Cryptocurrency exchanges feel pinch as India's new tax regime starts

Sharp fall in volumes and number of visitors on first three days of April

Domestic cryptocurrency exchanges have witnessed a sharp fall in volumes on the first three days of April following the implementation of the new tax regime. The fall in volumes is between 15 and 55 per cent among various crypto exchanges. Even the number of visitors on these exchanges has fallen.

Sidharth Sogani, CEO, CREBACO Global, a research and rating firm focused on the blockchain and crypto industry, said: “We observed a drop in volumes by up to 55 per cent compared to the volumes in March end, and also a drop of over 40 per cent in domain traffic on Indian