What the Chainalysis report says
According to Chainalysis' 2025 Global Cryptocurrency Adoption Index, India ranks first globally in crypto adoption across all sub-indices, including centralized transactions, DeFi, and institutional. The U.S. ranks second, especially driven by institutional flows thanks to spot ETFs and a clearer regulatory framework.
The Asia-Pacific (APAC) region recorded the fastest growth, with a year-on-year increase of 69% in on-chain activity, raising the total figure from $1.4 trillion to $2.36 trillion between June 2024 and June 2025. India, Vietnam, and Pakistan were the main drivers.
In absolute terms, the U.S. remains the largest source of fiat capital into crypto, with $4.2 trillion, while India leads in terms of purchasing power adjusted and per capita penetration.
Outlook in India
India leads for the second consecutive year in this index, a remarkable achievement considering its still-developing regulatory ecosystem.
According to the Mudrex report, 93% of crypto users in India want regulation, while 84% consider the current tax system unfair. This reflects strong social pressure for clear regulatory frameworks.
Additionally, the digital payments sector, supported by innovations like UPI (Unified Payments Interface), strengthened the country’s fintech infrastructure. The adoption of digital payments grew by 10.7% year-on-year in 2025, facilitating access to crypto services.
What does all this mean?
Wide and diverse adoption: Crypto is becoming a grassroots financial tool, encompassing everything from remittances to DeFi.
Demand for regulations: Regulatory pressure is intense, which may drive more favorable and orderly frameworks.
Robust fintech infrastructure: The penetration of UPI and fintech makes access to the digital economy more accessible.
Geographic shift in adoption: Emerging markets in the global south are consolidating their central role in the global crypto ecosystem.
India has moved to lead global crypto adoption in 2025, surpassing the U.S. largely due to a strong retail user base, growing institutional development in the sector, and very advanced fintech infrastructure. Regulatory pressure and a clear demand for legal clarity shape a transformation scenario driven from within the country.
