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Indian crypto space is huge, but how transparent is it?

Various reports suggest that India ranks second out of 154 countries when it comes to cryptocurrency adoption and even the country's crypto curiosity metric of maximum internet searches at 36 lakh is second only to the US' 69 lakh over the last 12 months.

 Though cryptocurrency has vast potential for growth, investor safety remains a concern (Image: Reuters)

India seems to be miles ahead of the world when it comes to upping its ante on cryptocurrency adoption! At just over 10 crore, India seems to be comfortably and hugely outpacing the globe when it comes to the number of cryptocurrency investors in the country, preceded by the US with 2.74 crore investors and Russia, which stands at 1.73 crore users, per reports by broker platform Brokerchooser.

The data, tweeted by Zerodha founder Nithin Kamath, also went on to highlight India’s dominance in this space as the fifth-largest country in terms of the total population being cryptocurrency owners and the seventh most crypto aware country in the world. What’s more, India also registered a massively significant yearly growth of about 651 percent in terms of cryptocurrency reception in the country.

And the saga does not stop here. Various reports suggest that India ranks second out of 154 countries when it comes to cryptocurrency adoption and even the country's crypto curiosity metric of maximum internet searches at 36 lakh is second only to the US' (69 lakh) over the last 12 months.

While these figures only serve to strengthen India’s enthusiasm about crypto, under the umbrella of government and regulatory ambiguity, there also brews opaqueness and a lack of clarity about crypto, when seen from a perspective of investor transparency.

While cryptocurrency is quickly becoming a vast ocean of opportunities, experts opine that our visions around it in the sphere of investor safety perhaps remain myopic, similar to that of a lake. And to swim in this rapidly growing ocean, there clearly needs to be more transparency, more visibility, and more clarity, and more robustness of investor protection, they say.

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