India's local crypto exchanges capture just 0.7% of exchange inflows, Chainalysis says
- —India-based users sent $88.4 billion to centralized exchanges over the annual period
- —Domestic Indian platforms' share fell from about 7% to 0.7%, with a sharp drop in mid-2022
- —Brazil-based exchanges now receive 12.5% of inflows, up from 1.5% previously
- —India applies a 1% withholding tax on transfers of virtual digital assets
Why it matters: The shift of activity to offshore venues pressures local exchanges and India's tax base in its largest regional market.
Source: CryptoSlate