Chainalysis reports India as one of the world’s fastest-growing crypto regions
By MYBRANDBOOK
As per Chainalysis, in India the demand for digital coins is helping to make a region spanning central and southern Asia and Oceania one of the fastest-growing cryptocurrency markets globally.
After Middle East and much of Europe the pace of expansion is strongest with India’s market growing 641% and Pakistan’s 711% over 12 months. The Chainalysis report looked at trends over the year to June using a metric that estimates the total cryptocurrency received by a country.
Apart from India, the report also highlighted an increased crypto adoption in Pakistan and Vietnam. The share of Indian activity on decentralized finance platforms was 59%, higher than the latter two nations. The report mentioned that the regional crypto-related venture capital investment jumped.
“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,” the report said. “Those numbers suggest that India’s cryptocurrency investors are part of larger, more sophisticated organizations.”
The past year has seen a number of twists and turns for India’s crypto market, including on the regulatory front, with some reports that the country might try to ban or otherwise restrict crypto. Chainalysis pointed out that more recently it looks as though the government may simply favor taxation.
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