Indian Crypto Market Is Growing: Report Shows the Country Has 115 Million Crypto Investors

India has roughly 115 million crypto investors and the country's crypto economy is growing even in the market downturn, with more than half of the crypto investors surveyed planning to increase their crypto investment in the coming six months.

Indian Crypto Market Is Growing: Report Shows the Country Has 115 Million Crypto Investors

Cryptocurrency exchange giant Kucoin expressed a report on India's cryptocurrency ecosystem Tuesday. It features the result of a study, led from October 2021 to June 2022, which the company expressed as "a top to bottom investigation of the improvement of the blockchain business and crypto space" in India.

The survey respondents were 2,042 Indian aged 18 to 60, the company made sense of, adding that 1,541 of them were self-distinguishing crypto investors and 501 were crypto-inquisitive consumers, who were interested in investing in crypto in the coming six months.

The report details that as of June. 

"There are roughly 115 million crypto investors in India who either currently hold crypto or have traded crypto in the past six months, accounting for 15% of the Indian population aged 18 to 60 years."

“The size of crypto investors has seen a mild growth over the past few months despite the enactment of new tax regulations,” the company wrote. “With the country’s large technology-driven young population, rapidly growing internet users and fintech advancement, crypto is on its way to greater adoption, making India a key crypto hub.”

The United Nations Conference on Trade and Development (UNCTAD) recently analyzed the crypto investors in India in a report published in June the organization expressed that 7.3% of the total population in India own cryptocurrency. 

Kucoin report adds the recent crypto market downturn. 

"More than half [of] crypto investors plan to increase their investment in crypto in the coming six months, indicating an optimistic sentiment towards the market."

The report also explained even the local government's stance on digital assets and 30% tax on income received from digital assets. the Indian crypto market is expected to reach $241 million by 2030

The top barriers to investing in crypto assets are knowledge, regulation, and security. "The vagueness in government laws has been a key factor deflecting expected financial backers," the report explains:

"33% report that government regulation is a concern when considering investing in crypto."

"The safety of investing into crypto is likewise a worry for some, as 26% stress over hackers being a danger, and 23% trepidation that they may not get their cash back in the case of security incidents," the report adds.

India is still dealing with cryptocurrency regulation. The Indian government has been talking with worldwide organizations, like the International Monetary Fund (IMF) and the World Bank, on crypto policies. In the meantime, the country's central bank, the Reserve Bank of India (RBI), has suggested prohibiting all cryptocurrencies including bitcoin and ether. This week, the government head of the central bank cautioned that the crypto market might slump and small investors will lose money. The RBI is also planning to give a central bank digital currency (CBDC).

Related : Indian government provides little legal clarity for crypto tax to traders and exchanges