The boom in cryptocurrency, which gained quite a bit of momentum last year, has finally shown its results in India. A report by Chainalysis places the growth rate in India at more than 641% of the previous year’s market. This has made India one of the leading crypto hotspots in Asia. Despite the many setbacks faced due to the complex legal structure and possible restrictions, crypto has managed to secure a place for itself.
Considering bans and regulations on crypto in other countries of Asia, the expansion in India and other Asian nations is nothing short of amazing.
Crypto Boom in the Region
The leading factor in this growth is the individual interest and investment by young entrepreneurs. This grassroots development has put India among the top three performing countries of this region, along with Vietnam and Pakistan. In terms of decentralized finance (DeFi) activities, India is at the front with 59% share of the total.
Chainalysis also noted an overall trend of large transfers exceeding 10 million USD from India. This shows that apart from individual investments and trading, the crypto scene in India has evolved to attract capital from large organizations as well. The recent economic gain and the huge growth potential of cryptocurrency in India may also lead the government to rethink its regulation plans.
The three leading countries in the Global Crypto Adoption Index are from the Central & South Asia and Oceania region. This bodes well for the future of crypto in these nations as well as in the areas surrounding them.