Key Highlights
- India ranks #9 globally for crypto transactional use, led by retail and stablecoins.
- The Bybit–DL Research report shows digital assets moving into mainstream finance.
- Rising volumes and 44,000+ tax notices push India toward clearer crypto rules.
India has secured the 9th spot globally in crypto transactional use, according to the World Crypto Rankings 2025 released on December 11 by Bybit and DL Research. The report shows India’s retail-driven activity gaining momentum as users increasingly turn to stablecoins for payments, remittances, and day-to-day financial transfers.
India’s surge, noted in the report shared with The Crypto Times, comes despite high taxes and vague regulations. Millions still use crypto daily, making India one of the world’s most active emerging markets.
“Despite regulatory uncertainties, India continues to demonstrate remarkable growth in crypto adoption, driven largely by stablecoins and an active retail base,” said Vikas Gupta, Country Manager of Bybit India. “This ranking underscores India’s potential to become a global force in digital finance, and Bybit remains committed to working with partners, policymakers, and the community to support this evolution.”
Key insights from the global report
The report places India among countries with the highest real-world crypto usage, alongside the United States, Nigeria, Vietnam, and Kenya. It also outlines several global trends shaping crypto adoption in 2025:
- Institutional hubs like Singapore, the U.S., Switzerland, Lithuania, and the UAE lead due to strong infrastructure and regulation.
- Stablecoins are the most widely used crypto product worldwide, with adoption unaffected by income levels.
- CEX/DEX traffic concentrates in higher-GDP nations, reflecting investment-focused usage.
- On-chain payrolls are rising fast, from 3% to 9.6% in a year, with stablecoins making up over 90% of payments.
These findings indicate a shift: crypto is moving from speculative use to core financial utility, especially in emerging markets where traditional banking remains limited.
Digital assets in the financial mainstream
Bybit’s report highlights that the digital asset class is becoming increasingly integrated into global financial systems, and India offers one of the clearest examples.
In 2024–25, India recorded $6 billion in crypto transaction value, supported by rising TDS compliance and accelerating retail activity. Stablecoin flows have surged as users turn to faster, cheaper cross-border and savings options than traditional banks.
The report adds that countries establishing supportive frameworks by 2026 will capture revenue and innovation, while restrictive markets risk losing activity elsewhere.
Rising volumes spark regulatory pressure
India’s growing on-chain participation has also intensified enforcement. On December 10, the government disclosed that 44,000+ tax notices were issued to crypto traders who failed to report their gains, uncovering nearly ₹888 crore in unreported income.
As trading accelerates, India is being pushed toward clearer rules. With global oversight tightening, upcoming policy decisions will shape its role as a major crypto market.
With stablecoin use rising, retail adoption accelerating, and government scrutiny tightening, India now enters a pivotal phase. The coming year will show whether regulation can catch up to explosive grassroots growth or whether crypto continues expanding faster than policy can adapt.
Also read: India HPZ Token Scam: CBI Names 30 Accused in Major Crypto Fraud
