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Tier two, tier three cities emerge as crypto trading hubs: report

Economic TimesEconomic Times Ā· 11m
Tier two, tier three cities emerge as crypto trading hubs: report

Tier-2 and tier-3 cities in India, including Lucknow, Patna, and Jaipur, have emerged as significant cryptocurrency trading hubs, accounting for a 5% market share each. This is according to a year-end report by crypto exchange platform CoinDCX. The report also highlighted that the average age of crypto traders has increased to 30 years, attracting more mature investors. Additionally, the gender ratio remains largely unchanged, with seven males for every one female participating in crypto trading. The Indian government's introduction of a 1% tax on trading virtual digital assets (VDAs) led to a significant shift of trading to offshore platforms, with approximately 90% of trades occurring outside of India.

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