India to Significantly Increase Crypto Market Share This Year: Report

India’s cryptocurrency market is set to gain significant market share this year, according to an industry report. The regulatory environment, the instability of the rupee, and remittances are key drivers that will send the Indian crypto industry soaring.

Indian Crypto Sector Flourishing

The Indian cryptocurrency market is poised to gain considerable global market share starting this year, according to a report published last week by Coinpaprika and Okex. The former is a cryptocurrency research platform while the latter a global crypto exchange. They analyzed the Indian crypto sector, major players, the challenges they face, and the rapid development of the country’s crypto ecosystem.

“India is one of the fastest-growing crypto markets, gradually catching up on cryptocurrency development,” the two companies wrote, elaborating:

We attribute the driving force of the Indian cryptocurrency market development to three significant factors, namely immigrants, finance, and government…