In a recent report published by Chainalysis, a New York-based blockchain analysis firm, it was revealed that India has stepped up to become the world’s second-largest crypto market. And India isn’t the only country doing well. As a region, Central and Southern Asia and Oceania (CSAO) has demonstrated its vibrant presence in the world of cryptocurrency, accounting for almost 20% of global crypto activity.
Second Largest Crypto Market: The Case for India
The Chainalysis report zoomed in on purchasing power and population as key indicators for measuring grassroots crypto adoption in the CSAO region. This narrower approach resulted in uncovering India’s firm place in the global rankings. Truly, India recently became the most populous country in the world, narrowly overtaking China. It also has a largely increasing middleclass with the funds to invest in crypto.
Besides India, the region as a whole has been experiencing a spike in decentralized finance (DeFi) transactions. Thus, providing further evidence of the growing significance of cryptocurrencies in these economies. All of these combine to make India the second-largest cryptocurrency market in the world.
Chainalysis also observed a high level of dynamism in the CSAO crypto adoption model. One could attribute this to an ever-changing political and legal landscape. This dynamism acts as a catalyst for innovation in the space. Despite potential regulatory obstacles, the CSAO region has shown resilience, attracting major players and gaining global recognition.
