Despite official wariness, crypto is flourishing across Asia—even in places like India, which has among the world’s strictest cryptocurrency policies, taxing gains at 30% and deducting a whopping 1% from transactions. India was home to an estimated $338bn in crypto inflows between the middle of 2024 and 2025, ranking it first in the world for the third year in a row on an index measuring global cryptocurrency adoption by Chainalysis, a data firm.