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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →India-based users received $88.4 billion in centralized-exchange (CEX) inflows from July 2025 through June 2026, yet domestic platforms received only 0.7% of Indian exchange volume in Chainalysis’s latest analysis. The figures describe different things: one measures exchange activity by users in India, while the other measures the share received by local platforms.
What does the 0.7% figure measure?
Chainalysis’s September 30, 2026 analysis estimates that domestic platforms received 0.7% of Indian exchange volume in the period covered by its latest comparison. It is not India’s share of global crypto inflows, the percentage of Indian residents who use domestic exchanges, or a measure of all crypto activity in India. The company does not provide a full methodological explanation of how it attributes platforms for this specific figure, so it should be read as Chainalysis’s estimate rather than a count of individual users or their exclusive exchange choices. Chainalysis
The reported domestic share had been around 7% before a sharp fall in mid-2022. In other Central and Southeast Asia and Oceania (CSAO) markets, domestic platforms processed an average of around 7% of local volume, according to the same analysis.
| Measure | India | Comparison |
|---|---|---|
| Share of exchange volume received by domestic platforms | 0.7% in Chainalysis’s latest comparison | Around 7% average in other CSAO markets; India was around 7% before its mid-2022 decline |
| CEX inflows received by users in the country, July 2025–June 2026 | $88.4 billion | Singapore: $82.3 billion; Australia: $79.3 billion |
The platform-share figures and country-level inflows are separate measures. The first concerns where exchange volume was received; the second concerns CEX inflows received by users in each country. All figures in the table are reported by Chainalysis for its stated analysis and period. Chainalysis
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How can India have $88.4 billion in inflows if local exchanges get only 0.7%?
There is no contradiction. A large market can generate substantial activity on exchanges while a small share of that volume goes to platforms based in the same country. The $88.4 billion figure reflects CEX inflows received by India-based users; the 0.7% figure reflects the portion of Indian exchange volume received by domestic platforms.
India remained a major market in Chainalysis’s regional figures: it had the largest CEX inflows among the CSAO markets compared in the analysis. Its measured crypto-economy activity totaled $135 billion in July 2025–June 2026, a broader measure than CEX inflows. Chainalysis also reported a 14.7% contraction in India’s crypto economy during the global bear market, even as CEX activity remained strong. These measures should not be treated as interchangeable. Chainalysis
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Why might domestic platforms have lost share?
Chainalysis attributes one explanation to CoinSwitch co-founder Ashish Singhal, who points to friction from local tax laws. Singhal says compliant domestic exchanges levy the 1% transaction tax, while offshore exchanges may not. This is an industry executive’s explanation, not proof that tax policy alone caused the decline; the reported figures do not isolate the effect of taxes from other possible factors.
In a 2023 analysis, Chainalysis described India’s crypto regime at that time as including a 30% tax on gains and a 1% tax deducted at source (TDS) on transactions. It said uneven TDS implementation by international exchanges may have made it harder for Indian exchanges to compete, and noted that Indian web traffic to international exchanges rose after TDS began in July 2022. This is historical context, not current tax advice. Tax rules and their application can change; check current official Indian guidance or consult a qualified tax professional before making decisions. Chainalysis
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What the figures do—and do not—say about crypto use in India
Chainalysis quotes Singhal describing crypto as “predominantly being used as an investable asset, primarily for buying, holding, and selling digital assets.” Mudrex CEO Edul Patel said, “For most users, the mindset is shifting from ‘flip’ to ‘accumulate,’” and described crypto as increasingly held “as a diversifying asset alongside equities, gold and mutual funds.” These are executives’ observations, not findings from an independently sampled survey, and they do not explain the 0.7% domestic-platform share by themselves. Chainalysis
India also ranked first in Chainalysis’s 2025 Global Crypto Adoption Index, but that is a separate ranking—not a measure of domestic exchange share or evidence of what caused it. The 2025 index changed its methodology by removing the retail DeFi sub-index and adding an institutional-activity sub-index. Chainalysis
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How to read the headline
- 0.7%: Chainalysis’s estimate of the share of Indian exchange volume received by domestic platforms in its latest comparison.
- $88.4 billion: CEX inflows received by India-based users over July 2025–June 2026—not inflows captured by Indian exchanges.
- Tax friction: a possible contributor identified by a CoinSwitch executive, not an established single cause.
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