The cryptocurrency landscape in Central & Southern Asia and Oceania (CSAO) is changing, with each country carving out its unique niche in the digital asset space. A recent Chainalysis report highlights the region’s impressive growth, accounting for over $750 billion in crypto inflows between July 2023 and June 2024.
This figure represents 16.6% of the global value received, solidifying CSAO’s position as the third-largest crypto region globally. Among the standout performers, India has emerged as a global leader in grassroots crypto adoption. Meanwhile, Singapore is witnessing a surge in crypto payment services, and Indonesia’s market is buzzing with trading activity.
India’s Resilient Crypto Ecosystem Defies Regulatory Hurdles
India’s cryptocurrency market continues to thrive, showcasing remarkable resilience in the face of regulatory uncertainties. Despite a 30% capital gains tax and a 1% tax deducted at source (TDS) on all transactions, the country has maintained its position as a top global crypto hub.
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The Indian crypto landscape faced a brief setback in December 2023 when the Financial Intelligence Unit (FIU) issued notices to nine offshore exchanges for non-compliance with anti-money laundering laws. However, the impact was short-lived, as users found workarounds to access these platforms.
Singapore’s crypto market is experiencing a notable shift, with retail and professional investors showing increased interest. The city-state is emerging as a hub for crypto payment services, with local startups and established players alike embracing digital assets as a means of transaction.
One striking development is the growing adoption of cryptocurrency for everyday purchases. In March 2024, super-app Grab began accepting crypto top-ups for its e-wallet, allowing users to make payments using popular cryptocurrencies and stablecoins.
Indonesia’s crypto market is experiencing explosive growth, with a year-over-year increase of nearly 200%. This surge is primarily driven by trading activity, as Indonesians seek new investment opportunities and quick profits in the digital asset space.
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