India Takes Top Spot as World's Most Active Crypto Market

Coinbase has announced that India is the top cryptocurrency market in terms of digital asset usage. The crypto exchange relaunched its services in India, meeting regulatory standards.

The government's crypto tax regulation in India has pushed traders from spot to futures markets, with around 80% of trading now taking place on the latter. This shift is due to the 1% Tax Deducted at Source (TDS) applied to every crypto spot transaction, making futures a more appealing option.

Coinbase's relaunch in India marks a significant move for the company, with CEO Brian Armstrong stating that Coinbase now has a local license and access to local payment rails. This is a major improvement from the previous launch in 2022, which was suspended after the National Payments Corporation of India (NPCI) stated that crypto exchanges couldn't work with UPI support.