For Indian users engaged with Stake Online—a global crypto casino and sportsbook—converting digital assets like Bitcoin, Ethereum, or USDT into Indian Rupees (INR) has been a cumbersome process. Stake does not support direct fiat conversion, but by leveraging a compliant exchange like Mudrex, users can complete the entire cycle in five simple steps. This guide draws on official documentation to provide a clear, actionable walkthrough.
Understanding Stake Online and Mudrex
Stake Online, launched in 2017 by Ed Craven and Bijan Tehrani, operates under a Curaçao eGaming license via Medium Rare N.V. It supports over 20 cryptocurrencies for deposits and withdrawals but lacks direct INR conversion. Mudrex, a SEBI-registered crypto investment platform in India, enables users to trade crypto for INR and withdraw funds to linked bank accounts with full KYC/AML compliance. Combining these two platforms creates a legal, efficient path from on-chain gaming winnings to fiat cash.
Step 1: Register and Complete KYC on Mudrex
Download the Mudrex app or visit the website. Create an account and submit identity proof (Aadhaar, PAN card) and address verification. KYC is mandatory under Indian regulations and ensures that all subsequent transactions are legally compliant.
Step 2: Withdraw Crypto from Stake to Mudrex Wallet
Log into your Stake account and navigate to the withdrawal section. Select the cryptocurrency you wish to move (e.g., BTC, ETH, or USDT). Copy the corresponding deposit address from your Mudrex wallet. Critical: double-check that the network (e.g., ERC-20, BEP-20, TRC-20) matches exactly. A mismatch can result in irreversible loss of funds. Send a small test transaction first, confirm receipt, then proceed with the full amount.
Step 3: Sell Cryptocurrency for INR on Mudrex
Once the crypto arrives in your Mudrex wallet, go to the ‘Trade’ or ‘Sell’ section. Choose the appropriate trading pair (e.g., BTC/INR, USDT/INR). You can place a market order for immediate execution or a limit order at your desired rate. After the trade completes, your INR balance will be credited.
Step 4: Withdraw INR to Your Bank Account
On the Mudrex dashboard, tap on your INR funds, then select ‘Withdraw’. Enter the amount in INR and confirm your bank account details. Mudrex processes withdrawals quickly—often within minutes—with no hidden fees. Ensure the bank account is linked and verified in advance.
Step 5: Confirm Receipt and Record Keeping
Check your bank statement for the incoming transfer. Save the transaction receipts from both Mudrex and Stake for tax filing purposes. Under Indian law, crypto gains are subject to a flat 30% tax and a 1% TDS on each trade. Maintaining accurate records helps you stay compliant.
Legal Status and Best Practices
The Supreme Court of India lifted the RBI’s 2018 crypto ban in 2020, and using compliant exchanges like Mudrex remains fully legal. Tax obligations apply only to profits, not the principal amount. To mitigate price volatility, consider converting volatile coins to USDT on Stake before transferring, then selling USDT for INR on Mudrex. Alternatively, stagger conversions over several days to average the exchange rate—a form of dollar-cost averaging.
Important Caveat Regarding Stake Online
India’s Online Gaming Bill 2025 prohibits real-money gaming platforms. Stake Online falls under this restriction. While this guide explains the technical conversion process, users are advised to assess the legal risks and consider using only registered, compliant services for any remaining funds.