5th October 2026
By Anjali Kochhar
India has emerged as the leading market in Central and Southeast Asia and Oceania (CSAO) for cryptocurrency activity through centralized exchanges, recording $88.4 billion in inflows between July 2025 and June 2026. The figure puts India ahead of Singapore and Australia, despite a 14.7% contraction in the country’s overall crypto economy during the same period.
India Leads CSAO in Centralized Exchange Inflows
Data from blockchain analytics firm Chainalysis showed that Singapore recorded $82.3 billion in centralized exchange inflows, while Australia followed with $79.3 billion. Vietnam ranked fourth at $69.8 billion.
India’s broader crypto economy stood at approximately $135 billion during the reporting period, making it the third-largest crypto economy in the CSAO region. Singapore led overall activity with $284 billion, followed by Australia at $173.1 billion.
The strength of India’s centralized exchange activity comes despite a difficult period for the domestic crypto market. Chainalysis attributed the wider decline partly to the global bear market, while its data indicated that Indian exchange activity remained comparatively resilient.
Crypto Investment Remains a Major Driver in India
Crypto investment continues to be a major driver of activity among Indian users. Ashish Singhal, co-founder of CoinSwitch, told Chainalysis that crypto is primarily being treated as an investment asset, with users buying, holding and selling digital currencies. He also noted that participation is expanding beyond younger investors, with more people aged 35 and above entering the market, including investors with larger portfolios.
However, a significant portion of India’s crypto trading takes place through overseas platforms. Domestic exchanges accounted for only around 0.7% of Indian centralized exchange volume in the latest data, compared with an average of roughly 7% across other CSAO markets.
India’s Crypto Tax and Regulatory Framework Shapes Activity
India’s tax framework has been cited as one factor influencing this pattern. The country imposes a 30% tax on cryptocurrency gains and a 1% tax deducted at source on qualifying virtual digital asset transactions. Regulatory scrutiny of offshore platforms has also increased, with authorities requiring crypto service providers serving Indian users to comply with anti-money laundering obligations.
Despite tighter oversight and a decline in overall crypto activity, India’s centralized exchange figures highlight continued demand for digital assets. The Chainalysis data also suggests that crypto adoption in India remains strongly linked to investment, while the country’s expanding regulatory framework is reshaping how users and exchanges participate in the market.
