Earlier this week, KuCoin released a survey on new developments in the blockchain and crypto space in India – Into The Cryptoverse Report India, which showed that the number of crypto investors in the country stood at 1.15 as of June 2022 in the range of billions.
These individuals have traded or held crypto assets in the past six months, the study said.
Crypto Investors Have a Young Image
KuCoin India polls Presenting a pleasing cryptocurrency investment landscape in the country. It said that 115 million crypto investors represent 15 percent of India’s 18-60 age group population, while another 10 percent of the same group are crypto consumers who plan to invest in the asset in the next six months.
The demographic of crypto investors is getting younger, as 39% of investors are between the ages of 18-30 in Q1 2022, up 7% from the previous quarter. First-time cryptocurrency buyers accounted for 39 percent of young investors under the age of 30. They have only started trading in the past three months.
Barriers to Crypto Investing
“The ambiguity of government regulations has been a key factor holding back potential investors. 33% said government regulation is an issue when considering investing in cryptocurrencies. The security of investing in cryptocurrencies is also a concern for many, as 26 % are concerned that hackers are a threat and 23% are concerned that they may not be able to get their money back in the event of a security incident,” a KuCoin publicist said of the survey.
Lack of adequate understanding of crypto investments is the biggest obstacle to the growth of crypto investments in India, according to the study. It cited 41% of respondents who said they did not know which type of crypto product they should choose to invest in. 21% of respondents said they did not understand how digital assets work, and 27% found it difficult to predict market direction.
Investor sentiment is sour
Investment sentiment is currently subdued due to the market downturn. It reflects investors’ preference for maintaining the current level of crypto investment rather than increasing it. KuCoin PR said that given the promising prospects, the Indian government has announced the launch of a CBDC, which has further stimulated local interest in the digital economy.
Last month, KuCoin’s CEO said India would be a key market in the long run, thanks to local “expertise” and a “popular market.” “India accounts for a huge number of 5.6 million new customers added by KuCoin 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, with plans to start operations in November.
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