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India Tops Global Crypto Adoption For Second Straight Year Despite Regulatory Hurdles & High Taxes

Inc42 · 9m ago

India Tops Global Crypto Adoption For Second Straight Year Despite Regulatory Hurdles & High Taxes

India witnessed significant growth in the use of both centralized exchanges and decentralized finance assets between June 2023 and July 2024, according to a report by a blockchain analytics firm. The report highlighted that while crypto adoption growth was driven by lower-middle-income countries in the previous year, this year showed increased activity across all income brackets. However, high-income countries faced a decline in crypto adoption since early 2024. Notably, India has maintained a strict stance on cryptocurrencies since 2018, with the Financial Intelligence Unit issuing show-cause notices to nine offshore exchanges in December 2023 for non-compliance with local regulations.

Related News

India Ranks First In Crypto Adoption Despite Regulatory Setbacks

Startup News FYI

Startup News FYI · 1y ago

India Ranks First In Crypto Adoption Despite Regulatory Setbacks

India has claimed the top spot in Chainalysis' 2023 Global Crypto Adoption Index, marking a significant comeback from the fourth spot in 2022. The country ranks first in four of the five sub-categories, including centralised service value received, retail centralised service value received, DeFi value received, and retail DeFi value received. India's adoption index score stands at 1, while the global average is around 0.3. Despite regulatory challenges and a crypto winter, India's crypto adoption remains strong.

Cryptoverse: Bored bitcoin seeks direction after big bang

Economic Times

Economic Times · 8m ago

Cryptoverse: Bored bitcoin seeks direction after big bang

- Bitcoin has experienced a period of stagnation between $56,000 and $63,000 in the second half of the year, contrasting the growth it saw earlier in the year. - The launch of options on BlackRock's spot bitcoin ETF is expected to attract more retail money into the market, pending approval from regulatory bodies. - The anticipation and approval of US ETFs have significantly increased global bitcoin activity, leading to a growth in the cryptocurrency market to $2.2 trillion. - Despite becoming more mainstream, bitcoin's volatility has decreased from last year, falling from 67% to 42%. - India and Nigeria lead the rankings for crypto adoption, with several Asian emerging markets also in the top 20, indicating strong adoption in lower-income countries. - The United States remains the largest market in terms of transaction volume, followed by India.

Coinbase plans Indian comeback amid regulatory engagements: Report

Economic Times

Economic Times · 4m ago

Coinbase plans Indian comeback amid regulatory engagements: Report

Coinbase is planning a comeback to the Indian market after it halted operations over a year ago. The company is currently engaging with Indian authorities, like the Financial Intelligence Unit, to obtain necessary approvals. This move comes as India reconsiders its stance on cryptocurrencies, influenced by global regulatory shifts and recent U.S. policies. Despite tough regulations and high trading taxes, cryptocurrency investments remain popular among Indians.

Stablecoin firm Circle CEO expects imminent US executive orders to widen crypto

Economic Times

Economic Times · 5m ago

Stablecoin firm Circle CEO expects imminent US executive orders to widen crypto

Circle CEO Jeremy Allaire anticipates imminent U.S. executive orders from President Trump, potentially allowing banks to trade and invest in crypto. Circle issues USDC, the second-largest stablecoin. Allaire hopes for the repeal of an SEC bulletin that discourages banks from holding crypto assets. He expects Trump to remove regulatory barriers and promote digital asset adoption, coupled with active Congressional efforts on crypto regulations. Circle already partners with banks commercially.

Indian investors are hoarding crypto post Trump's reserve call

Economic Times

Economic Times · 4m ago

Indian investors are hoarding crypto post Trump's reserve call

Indian investors are increasing their crypto holdings following US President Trump's call for a national crypto reserve. Indian crypto exchanges reported a 20-30% rise in trading, with Solana (SOL) and XRP seeing significant activity. CoinDCX observed a 10-fold surge in trading volume, briefly affecting their app's performance, which was quickly resolved. CoinDCX highlighted India's high crypto adoption rates, expecting further regulatory clarity to boost participation. Giottus also noted a rebound in trading volumes after a decline due to India's crypto taxation.

Asia emerges as a promising haven amid the crypto winter

Startup News FYI

Startup News FYI · 1y ago

Asia emerges as a promising haven amid the crypto winter

The Asian crypto industry is thriving despite a crypto "winter" in the US. The recent Token2049 crypto conference in Singapore saw a record turnout, highlighting the growing enthusiasm and adoption of cryptocurrencies in Asia. With the US government cracking down on crypto companies, many projects are shifting their focus to Asia. The region's favorable policies, such as Hong Kong legalizing retail crypto trading and Singapore clarifying stablecoin regulations, have attracted web3 startups and investors. Asian markets offer growth opportunities and a more stable regulatory environment for crypto ventures.

UK-Based Cashaa To Launch Crypto Wallet In 7 Markets, Including India

Inc42 · 1y ago

UK-Based Cashaa To Launch Crypto Wallet In 7 Markets, Including India

UK-based crypto firm Cashaa is set to launch a new crypto wallet in seven markets, including India, aiming to increase adoption of its native token, CAS. The wallet will allow users in these markets to buy, store, earn, and take loans against their cryptocurrency deposits in their local currencies. Cashaa founder Kumar Gaurav believes that 2024 will be the year of mainstream adoption of crypto, with major institutions entering the space. Cashaa is discontinuing its banking services for crypto and other high-risk businesses, with all operations related to these services set to cease by May 30, 2024.

Indian crypto investors take illegal routes to avoid tax burdern

Economic Times

Economic Times · 1y ago

Indian crypto investors take illegal routes to avoid tax burdern

Despite the government's crackdown on foreign cryptocurrency exchanges, illegal trading of cryptocurrencies in India continues to rise. Peer-to-peer trading through banned exchanges has increased by five times during high trading periods. Only 9% of crypto investments in India are done lawfully, with the majority evading taxes imposed on crypto transactions. Experts believe that the high taxation rates and lack of transparency have not deterred speculative investment or improved the situation. The government is facing a loss in tax collection due to trades being conducted outside of compliant exchanges. Suggestions have been made to lower the tax rates to increase tax revenue.

Traders' new fancy: Crypto F&O

Economic Times

Economic Times · 1y ago

Traders' new fancy: Crypto F&O

Indian traders are increasingly investing in cryptocurrency futures and options (F&O) as major exchanges witness a surge in volumes. Vommafi Technology, a trading firm backed by family offices, has allocated 30% of its portfolio to crypto F&Os. However, regulatory uncertainty remains regarding the taxation of these offerings, as investors seek to avoid the 1% TDS imposed by the government on crypto spot trading. Despite this, Indian exchanges are expected to exceed global derivatives trading volumes if more traders start allocating capital to crypto futures. The challenge lies in the regulatory ambiguity and tax implications surrounding crypto F&Os.

CoinSwitch lays off 44 employees in customer support team, cites role redundancy

Money Control

Money Control · 1y ago

CoinSwitch lays off 44 employees in customer support team, cites role redundancy

Crypto startup CoinSwitch, backed by Tiger Global, has laid off 44 employees from its customer support team, attributing the redundancies to decreased customer queries amid a drop in crypto trading volumes. The layoffs come amidst regulatory uncertainties and high taxation in India's crypto industry. CoinSwitch, one of India's two crypto unicorns, is valued at $1.9 billion and plans to expand offerings beyond crypto into wealthtech. The company clarified that it follows a half-yearly appraisal cycle and denied having a separate operations team.

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