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Homepage > News > Business > India leads digital asset adoption, Southern Asia dominates India is the world leader in digital asset adoption, maintaining its position atop the global rankings for the second year in a row, a new report by Chainalysis has revealed. The 2024 Global Adoption Index report revealed that digital asset activity had increased substantially last year, eclipsing the 2021 ‘crypto’ bull market levels as the sector continues to expand beyond pure speculation. In its annual report last year, Chainalysis found adoption to be driven primarily by developing economies, with countries like Vietnam, Nigeria and Thailand ranking highly. This year, adoption was across the board, although high-income nations focused mainly on speculation while the developing nations explored other use cases like payments and decentralized finance (DeFi). India leads the pack, again For the second consecutive year, India is the world’s largest digital asset market. The South Asian nation also ranked first for centralized service value and retail trading volume. India’s domination is a testament to the resilience of the country’s digital asset faithful, who have had to brave exchange crackdowns, central bank restrictions and high tax deductible at source (TDS). Eric Jardine, the research lead at Chainalysis, believes that Indians have been quick to adapt to the ever-changing conditions, enabling them to maintain a strong presence in digital assets even when the conditions weren’t as conducive. “India has also got a fairly widespread level of adoption across different assets of crypto despite restrictions, implying new participants to crypto would have been participating via services that were not banned,” Jardine commented. This year, the Indian government has started rolling back some of the restrictions. Earlier this month, for instance, the Financial Intelligence Unit (FIU) revealed it intends to license two offshore exchanges early next year after shutting them…

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Filed under: News - @ September 25, 2024 5:28 am