Key Takeaways
- India tops Chainalysis’ global crypto adoption index for the third consecutive year.
- The U.S. climbed to second place on the back of new crypto-friendly policies.
- Asia-Pacific remains the most active region for crypto transactions.
India has cemented its position as the global leader in cryptocurrency adoption, topping Chainalysis’ Global Crypto Adoption Index for the third year in a row.
Despite heavy taxes and a lack of regulatory clarity, the country’s grassroots crypto activity continues to eclipse that of more established markets, underscoring a trend of resilience rather than reliance on government support.
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India and the U.S. Lead Global Adoption
The sixth annual index ranks 151 countries based on transaction volumes, retail participation, and DeFi activity.
India once again claimed the top spot, followed by the United States and Pakistan, which surged into third place.
India’s dominance comes in spite of a punishing 30% tax on crypto gains and the absence of a clear regulatory framework.
Sumit Gupta, CEO of Indian exchange CoinDCX, called the ranking a testament to the country’s untapped potential:
“The most humbling aspect is that despite all the current challenges, India is number 1 in all aspects in the Global Crypto Adoption Index,” Gupta said. “India has so much more potential when it comes to adopting blockchain and crypto. The strength isn’t currently being used in the right direction because of a lack of clarity.”
Asia-Pacific and Latin America on the Rise
The Asia-Pacific region continues to dominate grassroots crypto activity, led by India, Pakistan, and Vietnam.
On-chain transaction volume in APAC surged between $1.4 trillion and $2.36 trillion over the past year, a 69% increase that cemented the region as the fastest-growing hub.
In Latin America, adoption rose by 63% as both institutional players and retail investors embraced crypto.
Sub-Saharan Africa followed with a 52% increase, reflecting its reliance on crypto for payments and remittances.
Meanwhile, North America’s climb to second place was powered by recent U.S. policy shifts under the Trump administration, which have created a more favorable environment for digital assets.
India’s Case of Resilient Growth
India’s rise is particularly notable given its difficult policy environment.
Since 2022, the country has imposed one of the harshest tax regimes on crypto, pushing many exchanges offshore and driving trading underground.
Despite this, Indian users transacted roughly $143 billion in crypto between July 2023 and June 2024, second only to Indonesia in the region.
Peer-to-peer networks and decentralized platforms have been central to this growth, even after a 2023 ban on accessing certain offshore exchanges.
The report highlights a paradox: while governments across the globe attempt to shape the future of digital assets through regulation, India’s crypto community has managed to thrive largely on its own.
That resilience, experts say, is what positions it to remain at the top of global adoption rankings for years to come.
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