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In the past few years, the cryptocurrency market in India has evolved significantly, despite unclear regulations and regulatory uncertainty the adoption rate is constantly growing.&nbsp;
India is among the nations with the highest cryptocurrency adoption globally, as per the recent report ofChainalysis. Despite harsh &amp; tough regulations over offshore exchange India remains on the top of the list for 2nd continuous year.&nbsp; 
Earlier in December 2023, the Financial Intelligence Unit (FIU) of India identified over half of the dozens of crypto exchanges as non-compliant with AML laws of the nation.&nbsp;&nbsp;&nbsp;
Following the crackdown by FIU, some leading exchanges such as Binance, Bitfinex, and Kraken including others were affected. Some of them were even fined huge penalties for the volition of regulation in India.&nbsp;
The crypto adoption report published by Chainalysis notes that despite the restriction of international exchange, the adoption rate is minutely affected. Around 40% of the total value received on the centralized exchange in India is still observed post-ban and restrictions.&nbsp;
Several other reports claim that after the ban of some specified offshore exchanges, traders and crypto adopters in India are using other available methods to avail services of restricted platforms.&nbsp;
The enthusiasm among Indians for digital assets has demonstrated a keen interest in exploring the potential of cryptocurrencies.&nbsp;
In Central &amp; Southern Asia and Oceania India is ranked 1st in terms of overall index ranking, 1st centralized service value received, 1st retail centralized service value received, 3rd in DeFi value received and 2nd in retail DeFi value received.&nbsp;
Eric Jardine the research lead at Chainalysis said “India has also got a fairly widespread level of adoption across different assets of crypto despite restrictions, implying new participants to crypto would have been participating via services that were not banned.” Other Related News 
Since the beginning of 2024, some leading offshore exchanges have been penalized by the financial authority in India.&nbsp;
On September 05 , <a href="https://news.todayq.com/india-fiu-anticipates-approval-of-foreign-crypto-exchange/" target="_blank" rel="noopener noreferrer nofollow">Todayq </a>reported that FIU India will likely sanction the operations of two more international cryptocurrency trading platforms in India. The move seems to be influenced after the nation started taking measures to control crypto operations to adhere to AML and KYC standards.&nbsp;
As per available information, India is among the nations imposing highest taxes on the profit generated from cryptocurrencies.&nbsp;
As per section 115BBH the gains from trading cryptocurrencies are subject to tax at 30% (plus 4% cess). Any transfer of crypto assets on or after 1 July 2022 for an amount of Rs. 50000 or Rs. 10,000 in some cases is subject to a Tax deducted at source (TDS) at 1% under section 194S.
The broader <a href="https://news.todayq.com/efcc-seized-funds-allegedly-used-to-manipulate-naira-value/" target="_blank" rel="noopener noreferrer nofollow">Cryptocurrency </a>market capitalization is stuck below the mark of $2.10 trillion; when writing, it was $2.04 trillion with a surge of 1.99% intraday.
Bitcoin prices have shown a mild recovery reaching above $58k, until publishing it was trading at $58,254 with a surge of 2.95% in the past 24 hours.

India Tops Global Crypto Adoption- Chainalysis Report Reveals

Todayq News

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