CoinDCX’s 2023 report showcases India as a crypto powerhouse despite regulatory uncertainties. Tier-2 cities lead in adoption, challenging stereotypes. Maturing investor base and record trading volumes signal a resilient industry.
CoinDCX’s year-end report for 2023 reveals India’s crypto landscape defying skepticism. Despite regulatory challenges, the country emerges as a global crypto adoption leader. Surprisingly, Tier-2 cities like Lucknow and Patna take the lead, challenging the dominance of major urban centers. The average age of investors rises from 25 to 30, indicating a maturing investor base.
Noteworthy is the increasing participation of women from Tier-2 and Tier-3 cities, constituting 65% of female crypto users. Delhi and Lucknow emerge as leaders in fostering female crypto investors, showcasing regional variations in gender participation.
November 2023 witnesses a historic moment with India’s highest crypto trading volume, propelled by Bitcoin’s surge to $36,000. The potential approval of a spot Bitcoin ETF by the U.S. SEC adds to the momentum. November 9th stands out as the record day for crypto trading volume, highlighting the dynamic nature of Indian crypto markets.
Despite challenges like the 1% TDS and high taxation, 28 entities in India become ‘FIU-Registered Reporting Entity,’ showcasing the industry’s commitment to transparency. The year positions India at the forefront of global crypto adoption, as affirmed by Chainalysis’ 2023 Global Crypto Adoption Index.