Crypto trading volumes on Indian exchanges have almost halved
This was influenced by an increase in the tax rate on transactions with digital assets to 30%
04.04.2022 - 14:35
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What’s new? Cryptocurrency exchanges in India have seen trading volumes drop from 15% to 55% following the introduction of a 30% capital gains tax on digital asset transactions. A Twitter post by Aditya Singh, the co-founder of the online community, Crypto India, shows a graph of the drop in trading.
What is going on on the exchanges? Domain traffic on Indian crypto exchanges has also dropped by 40%. On WazirX, one of India’s most popular crypto exchanges, trading volume has fallen below $100 million from $208 million.
What had happened before? India’s crypto tax law came into effect on April 1. Indians started paying a capital gains tax of 30% on crypto transactions. Also, Indian residents will have to pay a 1% tax deducted at source (TDS) and taxes on crypto gifts, without the ability to make deductions for losses.
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