India remained the largest market in Central and Southeast Asia and Oceania (CSAO) for cryptocurrency activity through centralised exchanges, recording $88.4 billion in inflows between July 2025 and June 2026, according to Chainalysis. The figure placed India ahead of Singapore and Australia for centralised exchange activity, even as its overall crypto economy contracted during the period.
Chainalysis estimated India’s total crypto economic activity at $135 billion during the reporting period, making it the third-largest crypto economy in the region. Singapore led with $284 billion, followed by Australia at $173.1 billion. India’s overall activity declined 14.7 percent amid the broader crypto market downturn.
India’s $88.4 billion in centralised exchange inflows was slightly higher than Singapore’s $82.3 billion and Australia’s $79.3 billion. Vietnam followed with $69.8 billion. Chainalysis said India’s centralised-exchange activity remained particularly strong despite volatility in the market.
The report also suggests that crypto use in India remains largely investment-driven. Industry executives cited by Chainalysis said users are increasingly holding digital assets alongside traditional investments such as equities, gold and mutual funds, while participation among users aged 35 and above is growing. These observations are industry commentary rather than a measure of investment performance.
At the same time, domestic crypto platforms account for a relatively small share of India’s exchange activity. Chainalysis reported that the share of exchange volume received by domestic platforms fell from around 7 percent in 2022 to about 0.7 percent.
