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India is the world’s second biggest crypto market in terms of transaction volume, beating out wealthier nations including Germany and the UK.
That’s the finding of a Sept. 12 report by blockchain research firm Chainalysis, which says India achieved the feat despite a 30% tax on any gains and a 1% tax on transactions. The nation’s crypto transactions reached almost $269 billion in the year through June, ranking second only to the US and fractionally ahead of the UK, it said.
The US leads in terms of volume, with India holding the second place
Central and Southern Asia and Oceania represent approximately 20% of the global crypto market, it said, with the Philippines and Pakistan also seeing strong growth.
“The Philippines has a huge share of crypto-related web traffic going to gaming and gambling platforms at 19.9%,” it said. “Countries like Pakistan and Vietnam see a higher share of activity happening on P2P exchanges, which are more commonly used in emerging markets or in countries with stricter capital controls.”
Users in such countries also are forced to seek out ways to preserve wealth in the face of high inflation, it said.
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