India has claimed the number one spot in Chainalysis’ Global Crypto Adoption Index for the third consecutive year, topping every single sub-category in the 2025 edition released on September 2. The US came in second, with Pakistan rounding out the top three.
Here’s the thing about India’s dominance: it’s happening despite a regulatory environment that seems almost designed to discourage crypto participation. A 30% tax on crypto gains and a 1% tax deducted at source on every transaction would be enough to kill enthusiasm in most markets. In India, it barely made a dent.
India swept every category
The 2025 index measures adoption across four sub-indices: retail centralized service value received, overall centralized service value, DeFi value received, and institutional service value. India finished first in all four.
The broader Asia-Pacific region saw a 69% year-over-year increase in on-chain value received, reaching $2.36 trillion by June 2025. India contributed roughly $338 billion to that regional volume, making it one of the primary engines driving APAC’s crypto growth alongside Pakistan and Vietnam.
