Delhi Rapidly Grows As India’s Largest Cryptocurrency Hub

In recent crypto news, statistics revealed that Delhi is currently dominating as the largest cryptocurrency hub in India. Accounting for about 8.8% of the country’s total population of crypto holders, Delhi tops the list, with Mumbai and Bengaluru coming behind it. Moreover, 75% of crypto investors in India are reportedly below 35 years old, with popular crypto assets including Bitcoin, Ethereum, and Dogecoin. Meanwhile, crypto firms in India reportedly remain focused on improving their compliance and services in India in 2024.

According to the report, Delhi has beaten other big cities in India like Hyderabad and Mumbai to become the biggest crypto hub in the country in terms of the number of investors. The report revealed that Delhi has the highest percentage of digital asset investors in the region at 8.8%. Mumbai and Hyderabad come in second place, with Bengaluru reportedly occupying the fourth position with about 8.3% digital assets investors.

Delhi Beats Hyderabad, Mumbai, And Bengaluru

Furthermore, the statistics revealed that Delhi, Hyderabad, Mumbai, and Bengaluru collectively account for about 20% of the total digital assets holders in India. Meanwhile, the report showed rapid adoption of crypto in smaller tier II regions in the country, including Lucknow, Jaipur, and Pune where crypto investments are rapidly growing. 

In addition, it highlighted that about 75% of crypto assets investors in the nation fall within the age range of 18 and 35. This demographic, full of energy and enthusiasm, is reportedly behind the rapid movement and growth of cryptocurrency adoption in the region. Additionally, the report also stated the names and statistics of crypto assets that are popularly held in the country. 

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For instance, Dogecoin holds the highest percentage accounting for about 11% of the whole invested value. Occupying the second and third ranks are Bitcoin and Ethereum with 8.5% and 6.4%, respectively. Moreover, Solana recorded a significant performance as it increased hugely by 633% in the portfolio of Indian investors.

Crypto Markets Grow Despite Compliance Challenges

Commenting on the remarkable growth, the Business chairman at CoinSwitch analytic firm, Balaji Srihari, stated that the supports of patient investors served as encouragement for the crypto industry as it continues to put effort towards solving the compliance issues it faces in the country. 

Generally, the report revealed that the crypto community in India has shown significant resilience and adaptability by withstanding and overcoming several challenges and regulatory issues it faces in recent times. For instance, local crypto exchanges like Coinswitch, CoinDCX, and WazirX recently diversified their crypto services to facilitate more participation and engagement. Some other firms reportedly integrated decentralized finance features like secure, easy-to-use wallets. 

Furthermore, the report indicated that crypto exchanges in the country are now wary of regulatory compliance, particularly after the government mandated companies providing digital assets services to obey laws under the Prevention of Money Laundering Act. Moreover, many notable exchanges like Coinswitch and WazirX have reportedly obtained their operation licenses from the Financial Intelligence Unit-India.

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India Continues To Advocate For Crypto Regulation

In addition, the report pointed out that the Indian government is actively researching crypto innovation as it puts pragmatic policies in place. While leading the G20, India facilitated global collaboration and consensus in creating a unified and clear crypto regulatory framework. 

This is because India believes it is more preferable to regulate and control the cryptocurrency space instead of banning it completely, as it understands the potential benefits the crypto innovation offers the global economic system. Meanwhile, the recent downward trend of the market does not delay or deter the positive sentiments that surround the Web3 ecosystem. 

Additionally, crypto venture capitalists have pointed out several ongoing startups with high quality, showing interests in different projects in the industry. As 2024 draws closer, the industry is feeling a sense of revival as some market indicators suggest an imminent bullish trend in the market.

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Brenda Collins

Brenda Collins is a seasoned crypto news writer with a deep passion for blockchain technology and its transformative potential. With years of experience in the industry, she has honed her skills in delivering concise and insightful analysis, making complex concepts accessible to a wide audience. Brenda's dedication to staying up-to-date with the latest developments in the crypto world ensures her readers receive accurate and timely information.

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