India has the most Crypto Users in the World, Still lacking Regulations.

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Highlights

  • Even though India has the most cryptocurrency users in the world, there are no regulations in the indian crypto market.
  • top cryptocurrency exchanges in India operates in india, while registered in foreign countries like singapore, malta etc. as these countries has regulated the cryptocurrency markets.

When it comes to bitcoin adoption, Indians are ahead of the rest of the globe, but investors are still waiting for an official decision on cryptocurrency exchanges in the nation. A crypto firm in India has already received a $ 260 billion investment to scale their business and market share.

According to the annual crypto prevalence index performed by portal BrokerChoose, India has the highest number of crypto owners in the world, with over 100 million, followed by the United States and Russia.Three Asian nations, Vietnam, India, and Pakistan, are ranked first, second, and third, respectively, in the world’s fastest-growing crypto markets. Not only that, but India is the world’s second-largest bitcoin adopter. 

Surprisingly, the gap between India and the United States is ranked second. The United States has 27.4 million crypto owners, followed by Russia (174 million) and Nigeria (114 million) (130 million). It also has something to do with population. Despite its large crypto community, India ranks sixth in terms of crypto ownership as a percentage of the entire population. Cryptocurrency is owned by about 7.30 percent of India’s population.

Huge Spike in Cryptocurrency Users in Asia

Between July 2020 and June 2021, the cryptocurrency market in Central and Southern Asia and Oceania expanded by 706% The value of the crypto market in this location hit $ 572.5 billion. These areas have emerged as the world’s fastest-growing crypto marketplaces. in Asia, India, vietnam and pakistan are the top three countries by adoption

Cryptocurrencies are being accepted at the grassroots level in these nations, according to a report by industry research firm Chainalysis. Not only that, but India is the world’s second-largest bitcoin adopter. India contributed for 42% of the total value of over $10 million in cryptocurrency transactions . Smart money usage is growing in several Asian nations, as seen by the trend of paying significant sums in cryptocurrencies.

 

 

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