India Surpasses South Korea as Largest Crypto Market in Asia with $340 Billion Inflows

India has surpassed South Korea to become the largest cryptocurrency market in Asia, according to a recent report from the OECD. Between June 2024 and June 2025, India recorded an estimated $340 billion in crypto inflows, representing nearly 9% of its gross domestic product (GDP). This figure is equivalent to approximately ₹32 trillion, underscoring the country's expanding role in the global digital asset economy.

Despite one of the strictest tax regimes applied to digital assets anywhere in the world, India has seen a significant surge in cryptocurrency adoption. The report notes that Chainalysis ranked India first globally in its 2025 Global Crypto Adoption Index for the third consecutive year, with approximately 119 million cryptocurrency users. Analysts attribute this growth to factors such as the country's youthful population and widespread adoption of digital payment infrastructure.

As India continues to lead the way in cryptocurrency adoption across Asia, lawmakers are increasingly pressing the Reserve Bank of India (RBI) to clarify its long-term position on cryptocurrencies. The RBI has consistently maintained a cautious stance toward private digital assets, but the country's continued leadership in global cryptocurrency adoption has complicated that stance.

The regulatory debate entered a new phase as lawmakers scheduled formal discussions with the RBI regarding cryptocurrencies. This marks one of the first occasions Parliament has directly questioned the central bank about its approach to digital assets. The parliamentary discussions may offer early indications of whether policymakers intend to preserve the current approach or begin developing a more comprehensive legal framework.