More than 100 million people in India own cryptocurrencies

Cryptocurrency exchange KuCoin has published its report on the use of cryptocurrencies in India. The results showed that 54% of respondents plan to convert most of their capital into cryptocurrency, despite the strict taxation rules set by Indian law. KuCoin predicts that by 2030, the cryptocurrency market in India will reach USD 241 million.

Today, there are about 115 million crypto investors in India who either hold cryptocurrency or trade it. However, they face a number of difficulties — 41% of respondents are not sure which cryptocurrencies to invest in, 37% have problems managing their cryptocurrency wallets. Another 27% of respondents do not have a clear forecast for the market and cannot evaluate their own crypto assets, and 21% simply do not understand how cryptocurrencies work.

KuCoin asked why Indians want to invest in the cryptocurrency market. 56% of respondents believe that cryptocurrencies are the future of the financial market, while 54% believe that cryptocurrencies will allow them to make good profits in the long run. Another 43% of respondents invest for short-term gains, while 24% consider cryptocurrencies to be «hype and entertainment.»

Thus, the KuCoin report demonstrates that Indian investors highly value the cryptocurrency market. A large number of the country’s population does not use the services of global crypto giants, so many exchanges want to be the first to enter the region.

It is worth noting that Indian lawmakers are seeking to prevent any illegal activities related to the cryptocurrency space. They consider cryptocurrency regulation to be a challenge and are looking for alternatives to this process. Earlier, we wrote that the Indian crypto exchange WazirX, owned by Binance, was accused of violating the Foreign Exchange Management Act. WazirX was acquired by Binance back in 2019, and since then, Indian regulators have often criticized the independent subsidiary of Binance for not following cryptocurrency exchange guidelines and accused it of facilitating money laundering.