Early this week, KuCoin released a survey regarding the new developments in India’s blockchain and crypto space – Into The Cryptoverse Report India, which revealed the number of crypto investors in the country to be in the range of 115 million as of June 2022.
These people have either traded or held crypto assets in the past six months, the study claimed.
Crypto Investors Have a Youthful Profile
The KuCoin’s India survey presents a cheerful crypto investment landscape in the country. It says 115 million crypto investors represent 15% of India’s population in the 18-60 year age group, while another 10% of the same group are crypto-curious consumers planning to invest in the asset in the next six months.
The demographic profile of crypto investors is increasingly becoming young, as 39% of all in the first quarter of 2022 are aged between 18-30 years, a rise of 7% over the previous quarter. First-time crypto buyers constitute 39% of young investors below 30 years. They have started trading only over the past three months.
Hurdles in Crypto Investments
“The ambiguity in government regulations has been a key factor deterring potential investors. 33% report that government regulation is a concern when considering investing in crypto. The safety of investing in crypto is also a concern for many, as 26% worry about hackers being a threat, and 23% fear that they may not get their money back in case of security incidents,” a PR from KuCoin said about the survey.
The study says the lack of sufficient knowledge about crypto investment is the most significant hurdle in the growth of crypto investments in India. It cites 41% of respondents as saying they don’t know which type of crypto products they should choose for investments. Twenty-one percent of respondents said they don’t understand how digital assets work, and 27% find it difficult to predict market directions.
Subdued Investors’ Sentiment
The investment sentiment is currently subdued because of the market downturn. It reflects in investors’ preference to maintain the current level of crypto investments rather than increase it. Looking at the high prospects, the Indian government has announced the launch of CBDC, which has further piqued the interest of locals in the digital economy, the KuCoin PR said.
Last month KuCoin’s CEO said India would emerge as a key market in the long run, thanks to the local “expertise” and “welcoming market.” “India accounted for an enormous quantity of 5.6 million new customers that KuCoin added in the first half of 2022,” he explained.
In May, KuCoin announced plans to launch an NFT exchange through its liquidity trading platform Pool-X, slated to begin operations in November.