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India, the most populous country in the world, is also the leader in crypto adoption globally.
According to the “2024 Global Adoption Index” report from blockchain analytics firm Chainalysis, India ranks as the number one country for crypto adoption.
TRM Labs’ report notes this is due to continual growth and acceptance of digital assets throughout the region. Data from Statista further foresees India’s crypto market revenue to reach $6.6 billion by the end of this year.
Blockchain risk management firm TRM Labs also released new findings that shows India leading in crypto adoption.
“Our methodology takes the incoming crypto volume apportioned to a country based on web traffic, divided by the GDP per capita of that country to arrive at an adjusted volume which we rank countries on,” Ang explained. She added that crypto adoption in India has always been high, due to factors such as a huge unbanked population and high mobile penetration.
Angela Ang, Senior Policy Advisor for TRM Labs, told Cryptonews that India is seeing the highest crypto volumes relative to its spending power.
US-based crypto custody firm BitGo was recently in talks with India’s Financial Intelligence Unit (FIU) to expand into the country’s growing digital asset market.
In addition to innovation, digital asset platforms are setting up offices in India to break into the market there.
BitGo’s COO, Chen Fang, confirmed that the company is having “active conversations” with the FIU about entering India’s multibillion-dollar crypto space. BitGo’s interest in India is notable, given the recent ban on offshore crypto exchanges. On Jan. 12, 2024, India banned Binance and eight other crypto exchanges. In July, Binance registered with India’s FIU, allowing the exchange to continue operations.
BitGo discussed their interest in the region during India Blockchain Week, which took place December 4-5.