- US President Donald Trump signed a new stablecoin bill into law as part of broader efforts to regulate the crypto industry.
- Bitcoin reached new price highs, fueling increased investment, particularly among high-net-worth individuals (HNIs) in India.
- Key Indian crypto trading platforms reported a significant rise in trading volumes and investment from HNIs and family offices.
- India’s regulatory framework for crypto includes a 30% tax on profits, a 1% tax deducted at source, and mandatory identification requirements.
- The House passed three major US crypto bills; President Trump signed the first, while two others await Senate review.
On Friday, US President Donald Trump signed a stablecoin bill into law, aiming to strengthen and expand the cryptocurrency sector. The new legislation comes as Bitcoin reaches record values, and interest in digital assets rises both in the US and abroad.
According to Edul Patel, CEO of Mudrex, “HNI clients are jumping into the crypto rally. If you see, Bitcoin ETFs are at an all-time high, with capital inflows of $70 billion going into it. The value of those investments at the same time has doubled to more than $150 billion in just 18 months of launch. Even Gold ETFs haven’t been able to give such a yield in 20 years.” Mudrex reported a 30% weekly increase in HNI trading volume, reaching $10 million. CoinDCX saw average trade sizes by HNI clients grow by 25% to 30% in July, with nearly 50% of its trading volumes coming from around 3,500 HNIs, family offices, and institutions. Average monthly spot market investments now exceed $60,000 per investor.
Indian platforms such as CoinDCX, CoinSwitch, Mudrex, and ZebPay have also seen a jump in participation from Indian family offices. Investors have focused on established cryptocurrencies like Bitcoin and Ethereum, while Solana and Ripple are also attracting significant interest. Popular meme tokens, including Doge, PEPE, and Shiba Inu, are among the other assets driving activity.
India’s existing rules allow for holding and trading cryptocurrency since March 2020, but with restrictions. Profits from digital assets face a 30% tax and a 1% tax deducted at source for transactions above $600 each year. These assets are recognized as ‘Virtual Digital Assets’ under Indian law but are not considered legal tender. Only registered exchanges and wallets are allowed, and Know Your Customer (KYC) verification is required.
High tax rates and regulatory uncertainty have previously discouraged Indian investors from entering the crypto markets. However, major exchanges report that sentiment is improving in 2024, with more HNIs making sustained, moderate investments.
As part of what the administration calls ‘crypto week,’ the US House passed three important bills focused on digital assets. President Trump signed the first, known as the GENIUS Act, on Friday. The remaining two bills—one on cryptocurrency market structures and another preventing the Federal Reserve from launching a digital currency—are awaiting Senate consideration.
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