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 firm said in an emailed statement. Among people who invest in crypto, more than half are against regulation.

India's crypto industry is anxiously awaiting details of a proposed Bill. Any 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.

Out of 1,225 respondents in the YouGov survey, 36 per cent don't want crypto tokens to be regulated, compared with 52 per cent of those who own cryptocurrency.