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India dominated global cryptocurrency adoption in 2024 despite the Asian nation's strict regulatory environment and high taxes, according to a report by blockchain data firm Chainalysis.
Chainalysis’ Global Cryptocurrency Adoption Index analyzed the use of different types of cryptocurrency services across 151 countries between July and August 2018. 2023 to June 2024.
This is the second year in a row that India has topped the list, despite the country’s comparatively high cryptocurrency capital gains tax of 30% and 1% on all transactions.
In December 2023, India’s Financial Intelligence Unit (FIU) notified nine offshore exchanges (Binance, HTX, Kraken, Gate.io, KuCoin, Bitstamp, MEXC, Bittrex, and Bitfinex) of non-compliance with the country’s anti-money laundering laws.
However, last month, the UIF lifted Binance's seven-month ban following its registration as a reporting entity, allowing the exchange to re-enter the Indian market.
Seven of the top 20 countries in the global adoption index, including India, are in the Central and South Asia and Oceania region. The other six are Indonesia, Vietnam, the Philippines, Pakistan, Thailand and Cambodia.
Global crypto Activity
According to Chainalysis crypto-adoption-index/” target=”_blank”>reportBetween Q4 2023 and Q1 2024, the total value of global crypto activity increased substantially, reaching levels higher than those of 2021 during the cryptocurrency bull market.
Last year, cryptocurrency adoption growth was driven primarily by lower-middle-income countries. However, this year, cryptocurrency activity increased in countries across all income levels.
The launch of bitcoin ETFs earlier this year in the US resulted in an increase in the total value of bitcoin activity across all regions, with particularly strong year-over-year growth in institutional-sized transfers and in regions with higher-income countries, such as North America and Western Europe, the report added.
Below are some popular cryptocurrencies and related ETFs of interest: (btc-USD), (eth-USD), (LTC-USD), (XRP-USD), (IBIT), (ARKB), (GBTC), (BRRR), (BTCO), (HODL), (BTCW), (FBTC), (BITB), (EZBC), (BITQ), (DAPP), (BKCH), (BLOK), (CRPT), and (IBLC).
