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Crypto Surges in India’s Smaller Cities Amid Weak Job Growth

25 February 2025
in Crypto, News
Reading Time: 3 mins read
106 3
Home News Crypto

Crypto trading volumes in India surged to $1.9 billion in Q4 2024, more than doubling from the previous quarter.

According to Reuters, this surge was driven by investors from smaller cities who turned to digital assets amidst sluggish job growth and stagnant wages.

Edul Patel, co-founder of Indian crypto exchange Mudrexas, noted that Stricter stock market regulations and a growing curiosity about cryptocurrencies have driven this shift. Many young Indians who previously traded stocks and derivatives now see crypto as a viable alternative, particularly as Donald Trump’s presidency reshapes the global crypto landscape.

Retail traders fuel much of this activity, with exchange executives telling Reuters that smaller cities are at the forefront of adoption. In 2024, seven of the top 10 cities leading India’s crypto boom were hubs like Jaipur, Lucknow, and Pune, where residents increasingly view digital assets as an additional source of income.

Despite regulatory uncertainty and high taxes, long-term projections remain optimistic. According to Kush Wadhwa, partner at Grant Thornton Bharat, India’s crypto market is expected to surpass $15 billion by 2035, which reflects the sustained interest and potential institutional growth.

As retail adoption rises, U.S.-based exchanges are positioning themselves to capitalize on the trend. Kraken is preparing to re-enter the Indian market by appointing Vishesh Khurana, co-founder of Shiprocket, as an advisor to lead local operations. Banned in early 2024 for violating anti-money laundering regulations, the exchange must now register with the Financial Intelligence Unit (FIU) and comply with the Prevention of Money Laundering Act (PMLA). A Kraken spokesperson confirmed plans to apply for authorization. Meanwhile, Coinbase is also considering a return after facing resistance from the National Payments Corporation of India and reported “informal pressure” from the Reserve Bank of India. With major players eyeing a comeback, India’s crypto market is poised for further evolution despite its regulatory challenges.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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