India’s Crypto Surge
The report highlights India’s retail crypto participation, largely fueled by a tech-savvy young population, affordable internet, and widespread financial inclusion. Vikas Gupta, Country Manager of Bybit India, noted that India’s ecosystem is “mobile-first,” with over 750 million smartphone users and some of the lowest mobile data costs globally.
India is also a major contributor to blockchain development, hosting one of the largest pools of developers and engineers. Since 2020, the country has attracted more than $1.3 billion in Web3 startup funding, reflecting strong engagement in decentralized finance (DeFi) platforms and cementing India’s role in global crypto growth.
The top 10 countries in overall crypto adoption for 2025 are:
- India – 1st
- United States – 2nd
- Pakistan – 3rd
- Vietnam – 4th
- Brazil – 5th
- Nigeria – 6th
- Indonesia – 7th
- Ukraine – 8th
- Philippines – 9th
- Russia – 10th
India ranked first across all categories, including retail centralized service, DeFi value received, and institutional crypto activity. The US ranked second overall, but only tenth in retail participation, reflecting stronger institutional adoption.
APAC Emerges as Fastest-Growing Region
The APAC region recorded a 69% year-on-year increase in crypto transaction value, growing from $1.4 trillion to $2.36 trillion. The surge is driven primarily by India, Vietnam, and Pakistan. This growth underscores the increasing grassroots adoption of both centralized and decentralized crypto services across Asia.
North America, while slower in grassroots adoption, gained momentum through regulatory developments, including approvals for spot Bitcoin ETFs and clearer frameworks for institutional participation. These measures have legitimized crypto activity and encouraged broader adoption in traditional financial channels.
Looking Ahead
With a large base of smartphone users, affordable internet, and growing investment in Web3 technologies, India is set to maintain its leading position in global crypto adoption. Experts predict continued growth across APAC and North America as regulatory clarity and technological innovation further boost participation.