India, known for its rapidly evolving tech industry and its tech-savvy population, lags behind its neighbour Pakistan in the list of the most crypto-friendly nations. Pakistan, which has grabbed its place in the top 10 most crypto-accommodating nations, sits at the 10th spot, while India is behind by just one point on the 11th rank.
The popularity of Cryptocurrency has risen quite a lot in the past few years, so much so that in 2023 alone the crypto ownership has grown from 432 million to 580 million in 2023 alone, according to Crypto.com.
While many countries have tried to regulate and suppress the technological advances, others have accepted and supported the growth of these new industries. Argentina has emerged as the world's most crypto-friendly nation, boasting favourable conditions for miners and traders.
The United States ranks second in crypto adoption, with a large population holding cryptocurrencies. However, the high mining cost of $87,885 per bitcoin poses a challenge for miners in the country. Despite this and other impositions by the government, the US remains a hub for crypto enthusiasts, with a large percentage of traffic on popular crypto platforms.
Here are the top 10 most crypto-friendly nations:
- Argentina
- United States
- Colombia
- Ukraine
- UAE
- Vietnam
- Turkey
- Canada
- Singapore
- Pakistan
However, in India, cryptocurrencies operate in a regulatory grey area, with no central authority overseeing their use as a payment medium. While Pakistan remains unregulated in this aspect, India, in the central budget of 2022 announced a 30% tax on gains from cryptocurrencies and a 1% tax deducted at the source.
The global rise in crypto ownership, as reported by Crypto.com, reflects upon the growing popularity of cryptocurrencies worldwide. While some countries are growing and supporting this technological advancement, others are imposing regulatory rules due to security concerns associated with cryptocurrencies.
FAQs
Note that if we were to rank countries based on their actual number of crypto owners, India would rank first at 93 million people, China would rank second at 59 million people, and the U.S. would rank third at 52 million people.
What country owns the most crypto? ›
It's challenging to accurately determine which country owns the most Bitcoin due to the cryptocurrency's decentralized and anonymous nature. However, the United States dominates with 69,640 BTC, accounting for 90.3% of the world's government-held Bitcoin.
Is India a crypto friendly country? ›
However, in India, cryptocurrencies operate in a regulatory grey area, with no central authority overseeing their use as a payment medium. While Pakistan remains unregulated in this aspect, India, in the central budget of 2022 announced a 30% tax on gains from cryptocurrencies and a 1% tax deducted at the source.
Is India big in crypto? ›
India now ranks among the top five countries in peer-to-peer (P2P) crypto trading and 75% of Indian users opting for centralised exchanges (CEXs) are aged below 35, a demographic dividend no country can ignore.
Who is the largest Bitcoin holder in India? ›
Akshat Gupta: The individual reported to own the largest amount of Bitcoin in India is Akshay Haldipur. He is considered one of the top Bitcoin millionaires in the country, currently holding 77 BTC, which is valued at over INR 13.71 crore.
What country is the crypto capital of the world? ›
Singapore: crypto capital of the world.
How many people own crypto in India? ›
115 million: KuCoin, a global cryptocurrency exchange, estimated in 2022 that India has approximately 115 million crypto investors, representing 15% of the population aged 18-60.
Is crypto legal in India? ›
Cryptocurrency trading and investment are legal in India, but the regulatory framework is still evolving. In 2018, the Reserve Bank of India (RBI) issued a circular that prohibited banks and other regulated entities from providing services to businesses dealing with virtual currencies.
Who is the biggest Bitcoin holder? ›
Who owns the most Bitcoin in the world? The top Bitcoin holder is still believed to be Satoshi Nakamoto, the anonymous creator of Bitcoin, who reportedly holds around 1.1 million BTC across many wallets. Despite this large holding, the top 10 holders collectively only possess about 5.5% of the total Bitcoin supply.
Does the US government own Bitcoin? ›
F rom the increasingly ferocious federal crackdown on the cryptocurrency business, it might appear the U.S. government cannot stand digital currencies. Yet there is a love-hate dynamic: the Treasury is sitting on a stash of 207,189 bitcoin, worth $5 billion, by far the largest such state-owned hoard.
Some of the largest crypto exchanges available in the US include: Coinbase. Binance US. Kraken.
Where is the safest place to buy crypto? ›
If you are looking to trade on a highly secure, regulated crypto exchange that offers a large number of supported cryptocurrencies, Gemini is your go-to choice. If you are looking to trade a wide range of new and small-cap crypto tokens, BitMart is arguably the best choice.
Which country loves crypto investment the most? ›
Many 2021 surveys suggest at least 16% of Americans traded crypto. Plus, the U.S. was the only industrialized country in the top 10 of Chainalysis' 2022 Global Crypto Adoption Index. However, when analyzing the most crypto users by country per capita, Thailand appears to have the highest number of crypto holders.
What is the position of cryptocurrency in India? ›
RBI's Stance: The Reserve Bank of India has maintained a cautious stance towards cryptocurrencies, citing concerns over financial stability, investor protection, and the potential for misuse for illicit activities.
How many people in India in cryptocurrency? ›
It is estimated that 97.5 million people, 7.1% of India's total population, currently own cryptocurrency.
