Indian Crypto Users Dominate Global Adoption in 2024
Indian Crypto Users Lead in Global Market Despite Bans
India, the world's largest country by population, continues to hold the top spot in cryptocurrency adoption, according to Chainalysis. The blockchain analysis firm revealed in its fifth annual Global Crypto Adoption Index that India remains the largest crypto market globally in 2024, beating strong competitors like Nigeria, Indonesia, the United States, and Vietnam.
India's Dominance in the Chainalysis Crypto Adoption Index
Among 151 countries analyzed by Chainalysis, India secured the highest ranking, underscoring its immense appetite for cryptocurrencies. The adoption index measured multiple factors, including on-chain crypto value received via centralized exchanges (CEX) and decentralized finance (DeFi) platforms. Despite regulatory challenges, India continues to demonstrate unparalleled crypto enthusiasm.
Offshore Exchange Ban Fails to Hinder Crypto Activity
In late 2023, India’s Financial Intelligence Unit (FIU) took significant action by banning major offshore crypto exchanges like Binance, Kraken, and KuCoin for non-compliance with local Anti-Money Laundering (AML) laws. However, this move did not significantly dent crypto activity in the country. By April 2024, these banned platforms still accounted for about 40% of total CEX usage in India, highlighting the resilience of Indian crypto traders.
Workarounds for Offshore Crypto Access
Despite the government's efforts to block the websites of non-compliant exchanges, Indian crypto users continued accessing them through alternate methods such as pre-downloaded apps or trading platforms that remained operational. Chainalysis data confirmed that the ban has not curtailed user engagement, which led to a softening stance from regulators.
India's FIU Eases Restrictions in 2024
In May 2024, the FIU showed signs of flexibility by allowing platforms like Binance and KuCoin to operate after collecting fines. Local reports from September 2024 indicated that the government is preparing to approve more offshore exchanges, signaling a potential return for previously banned platforms.
Telegram-Based Tap-to-Earn Projects
Telegram-based “Tap to Earn” crypto projects such as Hamster Kombat, TapSwap, MemeFi, and X Empire are also driving India’s growing crypto ecosystem. These platforms allow users to earn cryptocurrency through engaging mini-games and daily activities, further boosting adoption among retail and institutional players. Their growing user base has significantly contributed to India’s crypto dominance.
India’s Role in Central, Southern Asia, and Oceania Crypto Inflows
India also ranks second in the Central, Southern Asia, and Oceania (CSAO) region, receiving approximately $143 billion in crypto between July 2023 and June 2024. This accounts for a significant portion of the $750 billion received in the CSAO region, positioning India as a key player in global cryptocurrency activity.
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