India's Crypto Exchanges Lag Behind in Market Share

India's crypto users send a substantial amount of value to centralized exchanges, but domestic platforms only receive 0.7% of exchange value, according to Chainalysis's new regional report. This report contrasts with Brazil's chapter, which puts Brazil-based exchanges at 12.5% of inflows. The contrast highlights the difference between activity associated with a country and the share of domestic platforms in the exchange market.

Chainalysis attributes $88.4 billion in centralized-exchange inflows to India-based users during the annual period from July 2025 through June 2026, making India the largest such market in Central and Southeast Asia and Oceania. However, domestic platforms' share of exchange value received fell from around 7% to 0.7%, with a sharp decline in mid-2022.

Brazil's chapter, on the other hand, describes a different trajectory: Brazil-based exchanges previously received 1.5% of inflows and now receive 12.5%. Ashish Singhal, co-founder of CoinSwitch, told Chainalysis that tax friction helps explain offshore use, adding that foreign venues may not make the deduction.