India has emerged as the leader in the 2023 Global Crypto Adoption Index, according to a report by Chainalysis, a blockchain analytics firm. The index ranks countries based on four metrics: on-chain cryptocurrency value received, on-chain retail value transferred, number of on-chain cryptocurrency deposits, and peer-to-peer exchange trade volume.
Crypto Market in India is on the Rise
The report states that India has the largest cryptocurrency market in the region and leads the way in grassroots adoption. India has also become the second-largest crypto market by estimated transaction volume globally.
The report attributes India’s success to its unique tax cut applicable to cryptocurrency transactions, with a 1% tax imposed on all transactions. India has also played an important role in implementing the Global Crypto Framework, which aims to facilitate the exchange of information between the G20 countries from 2027.
The report also reveals that Nigeria and Thailand are the second and third countries in the index, respectively. Both countries have shown strong growth in crypto adoption among lower-middle-income (LMI) countries, which comprise more than 40% of the world’s population.
The report notes that LMI countries generally have developing industries and populations that can benefit from crypto assets.
Crypto Hacks from NK on a Downtrend
On the other hand, the report shows that North Korea’s crypto hacks have declined significantly in the past year. Chainalysis reports that North Korea-related crypto thefts have dropped from $316 million in 2022 to $12 million in 2023.
The report suggests that this could be due to increased security measures by exchanges and other crypto platforms, as well as international sanctions and pressure on North Korea. However, the report warns that North Korea’s crypto hacks could change overnight, as the country has a history of launching sophisticated cyberattacks on financial institutions and crypto platforms.
The report urges the crypto community to remain vigilant and cooperate with law enforcement agencies to prevent and combat North Korea’s illicit activities.
