The changing stances of India over cryptocurrencies might help regional investors explore the wider digital assets market. In the most recent development, the government of India has appointed Tuhin Kanta Pandey as the 11th chairman of the Indian Security and Exchange Board.
Mr. Tuhin replaced Madhabi Puri Buch as the 1st chairman on February 28, 2025. Before this position, he offered his service in the position of Finance Secretary and Secretary of the revenue department.
Is Tuhin Kant a pro-crypto official?
As per the recent finance bill by the Indian Finance Ministry, cryptocurrencies are ‘ crypto assets’, and any undisclosed crypto holding is ‘ undisclosed income.’ Tuhin joined IAS services after completing his MBA at the University of Birmingham. Before this, he completed his bachelor’s degree in economics from the Panjab University based in Chandigarh.
Tuhin is widely known for his extraordinary work and understanding of finance, which has sparked speculations in the Indian crypto market for clear regulations under his chairmanship.
Some finance experts argue that the government has appointed Tuhin for the term of 3 years because of the growing criticism of Puri Buch after the allegations from the renowned short seller Hindenburg.
The company that ended its operations in January 2025 said in its report published in mid-2024 that the 1st female chairman of the SEBI of India has been involved in offshore funds and other cell companies.
Indian population rushing towards crypto for more profits
Over the past few quarters, the crypto market in India has seen tremendous growth, recently reported by Todayq, that smaller cities in India like Lucknow, Pune, and Rajasthan have. Some primary reasons behind the growth are the rising unemployment and the never-before losses in the traditional finance market of India.
A few Indian media outlets reported that the stock market has lost $1 trillion since October 2024, and at the same time, the Chinese market grew by 2x, with the majority of Indian market investors shifting toward the market of China.
India stands at the top of the crypto adoption list, followed by nations like the United States, Russia, Japan, and Indonesia. Yet, despite this huge user base, India stands far below in terms of earnings per user.
The Indian crypto market has less income generation than other markets because there is a severe need for education and awareness about digital assets and blockchain technology.
Until publishing, the crypto market cap was below $2.70 trillion at $2.66 trillion, with a rough decline of 7%, and the volume was above $160 billion with an additional 25%.
Also, Bitcoin lost its price, and currently, it is exchanging hands at $80,789 with a weekly loss of 18.79%. Its market cap fell below $1.60 trillion for the 1st time after the historic victory of Donald Trump in the 47th presidential election of the United States.
