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India, now one of the most prominent nations contributing to the growth of crypto, has been changing its stance on digital asset/blockchain-based products. For the 2nd time in 2024, the nation is identified as the nation with the highest crypto adoption, and its market is expected to surpass $15 billion by 2035.
In today’s informative piece we will be profoundly diving into the fundamentals and technicals to help to decode the expected growth of crypto in India.
Several factors could help the Indian market to experience new highs, yet some primary ones are the revision of taxes imposed over revenue from crypto investment, reconsiderations of rules and regulations, and recognition of crypto as an investment product.
Indian investors pouring funds into Web3
Over the past few years, it has been reported that traditional investors have continued to pour funds into Web3 sectors, with the time several blockchain-based firms from India have entered the crypto market.
Several published reports mention a surge in the number of crypto-based projects launched from India, and a few known crypto exchanges are also based in India.
Not only venture capitalists but also investors of the traditional stock market have also changed their investment strategy by investing in Bitcoin and Ethereum including.
Regulators & governments take over crypto
India is among the nations that have neither recognized nor legalized crypto but still charge huge taxes, with a rate of 30% plus a 4% cess. Over the years, the nation has been earning revenue by imposing heavy taxes on crypto, yet from July 2022 to December 2024, the Indian government has missed collecting roughly $750 million in taxes from digital assets.
On the other hand the government of the nation hasn’t made any such decision that could open paths for these projects; however, soon after the victory of Donald Trump, nations with greater crypto adoption have changed their stance on crypto.
A most recent development was seen when Coinbase announced that it would reopen its services in India as it has secured the approval for the agency in the nation.
However, the lack of a clear set of rules has forced traders to opt for offshore exchanges such as Binance, Coinbase, and others. These factors might reduce the revenue of companies based in the territories.
Also, the crackdowns by the regulators over the crypto-based companies in India have created uncertainty in the region and among companies.
The usage of offshore exchanges in India is growing, showing a changing stance
Regarding userbase, Binance stands at the top of the list and is believed to be serving nearly 100 million users in India, yet Coinbase, Kraken, and Coinbase.
Yet, the usage of these exchanges came following the harsh actions of Indian regulators against the services and platforms based in India.
Data from PlayStore notes that Binance is India’s most downloaded application, with OKX and Bybit having the most significant downloads.
Despite its high number of users, Binance has continued to face severe allegations and charges by the regulators of India; earlier this year, it also faced penalties of over $10 million.
There are thousands of claims, including factors like surge adoption and anticipated inclination of regulators in India, which are expected to shape a brighter future for the nation’s market.
Conclusion
India’s crypto market is on a strong growth trajectory, driven by increasing investment from both traditional investors and venture capitalists.
However, the lack of clear regulations and high taxation continue to create challenges for domestic crypto businesses.
While platforms like Binance and Coinbase see significant user bases, the regulatory crackdown has forced many to rely on offshore exchanges.
The future of India’s crypto market remains uncertain, but with ongoing developments and the government’s gradual shift in stance, the market is poised for significant growth, potentially surpassing $15 billion by 2035.
