India Tops Crypto Inflows: Surpasses Singapore and Australia in Centralized Exchange Activity

India has emerged as the top market in Central & Southeast Asia and Oceania for centralized crypto exchange (CEX) inflows, recording $88.4 billion between July 2025 and June 2026 — ahead of Singapore ($82.3B) and Australia ($79.3B) said the Chainalysis CSAO 2026 report. Despite a 14.7% contraction in its overall crypto economy, India’s dominance in CEX activity highlights strong investor demand even under heavy taxation.

According to Chainalysis, India saw $135 billion worth of crypto activity between July 2025 and June 2026, making it the third‑largest market in Central and Southeast Asia and Oceania (CSAO).

Singapore had the region’s biggest crypto economy in 2026, with $284 billion in activity — a jump of 55% from the year before. Much of this growth came from big institutions, with platform activity nearly doubling to $60 billion. The city’s crypto boom was broad‑based, including a 30% rise in centralized exchange (CEX) flows and a 69% rise in decentralized exchange (DEX) flows.

Australia ranked second at $173.1 billion. Its overall activity dipped 5.6% due to weaker DEX flows, but CEX and institutional trading still grew, showing the market’s resilience.

India saw one of the sharpest declines, with its crypto economy shrinking 14.7% during the global bear market. Even so, it remained a major player, recording $135 billion in activity. Importantly, India led the region in centralized exchange inflows, making it CSAO’s largest market by CEX activity.  

Comparative Snapshot of CEX Inflows (July 2025 – June 2026)

Country	CEX Inflows	Overall Crypto Economy	Notes
India	$88.4B	$135B	Largest CEX inflows despite 14.7% contraction
Singapore	$82.3B	$284B	Region’s largest overall crypto economy
Australia	$79.3B	$173.1B	Second-largest overall economy
Vietnam	$69.8B	Smaller	Fourth-ranked in CEX inflows

Regulatory & Market Context

• Taxation: India imposes a 30% flat tax on crypto income and 1% TDS on transactions. Losses cannot be offset against other income.
• Exchange dominance: Domestic Indian exchanges captured only 0.7% of local volume, far below the regional average (~7%). Most activity flows to offshore platforms due to tax burdens and compliance costs.
• Investor behavior: Crypto in India is primarily used as an investable asset — buying, holding, and selling — rather than payments or DeFi. Investors aged 35+ are increasingly entering the market, shifting from short-term speculation to accumulation.

Key Takeaways

• India leads CSAO in centralized exchange inflows, showing resilience despite regulatory hurdles.
• Singapore remains the largest overall crypto economy, but India’s CEX inflows surpass it.
• Australia ranks third, with strong overall activity but lower CEX inflows than India.
• Vietnam continues to punch above its weight, ranking fourth in inflows.

Risks & Implications

• Macroeconomic risk: Heavy reliance on offshore exchanges raises concerns about compliance, capital flight, and systemic exposure.
• Investor burden: High taxes discourage domestic exchange use, pushing volume abroad.
• Policy gap: India’s dominance in inflows contrasts with its lack of a dedicated crypto law, leaving investors exposed to regulatory uncertainty.