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India Tops Global Crypto Adoption Index for 2024
India has once again ranked first in Chainalysis’ 2024 Global Crypto Adoption Index, solidifying its position as the world leader in cryptocurrency adoption. Despite a local ban on offshore exchanges, India continues to dominate the global crypto market, outperforming countries like Nigeria, the United States, and Vietnam.
India’s Continued Crypto Growth
According to Chainalysis’ report, India remains the largest crypto market for the second year in a row. The report analyzed 151 countries, using sub-indexes such as on-chain crypto value received by centralized (CEX) and decentralized finance (DeFi) services.
Ban on Offshore Exchanges
In December 2023, India’s Financial Intelligence Unit (FIU) banned nine major offshore exchanges, including Binance, Kraken, and Bitfinex, for failing to comply with anti-money laundering regulations. Despite this, these exchanges still accounted for nearly 40% of all CEX activity in India by April 2024, as many users continued accessing them through apps.
FIU’s Changing Stance
Since the ban, the FIU has softened its approach, allowing Binance and KuCoin to register after paying fines. The FIU may soon approve additional offshore exchanges to resume operations in India.
India’s Regional Crypto Standing
In addition to leading globally, India ranks second in the Central, Southern Asia, and Oceania (CSAO) region for crypto value received, with $143 billion in transactions between July 2023 and June 2024. Indonesia leads the region, receiving $157 billion. CSAO saw a total of $750 billion in crypto inflows, largely driven by institutional and professional transfers.
Centralized Exchanges (CEX): Platforms where users buy, sell, or trade cryptocurrencies, managed by a central authority.
Decentralized Finance (DeFi): A financial system built on blockchain technology, allowing transactions without intermediaries.
