India leads in cryptocurrency adoption despite regulations

India leads in cryptocurrency adoption despite regulations

India remains the global leader in cryptocurrency adoption, despite regulatory uncertainty. According to the 2024 Global Cryptocurrency Adoption Index from Chainalysis, which ranks 154 countries based on five key indicators, India has maintained this position since the 2023 report. Countries such as Nigeria, Indonesia, the US, Vietnam, Ukraine and Russia also appear in the top ten, indicating a strong commitment to cryptocurrencies in the Central and South Asia regions.

Chainalysis highlights the tenacity of India, which has shown steady growth in cryptocurrencies despite complicated tax policies and regulations, including a 30% capital gains tax and a 1% withholding tax. While India has blocked some offshore crypto exchanges such as Binance, Kraken and HTX (formerly Huobi), users are still finding ways around these restrictions through existing apps.

Experts, such as Vikram Rangala of ZebPay, express hope for clearer regulation that could support the country's growing cryptocurrency community. The Financial Intelligence Unit is also now processing registration applications for four foreign crypto exchanges, which may bring new opportunities in the Indian market.

Team Coingarage