Indian Cryptocurrency Market Expected To Reach $241 Million By 2030

In a survey from the KuCoin exchange, there are about 115 million crypto investors as of June 2022. Despite the high tax obligations, cryptocurrency capitalization in India is expected to reach $241 million in 2030.

According to the survey “Into The Cryptoverse Report India” conducted from October 2021 to June 2022 by the KuCoin exchange, there are 115 million crypto investors in India as of June 2022. This figure accounts for 15% of the population from 18 to 60 years old.

In, investors aged 18-30 accounted for the majority with 39% in Q1/2022. In addition, about 39% of investors under 30 years old have only been in the market for less than 3 months. Also in June, the United Nations Conference on Trade and Development (UNCTAD) stated that 7.3% of Indian citizens are or have been using cryptocurrencies.

The survey also proves that Indian investors believe that cryptocurrencies are the financial future (56%). About 54% believe that cryptocurrency will give them a higher return on investment in the long term. Besides, 52% of investors believe that cryptocurrencies bring passive income and improve quality of life. The above figures show that the age pyramid for financial investments, such as cryptocurrencies, is rejuvenating.

Income tax on digital assets in India is up to 30%. Despite high taxes, the number of investors under the age of 30 in Q1/2022 still increased by 7% qoq. 10% of adults in India are curious consumers of cryptocurrencies. The report also expects cryptocurrency capitalization in the country to reach $241 million in 2030. Quoting comments from the report as follows:

“With our technology-driven young population, growing internet users and financial technology (fintech) advancements, crypto is on its way to achieving greater adoption. With regulatory environments and motivations, India has the opportunity to become a global crypto hub.”

However, many figures show that investors face a lot of pressure from the outside world. Typically, 33% of respondents said that “Government regulation is a concern when considering investing in crypto.” 26% worry about hackers being a threat, 23% fear that they may not get their money back in the event of a security incident. As can be seen, the recent increase in attacks is reducing the investor protection corridor.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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