Crypto Trading Volumes in India Collapse 10 Days After New Tax: Crebaco
Crypto trading volumes of India’s major exchanges have nosedived since April 1, the day a new tax on crypto profits came into effect, according to data collected by Crebaco, a cryptocurrency research firm.
The volumes of four Indian exchanges were collated by analyzing data on CoinMarketCap and Nomics, a data firm. The data reveals a drop of 72% on WazirX, 59% on ZebPay, 52% on CoinDCX and 41% on BitBns. The trading volumes were measured in U.S. dollars.
India now has a 30% tax on profits from crypto transactions and doesn't allow offsetting gains with losses from other crypto transactions. The most controversial provision – the 1% tax deducted at source (TDS) liability – won’t take effect until July 1.