The uncertainty of regulation in India has not affected investors' attitudes toward cryptocurrency, as crypto-exchanges continue to register new users.

Indian crypto-exchange WazirX, owned by Binance, reported a 2648% increase in new registrations. Geographically, they come from small cities across India with populations of less than 100,000.

Tier II and Tier III cities accounted for nearly 55% of total user registrations on WazirX in 2021, the Mumbai-based exchange team reported.

The data also points to an increase in female investors across the country - accounting for 65% of WazirX accounts from India's Tier II and Tier III cities.

Because of the pandemic, which was the catalyst for the influx of customers, Tier II cities provided an increase of 2950% (Ahmedabad, Lucknow and Patna) and Tier III cities 2455% (Ranchi, Imphal and Mohali).

Bangalore-based fiat payment gateway provider Razorpay also reported that smaller cities account for about 54% of its network traffic, indicating a 92% increase in digital transactions.

Above all, investors are choosing cryptocurrency as a means of achieving financial independence, a higher standard of living and a source of secondary income.

Despite resistance from regulators, India's crypto industry continues to reach new milestones. Yesterday, Mumbai-based crypto exchange CoinDCX raised $90 million in a Series C funding round.