Chainalysis: India has become the world's second-largest cryptocurrency market with an annual trading volume of nearly $268.9 billion.

According to the latest report from Chainalysis on September 19th, India has become the world's second-largest cryptocurrency market by original transaction volume, surpassing the UK, Turkey, and Russia, while the US remains the largest cryptocurrency market in the world to date. In terms of regions, Central Asia, South Asia, and Oceania account for 20% of the global cryptocurrency market. Chainalysis pointed out that from July 2022 to June 2023, the total transaction volume of India's cryptocurrency market reached nearly $269 billion. Although India's tax rate on cryptocurrency activities is much higher than that of most other countries, it has not suppressed the huge demand for cryptocurrency in India.