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While placing India at the top, the Country Crypto Adoption Index 2025 by TRM Labs notes that India’s ranking is bolstered by its young, crypto-fluent population, which a growing developer and institutional investor ecosystem ably supports.
“India’s position at the top is likely due to its large, young population’s rising interest in digital assets, supported by a crypto-fluent middle class and a thriving developer ecosystem. Interest in crypto as an asset class is also growing among institutional and high-net-worth investors, reinforcing India’s accelerating crypto adoption,” the report says.
The South Asia market, which has seen a combined transaction volume of $300 billion during the same period, has seen a substantial growth in retail payments and remittances through crypto.
The new report says that while the US has been at No. 2 in crypto adoption, it has cemented its place as the largest crypto market by registering a 50% growth in transaction volume to over $1 trillion. It underscores the pro-crypto policies of the President Donald Trump administration and the passage of the GENIUS Act as a catalyst for growth.
 
“Our analysis suggests that the growth that began organically in 2023 and 2024 has been reinforced and accelerated by a combination of political, regulatory, and structural factors. These structural shifts have opened the market to new participants,” the TRM report says.
For Pakistan, which ranks No. 3 in the Country Crypto Adoption Index 2025, the report says key policy moves include the establishment of the Pakistan Crypto Council. It plans to put in place a dedicated crypto regulator, the Pakistan Virtual Assets Regulatory Authority (PVARA), have played a significant role in boosting crypto adoption at the grassroots.
Bangladesh, which is placed at No. 14 in the crypto adoption index, the report says, despite a ban on crypto activities, has seen surging crypto adoption through underground channels.
“… ongoing capital controls and limited access to foreign exchange have made crypto an attractive option for individuals seeking alternatives to traditional financial systems, the report says.
The TRM Labs crypto adoption index mirrors Chainalysis’ 2025 Global Adoption Index, released in early September, which ranked India, the US, and Pakistan in first, second, and third place, respectively.
Source: https://zycrypto.com/india-tops-global-crypto-adoption-for-3rd-straight-year/