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<ul> 
 <li>India becomes the world’s second-largest <a href="https://cryptonewsland.com/massive-liquidity-approaching-crypto/">crypto market</a> by transaction volume.</li> 
 <li>Factors like P2P trading and DeFi drive India’s crypto growth.</li> 
 <li>Despite high crypto taxes, India maintains strong demand in the global market.</li> 
</ul> 
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 <a href="https://www.chainalysis.com/blog/central-southern-asia-cryptocurrency-adoption/" target="_blank" rel="noreferrer noopener nofollow">report</a> by Chainalysis.&nbsp; 
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 <a href="https://cryptonewsland.com/indian-metamask-users-celebrate-direct-access-to-crypto/" target="_blank" rel="noreferrer noopener">substantial growth in crypto adoption</a> in this region, with India leading the way. The leading two spots go to North America and Central, Northern &amp; Western Europe. 
Specifically, <a href="https://cryptonewsland.com/india-works-towards-revolutionizing-digital-signing-with-blockchain-focus/" target="_blank" rel="noreferrer noopener">several factors contribute</a> 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 <a href="https://cleartax.in/s/cryptocurrency-taxation-guide" target="_blank" rel="noreferrer noopener nofollow">high crypto tax rates</a>, such as a 30% capital gains tax and a 1% transaction tax, the report underscores that the demand for cryptos in India remains robust.&nbsp; 
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. 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
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 <li><a href="https://cryptonewsland.com/indias-central-bank-seeks-to-ban-cryptocurrencies-in-india/">India’s Central Bank Seeks to Ban Cryptocurrencies in India</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-and-altcoins-not-banned-in-india-rbi-says/">Bitcoin and Altcoins Not Banned in India, RBI Says</a></li>
 <li><a href="https://cryptonewsland.com/india-introduces-30-tax-income-on-and-digital-asset-sales/">India Introduces 30% Tax Income on and Digital Asset Sales</a></li>
 <li><a href="https://cryptonewsland.com/doge-shib-ranked-1st-4th-popular-crypto-in-us/">DOGE, SHIB Ranked 1st, 4th Popular Crypto in US</a></li>
 <li><a href="https://cryptonewsland.com/india-works-towards-revolutionizing-digital-signing-with-blockchain-focus/">India Works Towards Revolutionizing Digital Signing With Blockchain Focus</a></li>
</ul> 
The post <a rel="nofollow" href="https://cryptonewsland.com/india-ranks-second-globally-in-crypto-transaction-volume/">India Ranks Second Globally in Crypto Transaction Volume</a> appeared first on <a rel="nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.

India Ranks Second Globally in Crypto Transaction Volume

Crypto News Land

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