India leads global crypto adoption despite taxes
The country remains a global leader in crypto adoption, driven by its tech-savvy youth, with over 100 million crypto owners by 2024.
India’s cryptocurrency market is thriving despite the government imposing high taxes on crypto trading. Since the implementation of a 30% tax on crypto gains and a 1% tax deducted at source in 2022, the community has shown resilience, maintaining its position as a global leader in adoption, according to the Chainalysis Global Adoption Index.
Driven by its youthful, tech-savvy population, India is home to over 100 million crypto owners in 2024. Local exchanges like ZebPay and CoinDCX highlight how seamless conversion systems and blockchain interest are fuelling growth, even under challenging tax policies. However, experts argue these taxes deter frequent trading and could hinder broader participation.
Industry leaders and analysts believe India’s crypto ecosystem has yet to realise its full potential. Calls for a more flexible regulatory framework are growing, with hopes that reforms could further energise the market and secure India’s leadership in cryptocurrency adoption.
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