"India leads the world in grassroots adoption as measured by our Global Crypto Adoption Index," it wrote, saying volumes totaled nearly $269 billion from July 2022 to June 2023."Perhaps most impressive of all is that India’s emergence as a top cryptocurrency market comes in spite of a regulatory and tax environment that can be challenging for the industry to navigate."at higher rates than most countries, with a 30% cut taken on gains and a 1% tax on all transactions.
Chainalysis highlighted recent adoption in the Philippines as being driven by the play-to-earn game Axie Infinity. In Pakistan, meanwhile, necessity is driving growth. "A need for wealth preservation in the face of high inflation and currency devaluation appears to be the reason many Pakistanis have turned to crypto," it wrote.
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