Crypto Soars to New Heights: From Fringe to Mainstream in India

As of September 6, 2025, the global cryptocurrency market has undergone a remarkable transformation, with the total market capitalization reaching a staggering $4.18 trillion at its peak in August. This surge in crypto adoption has been driven by a combination of factors, including the pro-crypto administration in the US, the increasing curiosity and comfort of Gen Z investors in exploring tech-driven financial products, and the growing institutional adoption of digital assets.

In India, the cryptocurrency landscape has also been evolving rapidly. While the market remains unregulated, the country is set to release the first draft of its cryptocurrency discussion paper soon. This highly anticipated policy paper is expected to explore the use cases and benefits of technologies like blockchain and stablecoins, as well as address the need for consumer protection and responsible adoption of crypto assets.

Leading Indian crypto exchanges have witnessed a significant surge in user registrations and trading volumes. CoinSwitch, a leading platform with over 20 million users, saw a 2.5x jump in user registrations between January and December 2024, with trading volumes surging by 6.5x. Mudrex, another homegrown crypto exchange, serves a community of over 3 million users and processes nearly $500 million in monthly trading volumes, with new user participation growing at around 30% month-on-month.

As the crypto ecosystem in India matures, industry experts believe the country will play a leading role in the global crypto story, leveraging its talent and potential to drive responsible innovation and growth in the digital asset space.