Indian Crypto Taxes Crush Trade Volumes as Local Exchanges Eye Exodus
Trading volumes across crypto exchanges in India have plummeted after a new transaction tax law was recently enforced.According to this rule, it’s now mandatory for exchanges to deduct 1% of the transactional value from the buyer. That amount should then be paid as taxes to the Government.
Following the tax’s implementation last week, the trading volumes across exchanges including WazirX, ZebPay, and CoinDCX fell by at least 50%.On June 30, Binance-backed WazirX hosted a daily trading volume of $14.23 million which slipped to just $5.32 million on July 1. It then dropped as low as $2.73 million on July 3, according to data from Nomics. Though Chainalysis reported that India ranked second for cryptocurrency adoption, the increased tax burden and current bear market have pushed some firms to migrate to crypto-friendlier nations including Dubai and Singapore.
Source
@tamil_btc
Trading volumes across crypto exchanges in India have plummeted after a new transaction tax law was recently enforced.According to this rule, it’s now mandatory for exchanges to deduct 1% of the transactional value from the buyer. That amount should then be paid as taxes to the Government.
Following the tax’s implementation last week, the trading volumes across exchanges including WazirX, ZebPay, and CoinDCX fell by at least 50%.On June 30, Binance-backed WazirX hosted a daily trading volume of $14.23 million which slipped to just $5.32 million on July 1. It then dropped as low as $2.73 million on July 3, according to data from Nomics. Though Chainalysis reported that India ranked second for cryptocurrency adoption, the increased tax burden and current bear market have pushed some firms to migrate to crypto-friendlier nations including Dubai and Singapore.
Source
@tamil_btc
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