An analysis of the cryptocurrency market in India was recently published by Kucoin under the title “The Cryptoverse Report India.” The estimate states that as of June 2022, there were approximately 115 million investors in the nation. The users’ trading or holding of assets during the previous six months forms the basis of the report.
From October 2021 to June 2022, KuCoin conducted what the firm referred to as “an in-depth look into the development of the blockchain industry and crypto space” in India.
The paper claims that India’s crypto industry has been expanding quickly. This is true even when there has been a market decline for cryptocurrencies. Over half of these investors also intended to increase their investments in the upcoming six months.
15 percent of India’s population, or 115 million investors, are in the 18 to 60-year-old age range, according to the statement. The remaining 10% of the same group are still keen to invest over the next six months.
According to Kucoin, the survey’s participants consisted of 2,042 Indian people whose ages ranged from 18 to 60. Also stated was the fact that 1,541 of them had identified themselves as investors or as being interested in doing so. The survey’s interpretation of Indian demographics shows that 39% of cryptocurrency investors in the first quarter of 2022 are between the ages of 18 and 30. This is an increase of 7% from the prior quarter, indicating that the number of young investors is increasing more quickly than that of their more experienced counterparts.
Potential investors have been largely discouraged by the vagueness of governmental restrictions. Government regulation is cited as a worry by 33% of those who are considering investing in cryptocurrencies. Many people worry about the security of investing in cryptocurrencies, as 26% feel that hackers pose a threat and 23% worry that they might not get their money back in the event of security breaches.
The company claimed that despite the implementation of new tax legislation, the number of crypto investors has only slightly increased in recent months. With a sizable young population that are interested in technology, a quickly expanding internet user base, and advancements in finance, India is becoming a significant centre for the cryptocurrency industry.