According to Chainalysis, a blockchain analytics firm, India Nigeria and Thailand are the top performers in its “2023 Global Crypto Adoption Index,” which measures the grassroots adoption of cryptocurrencies across the world.
We’re excited to release our fourth annual Global Crypto Adoption Index! Check out our blog to see 2023’s top countries for grassroots crypto adoption along with some key takeaways. https://t.co/czQb7cXhqP
— Chainalysis (@chainalysis) September 12, 2023
The report reveals that lower middle-income (LMI) nations are driving the growth of crypto adoption, especially in central and south Asia and the wider Oceania regions.
India is the undisputed leader in crypto adoption among these regions, as well as the second-largest crypto market by raw estimated transaction volume globally.
The country has a unique tax deducted at source scheme for crypto transactions, which requires users to pay a 1% tax from their balance at the time of the trade.
The report also shows that global crypto adoption has declined in the aftermath of the FTX implosion of 2022, which shook the confidence of many investors.
However, LMI countries have shown the strongest recovery and resilience in their crypto activity over the past 12 months.
