CSAO becomes one of fastest-growing crypto regions: Chainalysis
Blockchain analysis company Chainalysis has released an analysis report of the Central & Southern Asia and Oceania (CSAO) current standing on the global crypto adoption index. It found the region growing rapidly with trading volumes rising by more than 700% year-on-year since July 2020.
As per the report, the CSAO region seized the top three positions amongst countries with the highest crypto adoption, with Vietnam ranking first, India ranking second, and Pakistan ranking third. The report clarified the market trends and transaction conditions of each country by comparing these three countries.
All three countries have high penetration rates of cryptocurrencies at the grassroots level, but India and Vietnam are far larger than Pakistan in terms of market size. DeFi was seen as the driver behind the recent growth.
India had the largest share of DeFi activity standing at 59% compared to Vietnam’s 47% and Pakistan’s 33%. However, Pakistan saw the highest growth rate of 711%, followed by India at 641%.
Furthermore, looking at the breakdown by transaction history, Ethereum (ETH) and WETH (Wrapped ETH) used for DeFi transactions accounted for a large share in India.
In terms of institutional sized transfers, the report noted:
“Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam. Those numbers suggest that India’s cryptocurrency investors are part of larger, more sophisticated organizations.”
Joel John, a principal at cryptocurrency investment firm LedgerPrime, remarked that the overall sentiment around cryptocurrency has largely improved in India. He pointed out that where Investing in equities in India is a tedious process, crypto investments take less than half an hour, which has made investments in crypto a viable option.
Indian investors previously feared that cryptocurrency transactions would be banned after a while, making it difficult to use centralized exchanges. However, the report estimated that the Indian government has now turned to taxing rather than banning cryptocurrencies.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow