Chainalysis
September 12, 2024
Chainalysis Unicorn News - September 12, 2024
India has topped Chainalysis' global cryptocurrency adoption index for the second consecutive year, driven by strong performance in centralized exchanges and DeFi assets. Despite regulatory challenges, the country's interest in crypto remains robust.
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) Introduction(
) India Continues to Lead Global Crypto Adoption for Second Consecutive Year, Chainalysis ReportsIndia has once again been recognized as the global leader in cryptocurrency adoption, according to a report by blockchain analytics firm Chainalysis published on September 11, 2024. This marks the second consecutive year that India has topped the list, indicating a sustained interest in cryptocurrencies among investors despite a challenging regulatory environment and high trading taxes. The report evaluates adoption across four sub-categories in 151 countries and highlights India's strong performance in centralized exchanges and decentralized finance (DeFi) assets from June 2023 to July 2024. The rollback of some restrictions, such as those affecting Binance and KuCoin, has likely contributed to this trend. Binance was fined 188.2 million rupees ($2.25 million) in June after registering with the Financial Intelligence Unit (FIU) to resume operations, while KuCoin registered with the FIU in March and faced a smaller penalty of 3.45 million rupees. Additionally, seven of the top 20 countries in Chainalysis' global adoption index were from central and South Asia, including Indonesia, Vietnam, and the Philippines, indicating a broader regional trend towards increased cryptocurrency adoption.
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