India’s Crypto Ecosystem Could Hit $15B by 2035, Even Without Government Support

Key Takeaways

• India’s crypto marketplace is projected to turn to arsenic overmuch arsenic $15 cardinal implicit the adjacent decade.

• With much than 119 cardinal users, India is the world’s largest crypto marketplace by idiosyncratic base.

• Despite soaring adoption and planetary capitalist interest, the Indian authorities continues to instrumentality a cautious, blimpish attack to crypto.

India whitethorn person immoderate of the world’s toughest crypto taxes, a cardinal slope that openly opposes integer assets, and a authorities that refuses to classify cryptocurrencies arsenic thing much than “speculative.”

Yet the state is inactive connected way to go 1 of the largest crypto markets of the adjacent decade.

Analysts present estimation India’s crypto economy, presently valued astatine astir $2.6 billion, could turn to $15 cardinal by 2035, powered by a monolithic idiosyncratic basal and a uniquely young colonisation that continues to follow integer assets astatine a accelerated pace.

Multiple manufacture reports task that India is evolving into the adjacent large halfway of crypto activity.

While regularisation remains restrictive, idiosyncratic involvement has not slowed; instead, the marketplace appears to beryllium stabilizing aft years of volatility and argumentation uncertainty.

India’s crypto idiosyncratic basal — estimated astatine 119 cardinal people, the largest successful the satellite — continues to expand.

According to CoinSwitch’s Q3 2025 data, Gen Z (18–25) present represents the biggest capitalist cohort astatine 37.6%, intimately followed by Millennials (26–35) astatine 37.3%.

The demographic vantage is hard to overstate.

With implicit two-thirds of India’s 1.4 cardinal citizens nether property 35, integer assets person go a fashionable alternate to stagnant occupation markets, dilatory wage growth, and constricted high-yield concern opportunities.

Trading enactment has rebounded arsenic platforms amended and users go much acquainted with the ecosystem.

Market observers accidental that contempt periodic downturns and regulatory pressures, Indian investors person remained unusually resilient.

Despite the momentum, India’s regulatory stance has remained mostly unchanged successful caller years.

Cryptocurrencies are ineligible to trade, but they are not recognized arsenic ineligible tender.

The authorities continues to classify them arsenic speculative instruments, unsuitable for usage successful mainstream finance.

The taxation operation remains 1 of the harshest worldwide:

• 30% level tax connected crypto gains.

• 1% TDS (tax deducted astatine source) connected each transaction.

The TDS successful peculiar has pushed a important information of trading offshore, arsenic large home exchanges study declining volumes.

Yet, adjacent with these deterrents, India’s crypto idiosyncratic basal continues to grow.