South and Southeast Asia are going to be the hub of cryptocurrency in the coming years. Various reports and predictions in recent times have seen a meteoric rise in crypto-related activities in these regions. In another report that restates such claims, it is found that India has the highest number of crypto buyers anywhere in the world. A recent report from crypto comparison platform BrokerChoose revealed that India has the most people actively buying crypto.
The crypto sector in India is thriving in recent years. It is happening in spite of the government having no clear stand with regard to crypto. The legal status of cryptocurrency in India is very unclear. In the past, the finance minister had said that India will observe how other countries are faring before taking any decision once crypto. However, as we can see from stats and reports, Indian crypto buyers are unfazed by its legal ambiguity. More and more people are buying cryptocurrency than ever. Top Indian cryptocurrency exchanges have a big role to play in this. Crypto exchanges like CoinSwitch Kuber and CoinDCX have millions of clients, and the number is increasing every day. Both these exchanges have recently raised huge sums from funding rounds and now have the coveted unicorn status.
Other crypto exchanges like WazirX are also performing well. China’s ban did have an effect on the cryptocurrency industry in India, but it seems to be temporary as we see growth in the sector. The recent global cryptocurrency adoption Index also put India at the top with countries like Vietnam and Pakistan. Asia is all set to be the next powerhouse of crypto, and countries like India, Singapore, and Vietnam are going to take the lead.