India continues to top the charts in global crypto adoption. For the third year in a row, the country ranks #1 in grassroots adoption worldwide. But beyond this headline, what do Indian investors actually feel about regulation, taxation, and the future of crypto?
To answer that, we surveyed 9,352 respondents across age groups, professions, and income brackets. The results paint a clear picture of how India views crypto today—not just as an investment, but as a policy and political issue.
Nearly everyone agrees that crypto needs regulation—93% of respondents supported it. But the type of regulation they want is just as important. Over half of them (56%) asked for comprehensive rules that offer investor protection and stability, while 24% preferred minimal rules to encourage innovation.
Another 13% said regulation should focus only on taxation. This shows that Indians don’t want a ban or unchecked freedom—they want balance. “Goldilocks regulation” is the phrase that fits: not too strict, not too loose, but just right to support growth.
Crypto investors in India are more worried about taxes than scams or fees. The survey found 84% of respondents believe crypto taxes are unfair, especially when compared to equities.
The 30% flat tax on gains, combined with the inability to offset losses, discourages participation for both small and large investors. For younger Indians under 35, who often trade with smaller amounts, this tax bites hardest.
Middle-income investors also feel penalized compared to stock market investors who benefit from lower rates and exemptions. Simply put, current tax policy is stifling wider adoption.
If India wants to expand its crypto participation, clarity is the single biggest driver. The survey shows 90% of respondents would invest more if government policies were clearer and taxes more balanced. This sentiment was strongest among salaried professionals and younger investors who form the backbone of India’s adoption story.
The message is clear: uncertainty is holding people back, not interest. India already has the demand and the digital infrastructure. With the right policies, crypto adoption could surge even further, unlocking growth for investors, businesses, and the broader economy.
Education is shaping adoption. The survey found 44% of Indians rely on YouTube to learn about crypto, making it the country’s go-to resource. Traditional news (19%) still holds weight with older groups, while friends & family (15%) and Twitter (14%) reflect how community-driven advice continues to influence decision-making.
Crypto is no longer seen only as a tool for speculation. A majority (64%) of respondents said they view it as a long-term wealth-building asset. While curiosity and technology appeal to younger, tech-savvy groups (14%), only 12% chase short-term volatility. A small but important 6% use crypto to hedge against inflation—showing its role as both an investment and a safety net.
What started as an investment debate is now spilling into politics. The survey revealed that 91% of respondents consider crypto policy relevant to their vote, with younger voters showing the strongest alignment. Among those under 35, nearly three-quarters said they are “very likely” to vote for a party that supports crypto.
For urban youth, crypto isn’t just about finance—it’s a signal of progress, innovation, and global competitiveness. As India heads into the next phase of its digital economy, crypto policy could become a serious point of political influence.
India is already a global leader in crypto adoption, but the survey shows investors want more than just participation—they want fairness, clarity, and future-ready policies.
Regulation that protects without stifling innovation, taxation that treats crypto on par with equities, and education that prepares the next generation can transform India into a true crypto hub. Most importantly, crypto has moved beyond being just an asset class. It is shaping how Indians think about technology, opportunity, and governance. The time for policy clarity is now.
For a deeper dive into the data, download the full Mudrex Crypto Survey Report:
Krishnan is a Bangalore-based crypto writer dedicated to simplifying complex crypto concepts. He covers blockchain, DeFi, and NFTs, with a focus on real-world asset tokenization and digital trust. Previously he has written on Real Estate related assets for NoBroker. Krishnan holds a B.Tech degree from the College of Engineering Trivandrum.
