Cryptocurrency’s regulatory status might be unclear in India, but it does not deter Indians from investing in crypto assets. India ranks 5th among the countries with the highest rate of crypto owners. Over 7.3% of Indians hold cryptocurrency as per the estimates. It is over 10 crores, which is the highest in the world in absolute numbers. It is more than one-third the population of the next most populous country, the United States. The USA ranks 2nd in absolute numbers with around 2.7 crore people investing in crypto assets.
A study conducted by the portal BrokerChoose’s annual crypto index where the leader is Ukraine with 12.73% of the population holding crypto. India’s crypto market grew at a skyrocketing pace of 641% with 59% of the activity taking place on DeFi platforms.
Moreover, Indians are embracing digital assets as a mode of payment too. Many businesses have begun accepting it. Even freelancers working for overseas employers have started to take payments in crypto assets. In India, large institutional investors are also playing an important role. They account for 42% of transactions from India-based addresses.