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India has once again emerged as a leader in global adoption of cryptocurrencies, defying tough regulations and high trading taxes, according to a report from blockchain analytics company Chainalysis. The report highlights India’s strong usage of centralized exchange and decentralized finance assets from June 2023 to July 2024.
Despite facing regulatory challenges since 2018, India has seen widespread adoption of various crypto assets, with new participants entering the market through non-banned services. The recent rollback of some restrictions, such as with Binance, is expected to further boost adoption in the country.
In addition to India, other Central and South Asian countries like Indonesia, Vietnam, and the Philippines are among the top 20 countries in Chainalysis’ global adoption index. Countries with lower purchasing power per capita have seen significant decentralized transaction volumes, particularly in retail-sized transfers under $10,000.
Indonesia, which prohibits the use of cryptocurrencies for payments but allows investment in digital assets, recorded substantial inflows in trading, totaling $157.1 billion in the 12-month period ending in July. Overall, the report underscores the growing adoption of cryptocurrencies in the region despite regulatory challenges.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
