Perceptions and Factors influencing Cryptocurrency Investors: A study using TAM-UTAUT Analysis in North Coastal Andhra Pradesh

DOI

10.2991/978-94-6463-872-1_35How to use a DOI?

Keywords

Cryptocurrency Regulation; UTAUT; TAM; Indirect Adoption; P2P Platforms; Regulatory Arbitrage; Decentralized Finance (DeFi)

Abstract

India’s restrictive regulatory environment has driven users toward indirect cryptocurrency adoption through peer-to-peer (P2P) exchanges, decentralized wallets, and offshore platforms. This study examines the behavioral drivers of such adoption using the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT). Applying Structural Equation Modeling (SEM) on a sample of 384 investors, the study compares these frameworks in explaining adoption behavior under regulatory constraints. The findings indicate that UTAUT provides a more comprehensive understanding of indirect adoption, as it incorporates factors such as facilitating conditions (e.g., access to VPNs, non-KYC platforms), social influence (peer networks, crypto influencers), and effort expectancy (platform complexity, regulatory adaptability). In contrast, TAM’s focus on perceived usefulness and ease of use proves insufficient to capture the complexities of regulatory-driven adoption patterns. This study highlights how regulatory constraints amplify reliance on decentralized, high-risk alternatives, volatility, and legal ambiguities. UTAUT emerges as the superior framework for analyzing indirect adoption, emphasizing the interplay between socio-technical enablers and systemic barriers. The findings urge policymakers to recalibrate regulatory measures to balance innovation and consumer protection.

Copyright

© 2025 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

TY  - CONF
AU  - Battula Vijay Kiran
AU  - Teki Yaswanth Kumar
AU  - Kumpatla Jayasurya
AU  - A. Narasimha Rao
PY  - 2025
DA  - 2025/11/04
TI  - Perceptions and Factors influencing Cryptocurrency Investors: A study using TAM-UTAUT Analysis in North Coastal Andhra Pradesh
BT  - Proceedings of the 2nd International Conference on Sustainable Business Practices and Innovative Models (ICSBPIM-2025)
PB  - Atlantis Press
SP  - 551
EP  - 563
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-872-1_35
DO  - 10.2991/978-94-6463-872-1_35
ID  - Kiran2025
ER  -