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India’s crypto market grew 641% in last one year, says report

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According to Chainalysis, India, Vietnam and Pakistan are helping lead the expansion of the cryptocurrency markets in Central and Southern Asia.

India’s market has grown 641% over the past year and Pakistan’s by 711%, a report by Chainalysis showed, using a metric that estimates the total cryptocurrencies acquired by a country.

India accounts for 59% of the activity on decentralized finance (DeFi) platforms with Pakistan accounting for 33%, the report said, adding that there was a significant increase in cryptocurrency-related entrepreneurship and venture capital investment in the region Is.

“Transfers of large institutional size, valued at more than $10 million, represent 42% of transactions sent from India-based addresses, 28% to Pakistan and 29% to Vietnam,” the report said. “These figures suggest that cryptocurrency investors in India are part of larger, more sophisticated organizations.”

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The past year has seen several twists and turns for India’s crypto market, including on the regulatory front, with some reports that the country may be attempting to ban or otherwise ban crypto. However, as Chainalysis noted, lately it looks like the government may just favor taxation.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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