WazirX has released a report detailing findings from 2021. One notable statistic is the fact that there was a 1,009% increase in signups by women, even as officials deliberate crypto market regulation.
Indian cryptocurrency exchange WazirX has released a report for 2021 that details a number of interesting insights. Among them is the fact that the number of registrations by female investors has risen by a staggering 1,009%. Overall, WazirX crossed 10 million users this year, despite the heavy regulatory discussions taking place in the country.
WazirX noted several key milestones that were indicative of the enthusiasm for crypto in India. Overall, the exchange recorded over $43 billion in trading volume in 2021, which was a 1,735% increase over the previous year. About half of the investors entered the market in the last six months, with friends and family being one major reason why they started.
Unsurprisingly, bitcoin was the most sought-after asset on WazirX, with Tether, Shiba Inu, Dogecoin, WazirX Token, and MATIC following. This gives the impression that meme coins and those projects associated with nationals from the country were performing well.
But one of the most attention-grabbing metrics was the act that there was stronger growth in signups from women than men. The growth in female signups was 1,009%, while that of men was 829%.
The vast majority of users were below 35 years of age, at about 66%. This is in line with what other reports have suggested, namely that younger investors were keener on crypto than older ones.
As for 2022, WazirX says that financial institutions will begin to look at assets outside of bitcoin. They expect more institutions to participate as well, and regulation to take center stage.
Crypto regulation debate rages on in India
WazirX is right to note that the focus will be turning to regulation soon. India has been thinking about regulating the cryptocurrency market for quite some time now. It is unclear what stance it will take, however, as reports have indicated that there are multiple options on the table.
A ban is still on the table, though pro-crypto groups state that would hurt the country technologically and economically. They have suggested regulation, and there is some reason to believe that the asset class will be regulated by the country’s securities authority, SEBI.
With the growth that the Indian crypto market is experiencing, both in terms of investment and employment growth, there is no doubt that there could be a tremendous boost by regulation. It remains to be seen, however, and investors just want regulatory clarity.
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