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The report also touched on crypto adoption in India and Pakistan, noting that while both ranked as second and third highest adopters of cryptocurrency worldwide in 2021, the two countries have fallen this year to fourth and sixth respectively.
Recent regulatory developments are listed as possible reasons for the change.
In January, Pakistan’s central bank and government recommended a crypto ban, while the Indian government implemented a 30% tax on all crypto gains in April and an additional 1% fee on every crypto transaction in July.
