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India Sees Stronger Centralised Crypto Exchange Inflows Than Singapore, Australia

India Sees Stronger Centralised Crypto Exchange Inflows Than Singapore, Australia

Indian crypto users increasingly appear to be treating digital assets as long-term investments alongside traditional assets.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 1 October 2026 16:47 IST

India Sees Stronger Centralised Crypto Exchange Inflows Than Singapore, Australia

Photo Credit: Unsplash/Zoshua Colah

India retained strong crypto activity despite a challenging market during the latest reporting period

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Highlights

Singapore recorded the region’s largest overall crypto economy
India’s crypto economy contracted 14.7 percent during the period
Users above 35 are increasingly entering India’s crypto market

India continued to be the biggest recipient of crypto exchanges coming through centralised crypto exchanges in Central and Southeast Asia and Oceania (CSAO), accounting for $88.4 billion (roughly Rs. 8,50,042 crore) even as the crypto economy of the country shrank by 14.7 percent during the last reporting period. As per Chainalysis, India had crypto activities worth $135 billion (roughly Rs. 12,99,240 crore) in the period of July 2025 to June 2026 and thus was ranked the third-largest crypto economy in CSAO.

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According to Chainalysis, Singapore was the largest crypto economy in this region, with activities worth $284 billion (roughly Rs. 27,33,216 crore), followed by Australia with $173.1 billion (roughly Rs. 16,65,914 crore). In India's case, it was ahead of both nations, where the actions were carried out via centralised exchanges. Indian users were involved in $88.4 billion (roughly Rs. 8,50,042 crore) worth of transactions via CEXs. This was marginally higher than Singaporean users' transactions of $82.3 billion (roughly Rs. 7,92,055 crore). Australia followed with $79.3 billion (roughly Rs. 7,63,183 crore) and Vietnam with $69.8 billion (roughly Rs. 6,71,755 crore).

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It is notable that India was able to take the lead in its CEX despite the challenging year that the crypto market of the nation faced. Its crypto economy shrunk by 14.7 percent during the bear market period.

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Exchange inflows in India have been uneven through the past few years, although they have eventually managed to maintain their progress in line with the rest of the region. This development has been measured by Chainalysis based on a relative growth index that started at 100 for Q3 2021 and concluded at the same value for the latest quarter. There have thus been periods where India balanced out the results, as the country sometimes performed better or worse than the other countries in CSAO.

Ashish Singhal, co-founder of CoinSwitch, informed that crypto in India is “predominantly being used as an investable asset,” particularly via the purchase, retention and sale of digital currencies. According to Singhal, the investor pool was extending itself into more traditional investors who did not use cryptocurrency. People above 35 years of age were joining the crypto market, including some with large portfolios.

Edul Patel, CEO of Mudrex, made a comparison, stating that for many users, the mentality was shifting from “flip” to “accumulate.” Patel mentioned that cryptocurrency was increasingly being kept as a diversifying investment along with equities, gold, and mutual funds.

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Last year, India secured the first spot in Chainalysis's 2025 Global Crypto Adoption Index for the third year in a row. The report showcased India's growing dominance in crypto usage, even as traders in the country deal with regulatory uncertainty and taxation challenges. The Chainalysis index ranks countries based on factors such as on-chain value received, retail transactions, peer-to-peer trading volumes, and adoption across different income groups.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: crypto adoption, Crypto in Inda, Crypto markets

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More