India’s cryptocurrency market grew 641% over past year, says report

October 5, 2021

According to Chainalysis, India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia. India’s market grew 641% over the past year and Pakistan’s 711%, a report from Chainalysis showed, using a metric that estimates the total cryptocurrency received by a country.

India has a 59% share of activity taking place on decentralized finance (DeFi) platforms, with Pakistan at 33%, the report said, adding there’s been a significant increase in cryptocurrency-related entrepreneurship and venture capital investment in the region.

The past year has seen a number of twists and turns for India’s crypto market, including on the regulatory front, with some reports that the country might try to ban or otherwise restrict crypto. However, Chainalysis noted, more recently it looks as though the government may simply favor taxation.

 

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