India has emerged as the world's second-largest crypto market in terms of raw transaction volume, surpassing the UK, Turkey, and Russia, according to a recent Chainalysis report.
India Has Become The Second-Largest Cryptocurrency Market In The World
The report from Chainalysis also shows that Central and Southern Asia, which includes India, is the third-largest crypto market in the world, trailing only North America and Central, Northern & Western Europe. The report notes that the region has seen significant growth in crypto adoption over the past year, with India leading the way.
The growth in India's crypto market can be attributed to several factors, including the increasing popularity of peer-to-peer trading platforms, the rise of decentralized finance (DeFi) applications, and the increasing acceptance of cryptocurrencies by merchants and businesses.
This is despite the fact that the government has higher cryptocurrency tax rates than most other countries, with a 30% reduction on gains and a 1% transaction tax. The report emphasizes, however, that India's substantial demand for cryptocurrency remains, making it a prominent player in the global industry. The United States continues to have the world's largest crypto market.
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