Indian crypto exchanges stay put in business after 'a year to forget'

Tax burden, regulatory uncertainty and the shock of FTX collapse pulled down domestic companies

The price of bitcoin, the bestselling cryptocurrency, has shrunk nearly three times this year to mark the fate of such digital assets. Crashing prices, regulatory uncertainty and taxes have put Indian crypto exchanges in troubled waters.

Finance Minister Nirmala Sitharaman’s budget for FY23 announced a 30 per cent tax on any income from the transfer of virtual digital assets. An additional one per cent tax deducted at source (TDS) came into effect in July. The government clarified that by levying taxes it was not making cryptocurrencies legal: an announcement complicating the worry of exchanges.

The Reserve Bank of India (RBI)