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Trading dries up on Indian crypto exchanges as new transaction tax kicks in

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect.

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Three exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1

Sidhartha Shukla | Bloomberg

2 min read Last Updated : Jul 05 2022 | 6:53 AM IST

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect.

Three exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1, data from CoinGecko show. A fourth, Giottus, saw trading sink 70%, its chief executive said.

Also Read | Wait and watch: Industry players on 1% TDS on crypto investments in India

Those steep declines came from

Topics : TDS cryptocurrency tax crypto trading

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