A recent report from KuCoin on crypto investment in India shows that 54% of Indian crypto investors seek to invest more over the next six months. Other results from the report also indicate enthusiasm for the market. It also shows that India has 115 million crypto investors.
KuCoin published its Into The Cryptoverse Report India on Aug. 23, and the results show that a majority of Indian investors seek to invest more into crypto in the near future. 54% of investors have planned to apportion more of their capital into crypto over the next six months, despite the strict taxation rules.
KuCoin says that the crypto market in India is expected to reach a value of $241 million by 2030. There are approximately 115 million crypto investors in India who hold crypto or have traded it in the past six months. This amounts to 15% of the population between 18 and 60, with another 10% of adults being curious about the market and interested in investing over the next six months.
India is an enthusiastic market for crypto, with many investors taking to the market over the past two years. However, the recent 30% tax rule and the fact that they cannot offset losses has led to a sharp decline in trading volumes. In light of this, it is a somewhat surprising fact that many investors are looking to invest more.
However, there are some challenges for crypto companies looking to break into the crypto market. KuCoin reports that 41% of surveyees were unsure of which cryptocurrencies to invest in, 37% have trouble managing their portfolios, 27% are not clear about predicting the market and the valuation of assets, and 21% just don’t understand how crypto works.
As for the reasons behind investing in the crypto market itself, 56% believe that crypto represents the future of finance, and 54% believe that they will get a good return in the long run. 43% are investing for short-term gains, while 24% consider crypto a “hype for fun.”
The insights from the report show that Indian investors have a strong appreciation for the crypto market. The country’s large population is largely untapped, and many exchanges have been seeking to break into the region. Coinbase is one of the notable platforms, though it has hit some hurdles.
India has taken a tough, but not draconian, stance on crypto. The Indian Enforcement Directorate froze the bank account of a WazirX executive, and authorities also conducted a raid.
For the most part, Indian lawmakers are looking to prevent any illicit activity involving the crypto space. They see crypto regulation as being a tough challenge and are looking at alternatives for the process.
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