KuCoin Survey Finds 33 Percent Of 115 Million Indian Crypto Investors Are Concerned About Regulations

Nearly 15 percent of the Indian population aged 18 to 60 years are found to either hold crypto assets or have traded in the sector in the past few months.

Cryptocurrencies face a taxation of 30 percent on all gains in India.

KuCoin, a Seychelles-headquartered crypto exchange with over 10 million users in over 200 countries, has conducted a survey to offer a deep insight into the crypto sector of India, the world’s second-most populous nation. Titled “Into The Cryptoverse Report India”, the survey revealed that despite stringent taxation on gains from crypto, the Indian market is expected to reach $241 million within this decade. While the Reserve Bank of India (RBI) maintains a strong stance against crypto, the Centre is looking to tap into the crypto space with the introduction of a central bank digital currency (CBDC) within this fiscal year. 

As per the KuCoin survey, there are nearly 115 million crypto investors in India — who either hold crypto assets or have traded in digital coins in the past six months — as of June 2022. This accounts for 15 percent of the Indian population aged 18 to 60 years.  

Out of the survey class, 10 percent of adults in the country are curious about crypto and plan to invest in the coming six months. Around 33 percent of investors have expressed concern that government regulations may prove to be a deterrent when it comes to putting their money on crypto. 

Around 26 percent are worried about crypto hacks and cyberattacks, and another 23 percent are worried that they might not get their money back in case of security incidents. 

The ongoing meltdown in crypto prices have also left its impact on investment plans. The survey showed that some investors wish to hold on to their current crypto assets and not invest more in the sector. However, the survey also revealed that more than half of investors plan to increase their investments in the coming six months. 

Among respondents, 41 percent said they are not sure which type of crypto products to invest in, 37 percent are facing difficulty in managing the risk of their portfolios, and 27 percent are having trouble in predicting market directions. Interestingly, 21 percent of respondents are not clear about how crypto works.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.