As the demand for cryptocurrencies continues to grow, so does the number of crypto exchanges in India.
Published: 20 January 2023, 4:00 pm Updated: 20 Jan 2023, 8:33 am
The state of crypto in India
Increasingly more Indians are now turning to these exchanges as a viable option to invest in and trade digital currencies. As of now, approximately 97.5 million people have already invested in cryptocurrency, making up a whopping 7.1% of India’s population. Astonishingly, this number has been climbing rapidly and shows no signs of slowing down anytime soon.
Data gathered between August 2015 and June 2022 shows that India places third globally in terms of cryptocurrency exchange application downloads, as revealed by data from the Bank for International Exchange research paper. This staggering figure totaled 31.7 million downloads throughout India alone.
Despite the regulatory vagueness and disarray with regard to policies concerning cryptocurrency, India’s adoption rate of crypto assets continues to escalate swiftly. India ranked four in the Chainalysis 2022 Global Crypto Adoption Index, Vietnam, The Philippines, and Ukraine. While for a long time, the government was unsure of cryptocurrencies and even considered introducing a crypto ban, this didn’t come to be. Instead, in February 2022, the government announced its plan for a 30% tax on any profits derived from cryptocurrency trading. The Indian government is also looking into introducing a central bank digital currency, with The Reserve Bank of India launching a blockchain-based pilot in the retail segment of the market in December 2022.
Considering the high rate of adoption and the relatively high taxes on crypto, it is more crucial than it has ever been to make sure people in India get the best deal out of their investment. It’s no surprise that Indian investors are on the lookout for an exchange that has low fees but still offers plenty of features.
What is a crypto exchange?
Everyone knows what a regular exchange is: A market where traders and investors transact in stocks, bonds, commodities, options,…