54 pc of Indian traders in 2021 were first time crypto investors
A new report by Gemini showed that growth in Indian crypto participation was growing at a faster rate than any other country in the world.
A new study by Gemini has shown that India was leading in the number of first time crypto investors in 2021. Nearly 54 percent of all traders in India last year were purchasing crypto currencies for the first time in their lives.
Other nations with a large number of first-time crypto investors included Brazil and Hong Kong, with 51 percent of traders in 2021 buying their first token in both nations. Overall, in the Asia-Pacific region, 45 percent of respondents said that they had bought their first cryptocurrency last year.
Overall, India remains just outside the Top 10 in terms of total crypto owners. As of February 2022, when the report's surveys were completed, one in every five Indians owned a cryptocurrency.
Indonesia and Brazil led the way in terms of national crypto adoption, with 41 percent of the respective countries - or two in every five citizens - saying that they own a cryptocurrency.
However, with the new taxation and regulation laws that are being passed and discussed by the Indian Finance Ministry, there is worry in the industry that crypto will see dropping rates of retail investment. In fact, an earlier article even mentioned that the new rules will see a change in the average Indian crypto investor from young retail owners to older high net worth individuals (HNIs).
The Gemini report mentions this as a factor in limiting further crypto adoption in India. It says that regulatory uncertainty, a lack of education and awareness, and heavy tax impositions could be an impediment to further growth in India and the larger Asia-Pacific region.