INSUBCONTINENT EXCLUSIVE:
India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia, according to
Chainalysis.India's market grew 641% over the past year and Pakistan's 711%, a report from Chainalysis showed, using a metric that estimates
the total cryptocurrency received by a country.India has a 59% share of activity taking place on decentralized finance (DeFi) platforms,
with Pakistan at 33%, the report said, adding there's been a significant increase in cryptocurrency-related entrepreneurship and venture
capital investment in the region."Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of
transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam," the report said
"Those numbers suggest that India's cryptocurrency investors are part of larger, more sophisticated organizations."The past year has seen a
number of twists and turns for India's crypto market, including on the regulatory front, with some reports that the country might try to ban
or otherwise restrict crypto
However, Chainalysis noted, more recently it looks as though the government may simply favor taxation.(Except for the headline, this story
has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
