India crypto market projected to reach $14.21 billion by 2034

India’s cryptocurrency market is projected to grow from approximately $3.04 billion in 2025 to $14.21 billion by 2034, according to estimates from market research firm IMARC. This represents a nearly 4.7-fold increase over the decade.

Despite restrictive taxation and compliance measures—including a 30% tax on virtual digital asset gains and a 1% Tax Deducted at Source (TDS) mechanism—adoption continues to accelerate. India ranked first in the 2025 Global Crypto Adoption Index by Chainalysis, leading across retail, centralized finance (CeFi), decentralized finance (DeFi), and institutional activity.

The projected growth is driven by a broadening ecosystem that includes exchanges, payments, remittances, wallets, blockchain software, and infrastructure, rather than solely through domestic speculative trading. Software is expected to account for 56.07% of the market in 2025.