Indian Crypto Trading Volumes Plummet After New TDS Tax Rule Takes Effect

Trading volume on crypto exchanges in India has taken a large hit of more than 70% since the start of the 1% TDS rule. Crypto Trading Volumes On WazirX, ZebPay, And CoinDCX Decline 70% Or More As reported by The Economic Times, following the start of the 1% TDS rule, exchange trading volumes in India […]

Indian crypto traders may be giving up since they must now factor in a 30% income tax and a 1% tax per transaction on crypto trades, forcing exchange volume to plummet. Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since July 1, when a 1% tax per transaction was enforced in the country.The Tax Deducted at Source (TDS) came into effect on July 1 and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by July 3. Volumes have stabilized slightly since hitting lows but are still down 56.8% on....

The number of Indian users on cryptocurrency exchange Binance has soared after the Indian government began levying taxes on crypto transactions. Meanwhile, daily trading volumes at some major India-based cryptocurrency exchanges are down over 90% since the new tax rules took effect. Binance Sees Record Number of Indian Users The number of Indian user sign-ups soared on global crypto exchange Binance after a 1% tax deducted at source (TDS) went into effect in July, Bloomberg reported Tuesday. The number of Binance app downloads in India jumped to 429,000 in August, the....

Payment services providers have also cut ties with major crypto exchanges despite having the same rate for gambling and fantasy sports platforms. Fresh data on Indian crypto exchanges’ trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India’s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects. A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph shows that trading volume on top Indian crypto....

Cryptocurrency trading is taking another pattern and shape in India due to the implementation of taxation laws. As a result, the traders are experiencing a different turn in their transactions lately in the country. The new rule in India for 1% taxation on every transaction has been enforced from July 1. Also, the government has a taxation rule of 30% on crypto income for traders, investors, and other participants in the field. Subsequently, trading volumes have made a drastic drop over the applied law. On average, India’s three prominent crypto exchanges recorded up to 72.5% dip....