Crypto trading volumes can double if the government ratifies tax policy: COO ZebPay

How has the year been for ZebPay?

Globally, regulatory clarity has driven momentum beyond retail investors, with institutional participation expanding through ETFs and stablecoin innovations. Tokenization of real-world assets is accelerating, creating strong tailwinds as we move forward.

What are your plans for India?

We remain optimistic about market growth, not just in pricing but in ecosystem development and value creation for users, businesses, and the broader community.

What expectations do you have for government policy?

We advocate for revised tax policies to incentivize participation. Offshore exchanges currently bypass TDS requirements, creating an uneven playing field. Rationalizing tax burdens would prevent capital flight, retain onshore transactions, and revitalize domestic trading volumes. The goal is to foster a “Build in India, for India” environment.

How significantly could tax revisions impact trading volumes?

Rationalized tax policies could potentially double trading activity, though market cycles and investor behavior remain factors. This adjustment would align India with global standards and encourage sustained participation.

How has India’s stance on cryptocurrency evolved since the 2018 RBI ban?

Global regulatory clarity has transformed perceptions—crypto is now recognized as a legitimate asset class with institutional adoption. Collaborative engagement with the Financial Intelligence Unit (FIU) demonstrates progress, and further regulation will strengthen ecosystem maturity while addressing compliance nuances.

What trends are you observing among HNIs and institutions?

Since Bitcoin ETFs gained traction, we’ve seen heightened interest from high-net-worth and ultra-high-net-worth investors. Our data shows double-digit growth in holdings and long-term asset retention among top clients.