India's Local Crypto Exchanges Struggle for Market Share

India's local cryptocurrency exchanges received only 0.7% of inflows from domestic users, according to Chainalysis' latest regional report.

The report highlights a stark contrast between India and Brazil, where domestic platforms capture a significantly larger share of exchange value at 12.5%.

This discrepancy raises questions about the role of withholding in shaping user behavior, with Ashish Singhal, co-founder of CoinSwitch, attributing offshore use to 'tax friction' that may not be present on foreign venues.