- India becomes the world’s second-largest crypto market by transaction volume.
- Factors like P2P trading and DeFi drive India’s crypto growth.
- Despite high crypto taxes, India maintains strong demand in the global market.
India has achieved the status of the world’s second-largest crypto market in terms of transaction volume. By claiming this title, it has overtaken the UK, Turkey, and Russia, according to a recent report by Chainalysis.
Furthermore, the report reveals that between July 2022 and June 2023, India recorded approximately $269 billion in crypto transactions. Thus, these findings indicate a significant grassroots adoption.
Central and Southern Asia, which includes India, now ranks as the world’s third-largest crypto market. The report highlights substantial growth in crypto adoption in this region, with India leading the way. The leading two spots go to North America and Central, Northern & Western Europe.
Specifically, several factors contribute to India’s crypto market growth. These include the increasing popularity of peer-to-peer trading platforms, the rise of decentralized finance (DeFi) applications, and growing acceptance of cryptos by merchants and businesses.
Notably, despite the Indian government imposing relatively high crypto tax rates, such as a 30% capital gains tax and a 1% transaction tax, the report underscores that the demand for cryptos in India remains robust.
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This dedication solidifies the country’s position as a prominent player in the global crypto industry. Meanwhile, the United States retains its position as the world’s largest crypto market.
India’s ascent to the second spot in global crypto transaction volume underscores the growing importance of the country in the digital financial landscape. As crypto adoption continues to rise, India’s role in the global crypto ecosystem is expected to expand further, potentially shaping the future of digital finance in the region.
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