Binance Co-CEO Richard Teng said India’s path to mass crypto adoption still hinges on regulatory clarity. Speaking in Davos, he described India as the “grassroots capital” of crypto, pointing to millions of young, tech-savvy users already engaging with the technology, while broader pools of capital remain on the sidelines.
Teng made the remarks on January 19, 2026. He called India a “sleeping giant,” saying user interest is already there, but mainstream investors are still waiting for formal and clear rules from the government. In his view, that grey-zone status is holding back the next phase of market participation.
Teng Says Digital Assets and UPI Serve Different Functions
Addressing debate in India over whether digital assets could threaten the Unified Payments Interface, Teng argued the two should be treated as complementary systems rather than direct competitors. UPI, he said, is highly effective for domestic payments, while decentralized digital assets offer borderless, round-the-clock transfer capabilities.
He said UPI is largely built for use within the country, while digital assets help enable cross-border transfers. Teng also argued that token programmability creates utility that traditional fiat channels cannot easily match. For corporate treasuries moving capital internationally, he said stablecoins are attractive because of their speed and their ability to move funds at a fraction of the cost.
US Policy Shift Used as a Warning to India
Teng pointed to the US as an example of how fast policy signals can reshape the market. He referred to the passage of the GENIUS Act in July 2025 as a turning point, saying it marked a sharp shift from skepticism toward active support for the sector, alongside a push to brand the country as a global capital for AI and blockchain.
According to Teng, the change was followed by a rise of more than 50% in stablecoin values, while the volume moving across those networks tripled. He added that these networks are now handling twice Visa’s daily money movement. His message to India was that staying in a regulatory grey zone could push domestic talent and capital toward jurisdictions with clearer rules.
India Seen as Essential to Binance’s User Growth Goal
Teng also tied the issue directly to Binance’s own expansion plans. The exchange recently crossed 300 million users and processed $34 trillion in trading value last year. With Binance targeting 1 billion users, he said India is an indispensable market for that ambition.
Even with crypto trading still in a grey area in the country, Binance said its institutional volume in India grew by more than 20% over the past year. Teng said that as former skeptics in global finance become supporters, India’s government may also come to see the strategic value of a clear framework. He added that while enthusiasm for central bank digital currencies is fading globally, the market structure for private digital assets remains intact.