According to an October 2021 report from the blockchain-based research firm Chainalysis, based in New York, India is among the top three markets in the Global Crypto Adoption Index. Additionally, investors in the country are also starting to mature despite lack of regulatory clarity.
The firm said that the cryptocurrency market in the Central and South Asia and Oceania market was worth over $572.5 billion between July 2020 and June 2021 and represented 14% of the global transaction value during that time period.
India’s cryptocurrency market isn’t growing in terms of trading alone, but also in terms of adoption for Decentralized Finance (DeFi) applications — it has a much bigger share of activity taking place on DeFi platforms at 59%, versus 47% for Vietnam and 33% for Pakistan. Transaction sizes in India were much higher, suggesting more mature investors entering the space.
Krishna Sriram, managing director at blockchain security and solutions company Quantastamp said, “Tons of Indian developers, fund analysts, and independent freelancers working for overseas employers have started requesting to be paid in cryptocurrency. It’s a very bottom-up way of adopting [the currency]”
Increasing DeFi adoption can help the crypto industry gain more legitimacy in India as it brings more businesses into the fold, spurs innovation, and makes it easier for governments to regulate the market.
Last updated: December 26th, 2025
