India's crypto assets total $2.1B as central bank maintains tight grip

India is home to approximately 39 million cryptocurrency users holding a combined total of about $2.1 billion in assets, Bitcoin.com reported. Currently, 54 crypto service providers are registered with India's Financial Intelligence Unit (FIU), serving the country's 39 million verified users. The Reserve Bank of India continues to advocate for restricting banks' exposure to cryptocurrencies, citing financial stability concerns. The country imposes a 30% tax on profits from virtual digital asset (VDA) transactions and withholds 1% of the transaction value at the source for any asset transfer.