Strong

DeFi

WazirX

<ul>
 <li>India again holds the position of the largest crypto user globally despite the two challenges of regulation and high taxes.</li>  
 <li>CEXs are the most frequently presented in the market of India and serve as an intermediate between different types of investors.</li>  
 <li>Some decentralized finance (DeFi) platforms have started popping out in India to provide complicated financial tools.</li> 
</ul>  
<p><a href="https://cryptonewsland.com/india-tightens-grip-on-crypto-crypto-exchanges-under-aml-cft-scrutiny/" target="_blank" rel="noopener noreferrer nofollow">India </a>has once again held its place as the biggest consumer of cryptocurrencies in the world for the second year. Despite regulatory actions against crypto and high taxes,it still emerged the <a href="https://cryptonewsland.com/india-ranks-second-globally-in-crypto-transaction-volume/" target="_blank" rel="noopener noreferrer nofollow">second</a>. But then the government has imposed a 30% tax on income from cryptocurrencies and 1% TDS on every transaction. Though the craze for Bitcoins and other such assets does not seem to have waned in India.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/ImZiaulHaque/status/1833904536274288806
 </div>
</figure>  
<p>The country has therefore revealed high usage of central and decentralized financial platforms. This marks a shift that ignores the factors that define its complexity in the current market.</p>  
<h2 class="wp-block-heading" id="h-strong-adoption-of-centralized-finance">Strong Adoption of Centralized Finance</h2>  
<p>Another important factor that contributes to increased cryptocurrency adoption in India is the high dependence on centralized financial institutions. CEXs continue to dominate the Indian market today where users can easily purchase, sell, and exchange cryptocurrencies.&nbsp;</p>  
<p>These are not as complex as the former ones and this enables the average investor to participate in the crypto market. In addition, there is a growing increase in the use of cryptocurrencies&nbsp; supported by Indian exchanges including WazirX and <a href="https://cryptonewsland.com/coindcx-launches-6m-fund-after-wazirx-hack/" target="_blank" rel="noopener noreferrer nofollow">CoinDCX</a> for many users.</p>  
<h2 class="wp-block-heading" id="h-decentralized-finance-broadens-despite-legislation">Decentralized Finance broadens Despite Legislation</h2>  
<p>In addition to the centralized platforms, decentralized finance has also rapidly developed in the country. The decentralized finance platforms, which grant access to financial products like lending and trading without involving intermediaries, have become popular despite regulation problems. The growth in the number of users of these platforms is due to the fact that they are versatile. Also,they&nbsp; avoid some of the limitations that exist in centralized exchanges, especially in India.&nbsp;</p>  
<p>The interest&nbsp; towards DeFi in India shows that there is more desire for sophisticated financial products in the cryptocurrency market. India will likely move to regulate the cryptocurrency market despite the variety in the global adoption rate.Nonetheless, the Indian crypto users stand tall, and there is no evidence of their number reducing any time soon.</p> 
<p>The post <a href="https://cryptonewsland.com/india-maintains-global-crypto-adoption-lead-why-centralized-and-defi-usage-is-so-strong/" rel="noopener noreferrer nofollow">India Maintains Global Crypto Adoption Lead—Why Centralized and DeFi Usage Is So Strong</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

India Maintains Global Crypto Adoption Lead—Why Centralized and DeFi Usage Is So Strong

Table of Contents

Crypto News Land

Other articles published on Sep 11, 2024

Why Did Bitcoin Price Fall Today? Analysts Explained and Shared What May Happen in the Coming Period

Bitcoin News: Japanese Yen Pump Can Trigger Yen Carry Trade Unwinding, Will BTC Price Hold Up?

WEMIX PLAY Gets a Bold New Look!

Atomic Wallet wins dismissal of class suit over $100M hack

Atomic Wallet Class-Action Dismissal: US Court Dismisses Class-Action Lawsuit Against Atomic Wall...

What is Ondo Finance?

Join our free newsletter for daily crypto updates!