(Bloomberg) -- More than a third of India's urban dwellers oppose the government's plan to regulate cryptocurrencies, according to a survey by market researcher YouGov.
Those opposed to regulation cited concerns ranging from heavy taxation to a potential outright ban on non-exchange-traded tokens, the London-based firm said in an emailed statement. Among people who invest in crypto, more than half are against regulation.
India's burgeoning crypto industry is anxiously awaiting details of a proposed bill that could go as far as banning off-exchange cryptocurrencies. Any draconian clampdown could have far-reaching implications, as the nation of 1.4 billion people has the second-fastest rate of crypto adoption behind Vietnam, according to Chainalysis.
The Cabinet has yet to approve the proposed legislation, people with knowledge of the matter said last month.
Read an explainer on cryptocurrencies in India
Out of 1,225 respondents in the YouGov survey, 36% don't want crypto tokens to be regulated, compared with 52% of those who own cryptocurrency. More than half of crypto investors said they'll hold off on buying or selling until markets stabilize.
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