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Indian cryptocurrency exchanges are facing hurdles as trading volumes plunge significantly over controversial tax law that requires crypto investors to pay 1% of tax deducted at source (TDS) if a transaction exceeds ~$130.
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As per a report from Bloomberg, trading volume on ZebPay, WazirX and CoinDCX plunged between 60% and 87% shortly after the 1% tax came became effective on July 1. The report notes that WazirX generated $3.8 million worth of trading on July 2, while it would have taken less than two hours to make the same numbers in July last year.
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WazirX Vice President, Rajagopal Menon, noted that even though long-term investors are still trading, market makers and high-frequency traders are “gone.” In addition to TDS, the Indian government also a flat 30% tax on income from crypto investments.
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Источник: ru.ihodl.com