India has become one of the largest markets for
cryptocurrencies with Indians parking nearly USD 6.6
billion in cryptocurrencies until May this year, compared
to USD 923 million until April 2020. India ranks 11 out of
154 nations in terms of cryptocurrency adoption, as per
blockchain data firm Chainalysis. While this growth has
given Indian cryptocurrency exchanges a reason to
celebrate and attract global investors, the regulatory
framework has remained unclear and ambiguous.
