Crypto exchange Kucoin recently published a report that provided insight into the cryptocurrency space in India.
This survey conducted published information about the new developments in India’s blockchain space
According to the Cryptoverse Report India, the number of investors in the country was in the range of 115 Million as of June 2022.
The basis of the report is that the users have either traded or held assets over the last six months.
According to the report, the crypto economy of India has been rapidly growing. This is even when the crypto market has experienced a market downturn.
Additionally, more than half of these investors have been planning on increasing their investments in the next six months.
This survey by KuCoin lasted from October 2021 to June 2022 which the company had described ” as an in-depth look into the development of the blockchain industry and crypto space” in India.
KuCoin India has depicted their results that the digital asset space in India is a fairly younger population.
It read that 115 million investors represent 15% of India’s population within the 18-60 year age group. The other 10% of the same group are still interested in investing in the same over the time span of six months.
The survey respondents were a total of 2,042 Indian adults ranging between the age of 18 to 60 according to Kucoin. It also mentioned that 1,541 of them had self-identified as investors or were curious about the same.
Kucoin mentioned,
The size of crypto investors has seen a mild growth over the past few months despite the enactment of new tax regulations. With the country’s large technology-driven young population, rapidly growing internet users and fintech advancement, crypto is on its way to greater adoption, making India a key crypto hub.
The United Nations Conference on Trade and Development also conducted a report that estimated the number of investors within the country.
In a report published in June, the organisation mentioned that 7.3% of the total population in the country owns crypto. The UN had given an estimate in July that India accounts for 1.41 billion people.
The demographic structure of investors has become younger because 39% of all the first quarter of 2022 are between the age of 18-30 years.
This had marked a 7% increase in the previous quarter. Investors who are investing for the first ever time constitute 39% of young investors below 30 years. They have also started trading in the past three months.
Furthermore, there is another issue with the Indian government and its stance on digital assets.
The report suggested that,
Despite the local government’s stance on digital assets and the levying of a 30% tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030.
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