CMC News

#Indian Minister Declares #Crypto Holdings as Regulation Stalls

Indian Union Minister Jayant Chaudhary has reported digital asset holdings worth $25,500 (₹21.31 lakh), marking a 19% rise compared to last year. His spouse, Charu Singh, disclosed crypto worth $26,800 (₹22.42 lakh), up 18% year-on-year.

The declaration marks the second consecutive year a cabinet member has reported crypto ownership. Both said the holdings came from personal savings, without specifying which tokens were purchased.

India continues to rank first in the 2025 Global #CryptoAdoption Index by Chainalysis, underscoring strong grassroots demand even as policymakers hesitate on regulation. The Reserve Bank of India has warned that regulation may “legitimize” the sector and create systemic risks.

A Mudrex survey of 9,000 respondents showed that 93% support regulation, while 84% believe the current 30% flat tax on crypto gains is unfair compared with equity’s 12.5% rate. Industry leaders say the tax gap is deterring investment.

Government documents reviewed by Reuters suggested authorities remain cautious about comprehensive legislation. Regulators worry that widespread stablecoin usage could undermine the country’s Unified Payments Interface (UPI).

Despite tax burdens and uncertainty, Indians are estimated to hold $4.5 billion in crypto. Experts argue that a clear framework could help prevent capital flight and keep top talent from relocating abroad.

Executives at #Polygon Labs and other fintech organizations have called for smart regulation, tax clarity, and licensing norms that align India with global standards.

The minister’s disclosure illustrates the paradox: while individuals and businesses are adopting crypto at scale, policy remains undecided at the national level.