September 13, 2024<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
For the second consecutive year, India has emerged as a leader in the global adoption of cryptocurrencies, as investors navigated the country’s stringent regulatory environment and high trading taxes, according to a report released by blockchain analytics firm Chainalysis on Wednesday.<\/p>\n\n\n\n
The report, which assesses adoption across four sub-categories in 151 nations, indicated that India ranked prominently in the utilization of both centralized exchanges and decentralized finance assets from June 2023 to July 2024.<\/p>\n\n\n\n
Since 2018, India has maintained a rigorous approach towards cryptocurrencies, with the Financial Intelligence Unit (FIU) issuing show-cause notices to nine offshore cryptocurrency exchanges in December 2023 for failing to comply with local regulations.<\/p>\n\n\n\n
Eric Jardine, the research lead at Chainalysis, noted, “India has achieved a considerable level of adoption across various crypto assets despite existing restrictions, suggesting that new entrants to the crypto market have likely engaged through services that remain permissible.”<\/p>\n\n\n\n
He added, “We are beginning to observe a gradual easing of some of these restrictions, as seen with Binance, which is expected to further enhance adoption within the country.”<\/p>\n\n\n\n
In June, Binance, the largest cryptocurrency exchange globally, faced a fine of Rs 18.82 crore ($2.25 million) shortly after registering with the FIU to resume its operations in India. Meanwhile, the crypto exchange KuCoin registered with the regulatory body in March and incurred a lesser penalty of Rs 34.5 lakh (approx. $41,000)<\/p>\n\n\n\n
Notably, seven of the top twenty nations in Chainalysis’ global adoption index are located in Central and South Asia, including Indonesia, Vietnam, and the Philippines.<\/p>\n\n\n\n
Responding to the news, Edul Patel, co-founder and CEO of Indian crypto exchange Mudrex wrote on LinkedIn: \u201cMany Indians are seeing crypto as an alternative investment class diversifying their portfolio.\u201d<\/p>\n\n\n\n
\u201cCrypto platforms in India are becoming more user-friendly, with simplified KYC processes, regional language support, and easy payment options like UPI (United Payment Interface),\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
September 13, 2024 By Our Correspondent For the second consecutive year, India has emerged as a leader in the global adoption of cryptocurrencies, as investors navigated the country’s stringent regulatory environment and high trading taxes, according to a report released by blockchain analytics firm Chainalysis on Wednesday. The report, which assesses adoption across four sub-categories […]<\/p>\n","protected":false},"author":4,"featured_media":6213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6341","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n