- KuCoin’s latest survey shows that Indian crypto investors are concerned about crypto regulation.
- It is estimated that 115 million people in India are invested in crypto.
- KuCoin’s CEO expects that the number of crypto investors in India will continue to grow.
A recent survey done by the global crypto exchange platform, KuCoin, estimates that around 115 million Indian citizens are invested in cryptocurrencies. However, many are still concerned about the government’s stance toward the sector.
KuCoin’s CEO, Johnny Lyu, admitted that the number of crypto users in the country was a “confirmation of expectations.” This is because India is a populous country with a tech savvy middle class. As a result, Lyu expects to see a proportionally strong layer of investors to engage in crypto.
The findings of Kucoin’s “Into The Cryptoverse India Report” survey were released on Tuesday. The estimated 115 million crypto users in the region represent around 15% of the Indian population aged between 18 and 60.
These citizens were polled between October 2021 and June 2022. 1,541 respondents identified themselves as crypto investors who either own crypto or who have traded crypto over the previous 6 months and intend to continue to do so.
One of the key highlights of the survey is that 33% of the survey participants expressed their concerns about the ambiguous government regulations that could deter potential investors. It was also evident that there were some security concerns, as 26% were worried about hacks and exploits.
Meanwhile, 235 of those surveyed were concerned about losing funds in the event of a security incident.
The survey also showed that a growing section of India’s crypto users is younger than 20 years old, with 39% of the investors aged between 18 and 30 identified in the first quarter of 2022.
A prominent theme was investing for the future, with 54% of respondents seeing the potential for cryptocurrencies to provide a higher return on investment than conventional assets.