Chainalysis’s Geography of Cryptocurrency 2026 report shows that India-based crypto exchanges receive just 0.7% of centralized exchange value, compared to 12.5% for Brazil-based exchanges. Chainalysis attributes 88.4 billion dollars in centralized exchange inflows to India-based users, making it the largest such market in Central and Southeast Asia and Oceania. India’s domestic platform share fell from approximately 7% to 0.7% in mid-2022, while Brazil’s share grew from 1.5% to 12.5%. India’s 1% withholding tax on virtual digital asset transfers contributes to offshore usage, according to CoinSwitch cofounder Ashish Singhal. Brazil’s broader crypto economy recorded 252.5 billion dollars in activity despite a 1.6% contraction year-over-year.
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