Indian crypto exchange trade down by Rs 32k cr since 30% tax kicked in

The current tax architecture may lead to a loss of approximately Rs 99.3 trillion of local exchange trade volume in the next four years, says the study by The Esya Centre

Following the announcement of a 30 per cent tax on the income from crypto assets and one per cent tax deducted at source in the Budget 2022, cumulative trade volume worth Rs 32,000 crore shifted from Indian crypto exchanges to foreign ones between February to October, a study showed on Wednesday.

The current tax architecture may lead to a loss of approximately Rs 99.3 trillion of local exchange trade volume in the next four years, the "Virtual Digital Asset Tax Architecture in India" study released by Delhi-based think-tank The Esya Centre said.

"...it is important for the government to gather hard evidence