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Crypto trading volumes in India drops by almost 72% in 10 Days after new taxatio...
source link: https://nextbigwhat.com/crypto-trading-volumes-in-india-drop/
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Crypto trading volumes in India drops by almost 72% in 10 Days after new taxation law:
- Crypto trading volumes of India’s major exchanges have nose-dived since April 1, the day the new tax law came into effect, according to data collected by Crebaco, a cryptocurrency research organization.
- India’s crypto tax law enforcing 30% tax on profits from crypto transactions came into effect April 1, 2022, and does not allow setting off losses from other crypto transactions.
- Volumes of four Indian exchanges were collated by analysing data on Coinmarketcap and Nomics, a data firm. The data reveals a drop of 72% on WazirX, 59% on ZebPay, 52% on CoinDCX, and 41% on BitBns. The trading volumes were in U.S. dollars.
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