ZebPay CTO Anuj Kumar Garg on India’s Next Crypto Phase

• India’s next crypto phase will be driven by regulations, security, and closer ties with traditional finance.
• Stablecoins and crypto SIPs will support long-term investing and faster cross-border payments.
• Everyday use will move crypto beyond trading and strengthen India’s position.

According to ZebPay CTO Anuj Kumar Garg, speaking to CoinEdition, the next phase of crypto growth in India will be driven by better security, clear regulations, real-world use cases, and stronger connections with traditional finance.

Garg says the biggest change over the next two to three years will be the deeper integration of crypto with banks and other financial services. Rather than operating separately, crypto will work alongside the traditional financial system. This will make it easier for people to move between crypto and regular money while increasing trust in digital assets.

The Tax Problem

India taxes crypto more heavily than many other countries. Garg says this puts Indian crypto platforms under significant pressure. 

High taxes push some traders toward foreign platforms and less regulated options, making it harder for Indian exchanges to compete. This problem will continue unless the tax rules change.

The Most Important Change

If India makes one major change to its crypto rules, Garg says it should establish clear and comprehensive regulations for the industry.

There is currently no single set of rules covering the entire crypto sector. Clear regulations will give businesses and investors greater confidence. They will also encourage more people to invest for the long term rather than focusing primarily on short-term trading.

As the crypto market grows, Garg expects Indian investors to become more knowledgeable and increasingly diverse in age and background. Investors will also think more carefully about their reasons for investing rather than following a single market trend.

Why Crypto SIPs Matter

Crypto SIPs work like mutual fund SIPs, which are already popular in India. They allow people to invest small amounts regularly instead of trying to time the market.

Garg believes SIPs encourage long-term investing and reduce panic buying and selling in response to short-term price movements.

Stablecoins and International Payments

Garg believes stablecoins will play an important role in international money transfers.

Traditional international transfers can be slow and expensive. Stablecoins make cross-border transfers faster and cheaper, making them particularly useful in India, where large numbers of people send and receive money internationally.

Security Comes First

As more people and companies use crypto, exchanges will need to make security a top priority. This means building strong systems that protect people’s crypto from theft and loss. Garg believes protecting customer funds is more important than simply adding new features.

AI: Risks and Benefits

AI will affect crypto security in both positive and negative ways.

Exchanges can use AI to detect fraud and suspicious activity faster. At the same time, criminals can use AI to develop more sophisticated scams and cyberattacks. Exchanges will need to defend against both threats.

The Sign of a Mature Crypto Market

Garg says crypto will become truly mainstream when people use it for everyday financial activities rather than primarily for trading and making profits.

Using crypto for payments and international money transfers will demonstrate that digital assets have evolved into practical financial tools.

Where India Can Lead

Garg believes India is positioned to become a major player in the global digital-asset industry because of its skilled workforce, technological capabilities, large user base, and financial infrastructure.

Crypto and Blockchain Are Different

Garg says one common misunderstanding is that crypto and blockchain are the same thing.

Blockchain is the underlying technology behind crypto. Crypto is one application of blockchain, while blockchain itself has many other uses across industries.

Balancing Innovation and Safety

Garg believes India’s success in digital assets will depend on maintaining the right balance between innovation and investor protection.

If regulation moves too slowly, India will fall behind other countries. If the industry expands without proper safeguards, investors will face unnecessary risks.

Overall, Garg sees India’s crypto industry moving beyond simple trading. The next phase will be defined by stronger regulation, better security, technological development, deeper integration with traditional finance, and practical real-world applications.

Related: India’s Crypto Rules Explained: What the September 16 Hearing Could Clarify