- 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.
Read CRYPTONEWSLAND on
google news
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.
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.
Read Also
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
