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<![CDATA[<figure class="image"><img src="https://cimg.co/news/125260/330867/india.jpeg" srcset="https://cimg.co/news/125260/330867/responsive-images/india___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/125260/330867/responsive-images/india___media_library_original_900_600.jpeg 900w, https://cimg.co/news/125260/330867/responsive-images/india___media_library_original_720_480.jpeg 720w, https://cimg.co/news/125260/330867/responsive-images/india___media_library_original_600_400.jpeg 600w, https://cimg.co/news/125260/330867/responsive-images/india___media_library_original_300_200.jpeg 300w" width="1200" class="content-img" alt=""><figcaption>Source: Pixabay</figcaption></figure><p>India has claimed the second-largest position in the global crypto market, surpassing the UK, Turkey, and Russia in raw transaction volume.</p><p>This achievement is notable given that it comes despite challenges posed by India's anti-crypto regulatory and tax environment, a recent <a href="https://www.chainalysis.com/blog/central-southern-asia-cryptocurrency-adoption/">report</a> from blockchain intelligence firm Chainalysis said.</p><h2 id="india-leads-in-grassroots-crypto-adoption">India leads in grassroots crypto adoption</h2><p>In the report, Chainalysis revealed that India leads the world in grassroots crypto adoption, as <a href="https://cryptonews.com/news/india-tops-chainalysis-global-crypto-adoption-index-despite-heavy-tax-regulations.htm">indicated by its Global Crypto Adoption Index</a>.</p><p>Over the period from July 2022 to June 2023, cryptocurrency transaction volumes in India reached nearly $269 billion.</p><figure class="image"><img src="https://cimg.co/news/125260/330866/top-countries-by-crypto-value.jpg" srcset="https://cimg.co/news/125260/330866/responsive-images/top-countries-by-crypto-value___media_library_original_1524_710.jpg 1524w, https://cimg.co/news/125260/330866/responsive-images/top-countries-by-crypto-value___media_library_original_1200_559.jpg 1200w, https://cimg.co/news/125260/330866/responsive-images/top-countries-by-crypto-value___media_library_original_900_419.jpg 900w, https://cimg.co/news/125260/330866/responsive-images/top-countries-by-crypto-value___media_library_original_720_335.jpg 720w, https://cimg.co/news/125260/330866/responsive-images/top-countries-by-crypto-value___media_library_original_600_280.jpg 600w, https://cimg.co/news/125260/330866/responsive-images/top-countries-by-crypto-value___media_library_original_300_140.jpg 300w" width="1524" class="content-img" alt=""><figcaption>Source: Chainalysis</figcaption></figure><h2 id="challenging-tax-landscape">Challenging tax landscape</h2><p>Notably, this growth has occurred in the midst of a tax landscape that can be demanding for the crypto industry, with a 30% tax on gains and a 1% tax on all crypto transactions.</p><p>However, Chainalysis suggests that the inconsistent application of the transaction tax might hinder local exchanges' ability to compete effectively.</p><p>Despite these regulatory and tax challenges, the demand for cryptocurrency in India remains robust. Chainalysis emphasizes that as long as this demand persists, cryptocurrency will maintain a significant presence in the world's second-most populous country.</p><h2 id="central-southern-asia-and-oceania">Central &amp; Southern Asia and Oceania</h2><p>While India's crypto market growth is remarkable, the wider region, referred to as Central &amp; Southern Asia and Oceania (CSAO) in the report, also has a strong footprint in the global crypto market.</p><p>In terms of raw transaction volume, the CSAO region is now the third-largest crypto market in the world, following closely behind North America and Central, Northern &amp; Western Europe, and accounting for just under 20% of all global crypto transaction volume.</p><p>&ldquo;[CSAO] hosts what may be the world&rsquo;s most dynamic and fascinating cryptocurrency market,&rdquo; the report said about the region.</p><figure class="image"><img src="https://cimg.co/news/125260/330865/crypto-value-received.jpg" srcset="https://cimg.co/news/125260/330865/responsive-images/crypto-value-received___media_library_original_1598_906.jpg 1598w, https://cimg.co/news/125260/330865/responsive-images/crypto-value-received___media_library_original_1200_680.jpg 1200w, https://cimg.co/news/125260/330865/responsive-images/crypto-value-received___media_library_original_900_510.jpg 900w, https://cimg.co/news/125260/330865/responsive-images/crypto-value-received___media_library_original_720_408.jpg 720w, https://cimg.co/news/125260/330865/responsive-images/crypto-value-received___media_library_original_600_340.jpg 600w, https://cimg.co/news/125260/330865/responsive-images/crypto-value-received___media_library_original_300_170.jpg 300w" width="1598" class="content-img" alt=""><figcaption>Source: Chainalysis</figcaption></figure><p>According to the report, the United States has retained its position as the largest crypto market globally, far surpassing other nations.</p>
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Chainalysis Report: India Ranks Second in Global Transaction Volume Despite Tax Law Challenges

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