India has 100 million crypto users — the largest base in the world. The 30% tax did not stop the boom.
Young population, high smartphone penetration, and a culture of gold/asset ownership are all driving crypto adoption in India.
WazirX, CoinDCX, and CoinSwitch are the largest. CoinDCX crossed 10M verified users in 2025 — the fastest growth globally.
SEBI is developing a crypto regulatory framework. Expected clarity in 2026 could unlock institutional investment from Indian mutual funds.
China banned crypto. India taxed it heavily but kept it legal. India now leads Asia in retail crypto participation by a wide margin.
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