India has emerged as the world's second-largest crypto market in terms of raw transaction volume, surpassing the UK, Turkey, and Russia According to a recent Chainalysis report, India registered approximately $269 billion in crypto volumes between July 2022 and June 2023, demonstrating grassroots adoption. The growth in India's crypto market can be attributed to several factors, including the increasing popularity of peer-to-peer trading platforms, the rise of decentralized finance (DeFi) applications, and the increasing acceptance of cryptocurrencies by merchants and businesses. This is despite the fact that the government has higher cryptocurrency tax rates than most other countries.
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