India Cryptocurrency Market to Grow with a CAGR of 6.75% through 2029
India Cryptocurrency Market is being propelled by
variety of factors such as regulatory evolution, the growth of crypto exchanges
and investments, and the increasing adoption of blockchain technology beyond
cryptocurrencies.
According to TechSci Research report, “India Cryptocurrency
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the India Cryptocurrency Market stood at USD 221.5 million
in 2023 and is anticipated to grow with a CAGR of 6.75% in the forecast period,
2025-2029. he India cryptocurrency market has been a subject of significant
interest, innovation, and debate in recent years. India is known for its young
and tech-savvy population. This demographic has been quick to adopt new
technologies, including cryptocurrencies. The country's youthful user base has
contributed to the growing interest in digital assets. Indian investors have
shown a keen interest in cryptocurrencies as an alternative investment asset
class. The potential for high returns and the opportunity to diversify
portfolios have attracted investors to the market.
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The fintech sector in India has seen considerable
growth, with many startups exploring blockchain and cryptocurrency
applications. Fintech companies have played a pivotal role in developing and
popularizing digital assets. India has a thriving blockchain development
ecosystem. This has led to the creation of blockchain-based projects and
decentralized applications, which have further fueled the cryptocurrency
market. International cryptocurrency exchanges have entered
the Indian market, providing users with access to a wide range of digital
assets. These platforms have facilitated trading and investment in
cryptocurrencies. Efforts to educate the public about blockchain technology and
cryptocurrencies have been undertaken through conferences, webinars, and
educational initiatives. Awareness has grown significantly, making more
individuals cryptocurrency-savvy. The regulatory environment for cryptocurrencies in
India has been a subject of ongoing debate and transformation. It is important
to note that the regulatory situation was evolving as of my last update, and it
may have changed since then. India has experienced regulatory uncertainty, with
the government and regulators issuing conflicting statements regarding the
legality and use of cryptocurrencies. This uncertainty has had both positive
and negative impacts on the market. In the past, there were attempts to ban
cryptocurrencies in India, which led to legal challenges by the crypto industry
and enthusiasts. Courts have weighed in on these matters, offering some clarity
on the regulatory landscape. Discussions were underway for a potential
regulatory framework for cryptocurrencies. The government was considering the
introduction of the Cryptocurrency and Regulation of Official Digital Currency
Bill, which aimed to establish a clear legal framework for digital assets. Exchanges
operating in India have implemented stringent Anti-Money Laundering (AML) and
Know Your Customer (KYC) procedures to ensure compliance with existing
financial regulations. The Reserve Bank of India (RBI) had issued a circular in
2018 restricting banks from providing services to crypto businesses. However,
this circular was set aside by the Supreme Court of India in 2020, allowing for
the resumption of banking services for crypto-related entities.
The lack of clear and consistent regulatory guidelines
has created uncertainty for businesses and investors. A well-defined regulatory
framework is essential for the long-term growth of the market. Ensuring the
protection of retail investors and preventing fraudulent schemes is a critical
concern. Many investors are drawn to cryptocurrencies without a full
understanding of the associated risks. The tax treatment of cryptocurrencies,
including the taxation of capital gains, remains a subject of discussion and
requires clear guidelines for compliance.
While cryptocurrencies can promote financial
inclusion, regulatory barriers and banking restrictions have hindered access to
digital assets for some segments of the population. The market has witnessed
scams and fraudulent schemes, which can harm the reputation of
cryptocurrencies. Investor education and consumer protection are important to
mitigate such risks. Many Indians view cryptocurrencies as an investment
opportunity, similar to stocks or real estate, with the potential for capital
appreciation. Digital assets are used for cross-border remittances, providing a
cost-effective and efficient alternative to traditional remittance methods. Blockchain
technology, underpinning cryptocurrencies, is being explored for a wide range
of applications, including supply chain management, identity verification, and
healthcare. Some businesses accept cryptocurrencies as a form of payment, and
crypto payment gateways facilitate these transactions. Cryptocurrencies have
the potential to provide financial services to the unbanked and underbanked
populations, helping to bridge financial inclusion gaps.
India cryptocurrency market is segmented into type, offering,
process, end user, and region.
Based on type, software has a significant share of the
India cryptocurrency market. Software-based cryptocurrency wallets are
essential tools for storing, managing, and transacting digital assets. Users in
India rely on various wallet applications, both desktop and mobile, to secure
their cryptocurrencies.
Based on region, the market is segmented into north,
south, east, and west. Among these, south has a significant share of the India
cryptocurrency market. South India, and Bengaluru in particular, is known for
its highly tech-savvy population. The region hosts a large number of IT
professionals, software developers, and tech enthusiasts. This tech-savvy
demographic is more likely to embrace and engage with cryptocurrencies and
blockchain technology.
Major companies operating in India Cryptocurrency market
are:
- Intel Corporation
India Private Limited
- NVIDIA
Corporation
- Microsoft
Corporation India Pvt Ltd
- Xilinx India
Private Limited
- Advanced Microdevices
Pvt. Ltd.
- Amazon India Pvt
Ltd.
- Unocoin
- BitGo
- Coinbase
- Ripple Labs
Private Limited
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“The India
cryptocurrency market is a dynamic and evolving sector. The market has seen
significant growth and attention from various stakeholders, including
investors, entrepreneurs, and regulators. However, regulatory clarity and
investor protection remain critical issues. The role of cryptocurrencies in
India continues to develop, with potential for positive impact on financial
inclusion, technological innovation, and investment opportunities.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“India Cryptocurrency Market By Type (Hardware &
Software), By Process (Mining & Transaction), By Offering (Bitcoin,
Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User
(Banking, Real Estate, Stock Market & Virtual Currency), By Region, By
Competition Forecast & Opportunities, 2019-2029F, has evaluated
the future growth potential of India cryptocurrency market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India cryptocurrency market.
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