Key Takeaways
- • India leads centralized exchange (CEX) inflows in the region with $88.4 billion (July 2025–June 2026), surpassing Singapore ($82.3 billion) and Australia, marking the second consecutive year of dominance in crypto adoption metrics.
- • Singapore's institutional crypto activity surged 94%, the largest increase among regional peers, signaling accelerating institutional participation despite ranking second in overall CEX inflows.
- • The Central & Southeast Asia and Oceania region contracted 6.8% overall, yet masked significant sectoral growth: stablecoin cross-border activity exceeded domestic activity throughout the period, and P2P transfers in the Philippines, Thailand, and Vietnam represented over 14% of global small-value transfers.
- • Regulatory clarity and infrastructure development emerged as critical success factors for the region's next phase of adoption, with crypto shifting from speculation-driven activity to practical, integrated use cases across economies.
- • India's strong CEX inflow position contrasts with reported outflows of crypto companies to Dubai and Singapore, driven by concerns over India's complex tax regime and digital asset treatment.
Summary
India captured $88.4 billion in centralized exchange inflows between July 2025 and June 2026, according to Chainalysis data, maintaining its position as the leading market in the Central & Southeast Asia and Oceania region. This figure exceeded Singapore's $82.3 billion and placed India ahead of Australia in regional rankings. The result marks India's second consecutive year leading in crypto adoption metrics, despite headwinds from the country's regulatory and tax environment.
Singapore, while trailing in absolute CEX inflows, demonstrated accelerating institutional participation with a 94% increase in institutional-platform activity—the largest expansion among regional peers. This institutional growth reflects Singapore's positioning as a regulated hub attracting professional capital and asset managers. Australia maintained a significant presence in the regional market, with both countries showing institutional crypto activity as a growth vector, contrasting with India's positioning as a retail-driven market.
The broader regional picture reveals a nuanced contraction: Central & Southeast Asia and Oceania's crypto economy declined 6.8% year-over-year, yet this aggregate decline obscures pockets of meaningful growth. Cross-border stablecoin activity consistently exceeded domestic stablecoin flows across the region, indicating growing reliance on digital assets for remittances and international settlement. The Philippines, Thailand, and Vietnam collectively accounted for over 14% of global small-value peer-to-peer transfers despite representing only 2.5% of the global crypto economy, underscoring the region's outsized role in retail P2P activity.
Industry observers identified regulation and infrastructure as decisive factors determining the region's trajectory. According to Chainalysis analysis, markets are transitioning from speculation-driven crypto adoption toward practical integration—tokenization, cross-border settlements, and use cases embedded in everyday economic activity. This shift reflects maturation in market structure and regulatory frameworks.
Notably, India's strong CEX inflow position contrasts with reported outward migration of crypto companies. Major exchanges and crypto firms have relocated operations to Dubai and Singapore, citing concerns over India's complex tax treatment of digital assets and perceived regulatory uncertainty. This divergence suggests India attracts inbound capital flows while simultaneously losing domestic infrastructure operators—a dynamic requiring close monitoring for sustainability of its leadership position.
Singapore, while trailing in absolute CEX inflows, demonstrated accelerating institutional participation with a 94% increase in institutional-platform activity—the largest expansion among regional peers. This institutional growth reflects Singapore's positioning as a regulated hub attracting professional capital and asset managers. Australia maintained a significant presence in the regional market, with both countries showing institutional crypto activity as a growth vector, contrasting with India's positioning as a retail-driven market.
The broader regional picture reveals a nuanced contraction: Central & Southeast Asia and Oceania's crypto economy declined 6.8% year-over-year, yet this aggregate decline obscures pockets of meaningful growth. Cross-border stablecoin activity consistently exceeded domestic stablecoin flows across the region, indicating growing reliance on digital assets for remittances and international settlement. The Philippines, Thailand, and Vietnam collectively accounted for over 14% of global small-value peer-to-peer transfers despite representing only 2.5% of the global crypto economy, underscoring the region's outsized role in retail P2P activity.
Industry observers identified regulation and infrastructure as decisive factors determining the region's trajectory. According to Chainalysis analysis, markets are transitioning from speculation-driven crypto adoption toward practical integration—tokenization, cross-border settlements, and use cases embedded in everyday economic activity. This shift reflects maturation in market structure and regulatory frameworks.
Notably, India's strong CEX inflow position contrasts with reported outward migration of crypto companies. Major exchanges and crypto firms have relocated operations to Dubai and Singapore, citing concerns over India's complex tax treatment of digital assets and perceived regulatory uncertainty. This divergence suggests India attracts inbound capital flows while simultaneously losing domestic infrastructure operators—a dynamic requiring close monitoring for sustainability of its leadership position.
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