uniform adoption across tier-1 to tier-4 cities, and a young, digitally savvy population, India represents what Binance calls a “crown jewel” opportunity, said SB Seker, head of APAC at Binance. In a face-to-face interview with Peerzada Abrar, on the sidelines of India Blockchain Week Conference, Seker discusses the company's strategy for navigating India's unclear licensing framework, competing with local exchanges, and capitalising on a market where retail and institutional interest in crypto continues to surge — even as policymakers debate the path forward. Edited excerpts.

 

  

India's crypto regulatory framework remains ambiguous. What specific policy clarity is Binance seeking from Indian regulators, and are you in active dialogue with the Finance Ministry or RBI on a potential framework?

 

So, tax is part of the regulatory equation, but it's not all of it, right? And we are constantly — just as we are in every other jurisdiction around the world where we operate — in touch with regulators on a whole host of issues. The bigger question, I would say, in India at this point is the lack of clarity around what the licensing framework will eventually look like.

 

Right now, we’re operating on an AML (anti-money laundering) registration model, and among G20 countries — and even beyond that — it’s the only large major country left that hasn’t moved to a full licensing model. Australia was in the same category, but they’ve moved towards a full licensing model.

 

A full licensing model would clarify how order books, clearing, settlement, and custody are regulated. There's also no clarity on products — are we allowed to do staking? What kinds? All of these issues come together and create an atmosphere of lack of clarity that makes it difficult for businesses to operate. Yes, we are engaging with regulators at all times on this, but I think India will take her own path, and she has her own strategic priorities.