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Sujit Kumar
Sep 12, 2024
by Sujit Kumar

India Leads Global Cryptocurrency Adoption for Second Year in a Row

Global Cryptocurrency Adoption
India has maintained its position as the global leader in cryptocurrency adoption for the second consecutive year, according to a recent report by blockchain analytics firm Chainalysis. Despite strict regulations and high trading taxes, the country’s interest in digital assets remains strong. The report highlights the growing participation of Indian investors in both centralized exchanges and decentralized finance (DeFi) platforms.

Expanding Crypto Ecosystem Amid Regulatory Challenges

India’s robust performance in cryptocurrency adoption comes despite a challenging regulatory environment. Since 2018, the country has enforced tough policies on digital assets. However, recent developments indicate a shift, with major exchanges like Binance and KuCoin registering with India’s Financial Intelligence Unit (FIU). Both exchanges faced penalties for regulatory non-compliance, but their entry marks a positive step toward easing restrictions and fostering growth in the Indian crypto ecosystem.

Global Surge in Cryptocurrency Activity

The report also highlights strong crypto adoption in Central and South Asia, with countries like Indonesia, Vietnam, and the Philippines seeing significant growth. Indonesia alone reported $157.1 billion in digital asset inflows over the past year. Meanwhile, the launch of Bitcoin exchange-traded funds (ETFs) in the U.S. has triggered a surge in global transactions, particularly in North America and Western Europe. The rise in DeFi activity in regions such as Sub-Saharan Africa and Latin America has further expanded the reach of digital assets.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Global Cryptocurrency Adoption
India Leads Global Cryptocurrency Adoption for Second Year in a Row
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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