As a seasoned analyst with over two decades of experience in the financial sector, I’ve witnessed the global financial landscape transform dramatically. The recent findings by Chainalysis on the Crypto Adoption Index are a testament to this rapid evolution. India’s consistent lead in this index is particularly intriguing, considering the country’s regulatory landscape towards crypto assets.
For two consecutive years, India has been ranked first on Chainalysis’ Cryptocurrency Adoption Index. This year, Indonesia’s cryptocurrency market has shown remarkable growth.
This year, India ranks number one globally in the Chainalysis Cryptocurrency Adoption Index, with countries such as Nigeria, Indonesia, the United States, and Vietnam trailing behind. Notably, this isn’t the first time India has led the pack; it also claimed the top spot on the index in 2023.
On September 11th, Chainalysis published its report, examining the growth of cryptocurrency use in 151 different nations. This is the fifth time they’ve done this kind of analysis, having done so annually for the past four years. The data collected was broken down into various categories, such as the value transacted through centralized exchanges (CEXs) and decentralized finance (DeFi) platforms. Notably, DeFi protocols replaced peer-to-peer exchange volumes as a metric this year.
CEXs Faced Struggles in India
It might seem unexpected that India ranks high in the adoption index for cryptocurrencies, given its firm stance against major offshore crypto exchanges operating within the country. However, a significant amount of trading is still happening on centralized exchanges (CEXs). The Financial Intelligence Unit – India (FIU-IND) has prohibited nine such platforms, including Binance, KuCoin, Huobi, OKX, Gate.io among others, from catering to Indian clients as they were operating without valid licenses.
Additionally, it was noted by FIU-IND that certain entities had inadequate anti-money laundering procedures, which breached India’s Prevention of Money Laundering Act (PMLA), 2003. However, some companies have been given approval to resume operations within the Indian market. For instance, Binance reappeared following a $2.25 million fine imposed by the regulator for violating AML regulations. Similarly, KuCoin paid approximately $42,000 as a penalty for unawareness of India’s laws, and has since resumed providing its services in the country.
The Indonesian Crypto Market Growing to New Levels
Despite India maintaining its leading position, Indonesia climbed up three spots from last year’s fifth place to take third position on the crypto market list. It also received the maximum cryptocurrency within the Central & Southern Asia and Oceania (CSAO) Region, totaling $157.1 billion. Moreover, Indonesia displayed the highest annual growth rate in this region – a staggering 200%.
Read More
- Finding Resources in Palworld: Tips from the Community
- The Last Epoch Dilemma: Confronting the Gold Dupe Crisis
- UFO PREDICTION. UFO cryptocurrency
- O3 PREDICTION. O3 cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- BONE PREDICTION. BONE cryptocurrency
- EUR INR PREDICTION
- W PREDICTION. W cryptocurrency
- Diablo Accomplishments: Epic Journey Through the Pit and Beyond
- Helldivers: Notable Changes and Community Reactions
2024-09-13 23:23