Demand For Crypto In India Is On The Rise Despite High Taxes

09/19/2023

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A Chainalysis report showed that India is the second largest country in terms of total cryptocurrency transactions despite the challenges of tax laws.

The report also showed that India has surpassed the UK, Turkey and Russia. Since July last year, cryptocurrency transactions in India totaled $269 million. Chainalysis named India as one of the top crypto markets, which turned out to be surprising. This country taxes crypto assets at the highest rate in the world: 30% on income and only 1% on transactions.

India comes after the United States. Chainalysis named the South Asia and Oceania region as the most dynamic crypto market. This region accounts for 20% of the entire crypto market. This is explained by the fact that in the Philippines, for example, there is a huge demand for cryptocurrency because of the game Axie Infinity. And in Pakistan, the use of cryptocurrency is a necessity due to the depreciation of the national currency.

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