Indian crypto trading volumes slump following hefty taxes

Indian crypto traders may be giving up after 30% income tax and 1% tax per transaction on crypto trades.

Trading volume on three giant Indian crypto exchanges is down 72.5% since July 1 when a 1% tax per transaction was enforced in the country.

The Tax Deducted at Source (TDS) starting from 1st July and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by July 3 volume have stabilized slightly since hitting lows but still down 56.8% on an average.

Indian YouTube channel crypto India tweeted on July 4 that exchange revenues based on a 0.1% trading fee are abysmal due to the low volume levels WazirX, CoinDCX and Zebpay took in a combined $21,649 per day.

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