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<div class="insidebitcoins"> 
 <p>India is the world’s second biggest crypto market in terms of transaction volume, beating out wealthier nations including Germany and the UK.</p> 
 <p>That’s the finding of a Sept. 12 report by blockchain research firm Chainalysis, which says India achieved the feat despite a 30% tax on any gains and a 1% tax on transactions. The nation’s crypto transactions reached almost $269 billion in the year through June, ranking second only to the US and fractionally ahead of the UK, it said.</p> 
 <h2 id="the-us-leads-in-terms-of-volume-with-india-holding-the-second-place">The US leads in terms of volume, with India holding the second place</h2> 
 <p><img decoding="async" class="aligncenter size-full wp-image-440937" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20624%20333'%3E%3C/svg%3E" alt="" width="624" height="333" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/09/20/1d9f9158b9599b2bb833d5339a4f6c6c.webp 624w, https://cdn.thebittimes.com/images/2023/09/20/1d9f9158b9599b2bb833d5339a4f6c6c.webp 300w" data-lazy-sizes="(max-width: 624px) 100vw, 624px" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/20/1d9f9158b9599b2bb833d5339a4f6c6c.webp"> 
  <noscript> 
   <img decoding="async" class="aligncenter size-full wp-image-440937" src="https://cdn.thebittimes.com/images/2023/09/20/1d9f9158b9599b2bb833d5339a4f6c6c.webp" alt="" width="624" height="333" srcset="https://cdn.thebittimes.com/images/2023/09/20/1d9f9158b9599b2bb833d5339a4f6c6c.webp 624w, https://cdn.thebittimes.com/images/2023/09/20/1d9f9158b9599b2bb833d5339a4f6c6c.webp 300w" sizes="(max-width: 624px) 100vw, 624px"> 
  </noscript>Central and Southern Asia and Oceania represent approximately 20% of the global crypto market, it said, with the Philippines and Pakistan also seeing strong growth.</p> 
 <p>“The Philippines has a huge share of crypto-related web traffic going to gaming and gambling platforms at 19.9%,” it said. “Countries like Pakistan and Vietnam see a higher share of activity happening on P2P exchanges, which are more commonly used in emerging markets or in countries with stricter capital controls.”</p> 
 <p>Users in such countries also are forced to seek out ways to preserve wealth in the face of high inflation, it said.</p> 
 <h3 id="related-articles">Related Articles:</h3> 
 <ul> 
  <li>Reserve Bank of India outlines its plans for a CBDC</li> 
  <li>World’s First Physical Crypto Bank Launches in India</li> 
  <li>India to Launch A CBDC, Proposes to Ban Private Cryptocurrencies</li> 
 </ul> 
 <p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/india-is-world-s-second-biggest-crypto-market-by-transaction-volume-chainalysis-says-tbt63405.html">https://thebittimes.com/india-is-world-s-second-biggest-crypto-market-by-transaction-volume-chainalysis-says-tbt63405.html</a></p> 
</div>

India Is World’s Second-Biggest Crypto Market By Transaction Volume, Chainalysis Says

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