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Despite having a challenging regulatory and tax environment, a recent report from Chainalysis revealed that India is emerging as a top cryptocurrency market from the Central and Southern Asia and Oceania (CSAO) region. The report pointed at India, which is one of the unrecognized economies when it comes to crypto adoption. With around 20% of global crypto activity, the CSAO region accounts to almost similar figures as North America and Europe.
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India Leads The Way In Asia
Between July 2022 and June 2023, India topped the figures in terms of transaction volume with an estimated $268.9 billion in crypto assets. The country also topped the Chainalysis’ Global Crypto Adoption Index, which measures grassroots adoption of crypto ecosystem. More importantly, the country overtook several developed countries by becoming the world’s second largest crypto market in terms of raw estimated transaction volume.
The report also highlighted the stressful crypto environment prevailing in the country:
“India’s emergence as a top cryptocurrency market comes in spite of a regulatory and tax environment that can be challenging for the industry to navigate.”
In a bullish sign for the Indian crypto enthusiasts, the report concluded that the digital assets will continue to exist in the country as long as there is demand. In terms of ranking by usage of crypto platform type, India ranks second in usage of decentralized exchanges (DEX) and fourth in centralized exchanges.
No Crypto Ban In India
Earlier, CoinGape reported that the G20 Financial Stability Board (FSB) recommended regulation, supervision, and oversight of crypto assets. This apparently cleared the air around the Indian central bank’s calls for placing a blanket ban on cryptocurrencies. Accordingly, in October 2023, finance ministers and central bank governors of the G20 countries are set to meet to discuss on cryptocurrency regulations and oversight.
Also Read: Ex-US Fed President Predicts Rate Hike Pivot By End Of 2023
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