India’s cryptocurrency market grew 641% over past year, says report

India, Vietnam and Pakistan are helping to lead the expansion of cryptocurrency markets in central and southern Asia, according to Chainalysis.
India’s market grew 641% over the past year and Pakistan’s 711%, a report from Chainalysis showed, using a metric that estimates the total cryptocurrency received by a country.

India has a 59% share of activity taking place on decentralized finance (DeFi) platforms, with Pakistan at 33%, the report said, adding there’s been a significant increase in cryptocurrency-related entrepreneurship and venture capital investment in the region.

“Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam,” the report said.