Chainalysis: India Ranks Second Globally in Crypto Transaction Volume
Crypto News

Chainalysis: India Ranks Second Globally in Crypto Transaction Volume

1 хв
5 months ago

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.

Chainalysis: India Ranks Second Globally in Crypto Transaction Volume

India Has Become The Second-Largest Cryptocurrency Market In The World

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 registered approximately $269 billion in crypto volumes between July 2022 and June 2023, demonstrating grassroots adoption.

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.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article