Trading volume in Indian cryptocurrency exchanges dropped by as much as 63% since July 1, when a 1% tax deducted at source (TDS) was imposed.
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- Daily trading volume at cryptocurrency exchange WazirX fell more than 63% on July 1 to US$5.36 million, from US$14.53 million on June 30, according to data from aggregator nomics.com.
- CoinDCX trading volume was slashed by roughly 20% to US$2.09 million on July 1, from US$2.62 million on June 30.
- India imposed a 1% tax on the sale and transfer of crypto assets in excess of 10,000 Indian rupees (about US$127) from July 1, adding to the 30% flat tax on all crypto income that came into effect from April 1.
- Trading volumes at India’s major cryptocurrency exchanges slumped as much as 70% since April 1, according to research by Crebaco.
- Trading volumes are extending declines with CoinDCX observing a 33.69% drop in the past 24 hours, while WazirX fell by 20.08%, according to nomics.com.
See related article: Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX