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India to become one of world’s fastest-growing crypto markets

India to become one of world’s fastest-growing crypto markets

India may well become the world’s biggest cryptocurrency market. It has already made some serious steps, while the ban on virtual assets in other countries, China in particular, only makes things easier. India’s crypto market capitalization soared by 641% in 12 months. This makes the country the fastest-growing crypto market in Central and South Asia and Oceania as well as in the world.

Owing to buoyant demand for digital assets,  India has a chance to become a major crypto investment center. It will depend on how quickly the government draws up regulatory guidelines. In terms of crypto market capitalization, the country lags behind only the Middle East and Europe. At the same time, India is an absolute leader in its region. For example, the capitalization of the digital currency market in neighboring Pakistan has increased by just seven times over the year. India’s authorities are now actively engaged in the field of cryptocurrency market regulation. However, the country has relatively recently considered the possibility of a complete ban on the use of cybercash. Yet, such legislation has never been adopted. Chainalysis experts suggest that amid the current trends, India will only resort to the introduction of specific taxes.

India's leadership in the region has been driven by high activity on decentralized finance platforms. The country's stake in global transactions totals 59%. In addition, the volume of cryptocurrency-related venture investments has increased in the region. “Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam. Those numbers suggest that India's cryptocurrency investors are part of larger, more sophisticated organizations,” the report said.


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