What this Kucoin report says about Indian crypto investors
Crypto exchange Kucoin recently published a report that provided insight into the cryptocurrency space in India.
This survey conducted published information on the emerging developments in India’s blockchain space
According to Cryptoverse Report India, the number of investors in the country was in the order of 115 million as of June 2022.
The basis for the report is that users have either shopped or held assets in the past six months.
According to the report, the crypto economy in India has grown rapidly. This is also when the crypto market has experienced a market downturn.
In addition, more than half of these investors have planned to increase their investments in the next six months.
This investigation by KuCoin lasted from October 2021 to June 2022, which the company had described “as an in-depth look at the development of the blockchain industry and the crypto space” in India.
Crypto investors are from the younger generation
KuCoin India has depicted their results that the digital asset space in India is quite a younger population.
It said that 115 million investors represent 15% of India’s population in the 18-60 age group. The other 10% of the same group are still interested in investing in the same within six months.
Respondents to the survey were a total of 2,042 Indian adults aged 18 to 60, according to Kucoin. It also mentioned that 1,541 of them had identified themselves as investors or were curious about the same.
Kucoin mentioned,
The size of crypto investors has seen mild growth in recent months despite the adoption of new tax rules. With the country’s large tech-driven young population, fast-growing internet users and fintech advancements, crypto is heading towards greater adoption, making India a key crypto hub.
Other similar reports conducted on Indian investors
The UN Conference on Trade and Development also carried out a report estimating the number of investors in the country.
In a report published in June, the organization mentioned that 7.3% of the total population of the country owns crypto. In July, the UN had given an estimate that India accounts for 1.41 billion people.
The demographic structure of investors has become younger because 39% of all first quarter of 2022 are between 18-30 years old.
This had marked an increase of 7% in the previous quarter. Investors investing for the first time make up 39% of young investors under the age of 30. They have also started trading in the last three months.
Furthermore, there is another problem with the Indian government and its attitude towards digital assets.
The report suggested that
Despite the local government’s stance on digital assets and levying a 30% tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030.
