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Recent reports from India indicate that the crypto trading market continues its massive growth in the country without showing any signs of stopping. The increasing crypto activity in the country does not come as a surprise, however, as the country`s younger population has shown substantially increased interest in the crypto industry.
Several new crypto exchanges have emerged in the country lately, further boosting the user base as well as investments in the country. Experts say that the sum of the recent activities in the country in terms of crypto transactions could cross all of the previously reached milestones.
According to a survey by crypto research and intelligence firm CREBACO, cryptocurrency investment in India now stands at over $10 billion. The study also indicates that the number is up from $923 million in April of last year.
The study also talked about more details of the crypto trading in the country, saying that as many as 15 million people have already invested in digital assets in India.
On the other hand, the CEO of WaxirX, one of the leading crypto exchanges in the country, has recently claimed that the crypto industry in the country was close to crossing the 100 million user mark.
The CEO of the company also added that the estimates of the maximum base in the country are as much as 20 million. WaxirX alone boasts as many as 8.5 million users in the country. CREBACO claims that it is impossible to ignore the huge interest in the crypto trading market in India and due to its popularity, it is hard to imagine the market slowing down its expansion in the country.
India’s Crypto Market is Maturing
Market experts in the country believe that the local crypto trading market is maturing, showing signs of further expansion and popularization among local investors and traders. According to them, a very important sign that the crypto market in the country is maturing is the introduction of new trading products by leading crypto exchanges in the country.
In addition, systematic investment plans and fixed deposit plans are also becoming more popular and prominent in the country. Also, the competition between crypto exchanges in the country increased a lot over the past few years.
This is mainly caused due to the fact that there are numerous available crypto exchanges in the country and they had to offer better services than the others to attract more clients to their platforms.
The majority of the crypto exchanges in the country are working very hard to make the market easier for beginners to get started in. One of the things that these exchanges offer to beginner traders is automated crypto trading.
Thanks to cryptocurrency automatic trading, crypto enthusiasts in the country can analyze huge amounts of data in a short time, which is a very important factor for successfully trading cryptocurrencies.
The automated trading robots, traders are also able to trade cryptocurrencies without spending hours in front of their computers.
Because crypto trading is becoming so much easier, there are more people who are showing their interest in the crypto trading market. As of now, the only thing that traders are required to do in India to get started is to have an internet connection, create an account with one of the crypto exchanges, and deposit funds.
Plans for Further Crypto Regulations in India
Cryptocurrency regulations have been discussed in India numerous times. Officials of the country have expressed different types of views regarding the future of the crypto trading market in the country.
Recently, Finance Ministry representatives of the country have said that any updates about the further crypto laws in the country would be made public once the government of the country submits the Union Budget of India, which is going to happen in February.
It was reported by local media that the government of the country might be looking into establishing a legal framework for crypto digital currencies as assets. It was reported that the representatives of the Finance Ministry of the country have hinted at the potential of treading cryptos closer to commodities than currencies.
If this legislation is really adopted, this would open some doors for the crypto industry in the country and avoid the outright ban on digital assets, which is something that some of the Indian lawmakers have said was being considered.
If adopted, the new regulations about the cryptocurrency market in the country would take effect before the next fiscal year.
However, although some people believe that it is very much a positive development for the country and the future of the crypto industry, there are others who believe that some negative consequences should also be expected For example, if the country adopts the expected laws, it could envisage taxing crypto earnings.
As much as the crypto industry continues to become more and more popular in the country, there still is not a clear and concise regulatory framework affecting the crypto trading market.
With a population of over 1.4 billion people, India is a great place for the development of the crypto trading market. Over the past few years, the government has not taken any firm positions regarding the regulatory status of cryptocurrencies. Although the government representatives have hinted at some changes on numerous occasions, no actual steps have been taken yet.
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