India Dominates Chainalysis Crypto Adoption Index for Third Year Straight

India has retained its position as the top country for crypto adoption for the third consecutive year, according to Chainalysis' Global Crypto Adoption Index. The US came in second, followed by Pakistan.

The index measures adoption across four sub-indices: retail centralized service value received, overall centralized service value, DeFi value received, and institutional service value. India finished first in all four categories.

Despite a regulatory environment that discourages crypto participation, India's dominance is striking. A 30% tax on crypto gains and a 1% tax deducted at source on every transaction would be enough to deter most markets, but it barely made a dent in India.

The APAC region saw a 69% year-over-year increase in on-chain value received, reaching $2.36 trillion by June 2025. India contributed roughly $338 billion to that regional volume, making it one of the primary engines driving APAC's crypto growth.