India’s crypto growth slow due to limited private market participation

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Asia Pacific head calls for greater Budget focus on the industry and expects hybrid public-private model to emerge

By Vallari Sanzgiri

Updated - November 04, 2026 at 11:59 AM.

India’s cryptocurrency ecosystem may be slow to gain market momentum owing to the modest private market participation in the region, said SB Seker, Asia Pacific Head of Binance.

In a conversation with businessline, Seker addressed queries regarding India’s interest in cryptocurrency, suggesting that the status quo may be due to a preference for government-led growth.

“There have been many digitisation initiatives in India: UPI, tokenisation sandboxes or experiments. What is not as committed or as quickly moving is private market participation or the explicit licensing of private market participants to drive this business. It seems to be almost a preference for government to run this initiative – build it to a point where the scale and infrastructure is public and then allow private participation,” he said, noting that even SEBI and RBI have started looking at certain blockchain initiatives in one form or the other. While this may be a policy direction, Seker expects the architecture to eventually evolve into a hybrid form.

When asked about future expectations from India’s Budget, Seker said, “I just want to see the importance of this industry reflected in the budget. That is your defining document for the nation for the next 6 months to 12 months. So, I want to see more importance allocated to this industry, whether it’s a tax reform, licensing reform or financial incentives. Any of those would indicate to me that this is becoming more of a main feature rather than a sideshow.”

Binance is also working on becoming a super app wherein the platform provides offerings in other asset classes that are of interest to global users.

“We have started offering tokenised versions of these instruments to our global user base, subject to light limits in particular markets. Then there are commodities like gold and silver, pre-IPO stock, SpaceX. That side of the business is starting to build a lot more quickly,” he said.

Published on November 4, 2026

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