<div id="readability-page-1">Cryptocurrencies are no longer just a debate. Governments have gone from thinking of whether digital assets belong in the financial system to lining up plans for execution and usage. The market, too, for its part, has matured alongside it all.India, however (a $4+ trillion economy), remains paused in an in-between space. The issue now is what the country’s continued hesitation means… at a time when other major economies have already gained a competitive edge.India has an estimated 100 million crypto users, making it one of the largest (and fastest-growing) user bases globally. Trading crypto is legal, heavily taxed (flat 30% on profits, with 1% TDS), and closely monitored.However, it still exists outside a coherent policy vision for what role digital assets are meant to play.This has created a peculiar half-position.The state benefits from participation through taxation, but stops short of formally recognizing crypto as part of the architecture. As a result, the ecosystem has grown in volume and users, but without the certainty that stakeholders treasure.In India’s case, the absence of a defined crypto framework has redirected participation.Trading activity moved offshore, beyond domestic oversight and policy reach. Recent estimates say that Indian users generated close to ₹5 lakh crore (approx. $5 trillion) in trading volume on offshore crypto exchanges between October 2024 and October 2025.</div>

India's cryptocurrency market, with over 100 million users and a trading volume of approximately $5 trillion on offshore exchanges, is at a crossroads. Despite being a major economy, India lacks a coherent policy framework for digital assets, leading to uncertainty and a shift of trading activities offshore. The upcoming Budget 2026 is seen as a critical moment for establishing a clear regulatory stance on cryptocurrencies, which could impact the country's competitive edge in the global market.

- Governments are moving towards the integration of cryptocurrencies into their financial systems, yet India remains hesitant despite being a large and growing market.  
- India has around 100 million crypto users and legalized trading, but lacks a coherent policy for digital assets, which has resulted in offshore trading activities.  
- The absence of a defined crypto framework in India has led to significant trading volume, approximately ₹5 lakh crore (around $5 trillion), occurring on offshore exchanges, beyond local regulatory oversight.

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India’s $5T crypto volume vs. policy silence: Why Budget 2026 is a ‘make or break’ moment