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A majority of people in India feel there's a need for crypto regulation in India, with 93% of the total 9,000 respondents stating they support laws around crypto investment, according to a recent survey by Bengaluru-based crypto exchange Mudrex. The timing of this survey is significant, with the government currently drafting a discussion paper on crypto regulation.
By reflecting the expectations of India’s investor base, the survey findings provide policymakers with a clear mandate for action. The responses were received from participants across various age groups, income levels, professions, and regions, capturing investor views on regulation, taxation, motivations, deterrents, trust in authorities, political opinions, and sources of cryptocurrency knowledge.
September 2025
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The key highlights of the survey titled, 'What India Thinks: Crypto Regulation, Taxation & Investment Trends', are: Of the total 9,000 respondents, 56% called for comprehensive rules, 24% preferred lighter oversight, and 13% sought regulation limited to taxation. Around 50% of respondents expressed support for a dedicated crypto regulator.
Taxation emerged as a major pain point, with 84% of respondents calling current crypto taxes "unfair" compared to other asset classes. The 30% tax on gains was cited by two-thirds as the biggest deterrent, followed by the inability to offset losses (12%), fraudulent activities (12%), 1% TDS (7%), and exchange fees (3%).
Policy clarity could significantly boost adoption, according to the respondents. The data shows 9 out of 10 investors saying they would increase their crypto investments if government policies became clearer. Of these, 55% strongly agreed, while 35% said they would invest more if taxes were reduced.
India has led the world in crypto adoption for three consecutive years, according to industry reports. The industry feels the rapid growth highlights both the immense opportunity and the pressing need for regulatory clarity. "India is already at the forefront of global crypto adoption and has the talent, appetite, and scale to shape the digital asset economy. But to get there, regulation must evolve into clarity. The survey shows investors are not against rules; they’re against uncertainty,” Edul Patel, CEO and Co-founder of Mudrex.
The findings also indicate a maturing investor mindset. Two-thirds of investors (64%) view it as long-term wealth creation, while curiosity (14%), short-term returns (12%), and inflation hedging (6%) drive smaller segments. Just 4% remain on the fence.
Patel says clear regulation will give investors the confidence to participate. "Treating digital assets on par with other asset classes will encourage more participation, prevent capital flight, and establish India as a credible hub for digital finance," he said.
When it comes to information sources, YouTube leads with 43% of investors relying on it for crypto knowledge, followed by news media (19%), friends and family (15%), and social platforms like X (14%). On education, 77% of respondents want crypto and blockchain included in Indian college curricula, while 12% believe this should wait until adoption becomes more mainstream. The study also reveals that 78% of respondents believe India is late in embracing crypto and Web3, while only 12% support the government’s cautious approach.
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