ByCoinGape
Indian Crypto Market:– Web3 has hardly seen a week that has put South Asian country of India so much in the center of the conversation. The conversation took centre stage when Coinbase, for instance, invested $22 million in CoinDCX valuing the exchange at $2.45B. Coinbase’s official statement noted that the investment was “part of growing its presence in the region.”
This did not come as a lone effort. Leading crypto exchanges are making bold moves to establish their foothold in India. Last week, Binance launched dedicated social media handles for Indian users to deepen local engagement.
These strategic steps further align with a steady stream of collaborations and meetings between Web3 executives and Indian government representatives. Coinbase’s Chief Legal Officer, for example, recently met with the Chief Minister of Karnataka during a state-backed ecosystem launch. Avalanche has been partnering with Chattiisgarh govt to bring land records on blockchain.
But why are leading exchange players’ vying for stronghold in the region? How big is the Indian crypto market?
So excited to announce our investment in CoinDCX! India is the key to unlocking global growth in crypto and @smtgpt is an amazing leader 🇮🇳 https://t.co/xq46c9YwSz
— Emilie Choi 🛡️ (@emiliemc) October 15, 2025
India has been ranked on 1st position out of 150 countries in the Chainalysis Global Crypto Adoption Index for two years in a row.
As per a report by Indian media Mint, the country has processed an estimated USD $300 billion in crypto transaction volume over the year (from mid-2024 to mid-2025). About 11-12% of the total population which amounts to 119–120 million are crypto holders / investors.
The index further reveals that a large portion of adoption comes from young, digitally savvy Indians – aged roughly around 26-35. Regionally, urban and semi-urban centers are especially strong looking for alternative sources of income.
What makes the story even more interesting is that domestic giants are joining the Web3 race too. India’s largest telecom network, Reliance Jio, has partnered with Aptos to launch blockchain-based rewards, dubbed “Jio Coins,” for 500 million Indian users in its Jio app. This follows Reliance’s partnership with Polygon Labs signed in January this year.
Meanwhile, homegrown exchange WazirX is preparing to resume full operations by October 30, signaling the growing competitive landscape in the region.
Also Read: After Solana Seeker, Ethereum Phone Drops
While crypto trading regulations in India remain somewhat ambiguous, regulators’ faith in blockchain technology is far clearer.
For instance, India’s National Stock Exchange (NSE) now offers a dedicated course on blockchain technology to help professionals understand its real-world applications — acknowledging how it can streamline operations and reduce administrative overheads.
The Indian government has brought crypto activities under anti-money-laundering laws, exchanges must register with the Financial Intelligence Unit, and trading taxes apply.
The Financial Intelligence Unit–India (FIU-IND) has been tightening oversight of the crypto sector. The agency on october 1 also issued non-compliance notices to 25 offshore exchanges, including Bybit, BitMEX, and CoinW, as part of efforts to bring all platforms catering to Indian rules. According to the Press Information Bureau, “till date, 50 Virtual Digital Asset (VDA) service providers have registered with FIU-IND.”
Further, India’s Central bank Reserve Bank of India (RBI) while advocating for CBDC continues to maintain its cautionary stance, reiterating that “virtual currencies pose financial, operational, and legal risks to users.”
Meanwhile, in its 2024–25 Annual Report, country’s financial watchdog SEBI emphasized investor protection and market integrity as digital-asset activities evolve in India’s financial ecosystem. And from the political leadership, Finance Minister Nirmala Sitharaman has urged that nations “prepare to engage” with stablecoins “whether they like it or not”.
Thus, as the leading exchange players try to win space in the growing competitive landscape, it is the regulatory struggles that might haunt them.
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