Indian crypto exchanges have undergone tremendous downward pressure since heavy tax on crypto assets came into effect.
In the wake of major Indian exchanges witnessing drastic drops in trading volume since the 30% tax on obtained revenues came into effect on April 1, the industry now encounters additional downward pressure following the introduction of another new tax that kicked in last Friday. Trading volume on large platforms has been down roughly 95% as a result.by nomics.com, daily trading volume at the Binance-backed local crypto exchange, WazirX, dropped over 63% on July 1 to $5.36 million from $14.
The sharp decline in trading activities results from the latest 1% tax – imposed by the Reserve Bank of India – on the sale and transfer of crypto assets exceeding $127. It came at a time when the broader interest in such assets plummeted, as the primary cryptocurrency slumped to and below the $20,000 key level.
As a result, exchanges are under immense pressure amid a drastic decline in trading volume. To Indian platforms, the situation has even worsened with the notorious 30% flat tax on all crypto incomeTheir trading volume plunged by 90-95% three months after the all-sweeping tax law was put into practice, according to the well-known analysis platform
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