India stands tall in the crypto world, outpacing other countries in Chainalysis’s 2023 Geography of Cryptocurrency report.
The annual study, which ranks 155 countries based on centralized exchange volume, peer-to-peer (P2P) trading volume, and DeFi transaction volume, places India first in every category except for P2P volume.
Nigeria takes the lead in P2P trading volume, ranking second overall, followed by Vietnam, the United States, and Ukraine.
India also shines in decentralized exchange (DEX) volume, coming in second place.
It ranks fourth in activity on centralized exchanges, lending protocols, and smart contract interactions and ninth for NFT volume.
These impressive numbers come despite the nation’s turbulent environment regarding digital asset regulation and taxation, which includes a 30% tax on crypto trading profits introduced earlier this year.
Interestingly, the report highlights the dominance of lower-middle-income (LMI) countries in crypto adoption.
These are countries with a gross national income per capita between $1,086 and $4,255.
Chainalysis points to LMI nations as the only group whose total grassroots adoption remains above where it was in Q3 2020, suggesting that if these rising countries are the future, crypto is set to be a significant part of it.