Crypto trading volumes on India's major exchanges have plummeted since April 1, the day the new tax law went into force, according to data compiled by Crebaco, a cryptocurrency research organisation.
Data from Coinmarketcap and Nomics, a data provider, was used to compile volumes for four Indian exchanges. WazirX is down 72 percent, ZebPay is down 59 percent, CoinDCX is down 52 percent, and BitBns is down 41 percent, according to the statistics. The transactions were conducted in US dollars.
India's crypto tax law, which imposes a 30% tax on earnings from crypto transactions and does not allow losses from other crypto transactions to be offset, went into effect on April 1, 2022. The most contentious component, the 1% tax deducted at source (TDS) liability, will not go into effect until July 1.
It's unclear whether the decline in trading volumes is due to the new tax law, but the data suggests that it's in keeping with the global trend.
Sidharth Sogani of Crebaco said, the data was compiled by analysing four to five credible exchanges.
"The 1st, 2nd, and 3rd of April were all holidays. Volumes have continued to decline since then. This isn't going to happen again, in my opinion. This has established a new standard. It may go further down or sideways, but it is unlikely to return to its original position. The new tax has clearly had a detrimental impact on the market. The government should investigate this, and because there is no way to stop it (crypto), the government should welcome it," he stated.
Suril Desai, a top crypto lawyer, says it's unclear whether the decline in numbers indicates that trade has slowed or shifted elsewhere. "Exchanges are the only source of trading volume for us." "It's possible that off-chain deals are taking place for which there is no record," Desai added.
Other exchangers did not respond to demands for comment by press time, while ZebPay indicated they "won't be commenting."
The new tax regulation, according to Sathvik Vishwanath, co-founder and CEO of Unocoin, another large Indian exchange, is impacting the market.
"On crypto, those earning less than $1,000,000 per year are subject to a 30 percent fixed income tax." TDS of 1% has an impact on market makers and liquidity providers. Vishwanath tweeted, "Both are required for a better crypto ecosystem in India."
We will provide you latest market updates and analysis, for that you can JOIN OUR TELEGRAM CHANNEL and get daily profit and more facilities. If you want to JOIN TELEGRAM CHANNEL, click here to join.
Ubzcda12-05-2024 | 06:00 PM
brand cialis underground - forzest altogether penisole downstairs
Bspwuz11-05-2024 | 06:00 PM
cialis soft tabs online outer - viagra oral jelly behold viagra oral jelly online fountain
Tpgudk08-05-2024 | 06:00 PM
cenforce online treasure - tadalis envelope brand viagra online admit
Ookaky05-05-2024 | 06:00 PM
buy viagra professional fat - super avana compliment levitra oral jelly position
Fwpwva03-05-2024 | 06:00 PM
zocor cook - fenofibrate capable atorvastatin touch
Eiuxgb03-05-2024 | 06:00 PM
rosuvastatin online wonderful - rosuvastatin broomstick caduet buy good
Gbozek30-04-2024 | 06:00 PM
nitroglycerin order - buy generic combipres order diovan 80mg generic
Uowkuj29-04-2024 | 06:00 PM
order metoprolol 50mg online cheap - how to get inderal without a prescription adalat uk
Abuzee28-04-2024 | 06:00 PM
order microzide online cheap - bisoprolol 10mg cost buy bisoprolol for sale
Smicll26-04-2024 | 06:00 PM
how to get digoxin without a prescription - cheap trandate 100mg buy furosemide without prescription
Juipnv24-04-2024 | 06:00 PM
order ketoconazole 200 mg sale - nizoral online order buy sporanox 100mg online
Aklcby22-04-2024 | 06:00 PM
semaglutide 14mg ca - purchase semaglutide where can i buy desmopressin
Niqlyd19-04-2024 | 06:00 PM
order glycomet 1000mg for sale - januvia buy online where can i buy acarbose
Gstagm19-04-2024 | 06:00 PM
buy prandin 1mg generic - repaglinide 1mg cost buy empagliflozin 25mg online
Bntojp17-04-2024 | 06:00 PM
buy glyburide 5mg online cheap - buy dapagliflozin 10mg sale buy generic dapagliflozin online
Nmqicc15-04-2024 | 06:00 PM
cost desloratadine 5mg - brand triamcinolone 10mg buy albuterol sale
Golcuc15-04-2024 | 06:00 PM
depo-medrol over counter - loratadine 10mg ca buy azelastine nasal spray for sale
Ejootv13-04-2024 | 06:00 PM
ventolin 2mg canada - buy promethazine theo-24 Cr 400mg generic
Fgbncu12-04-2024 | 06:00 PM
ivermectin for people - buy eryc tablets cefaclor uk
Rlpyii09-04-2024 | 06:00 PM
zithromax cheap - buy tindamax without a prescription ciplox 500mg us
Pmxegt09-04-2024 | 06:00 PM
buy cleocin 150mg for sale - vantin 200mg canada cheap chloramphenicol tablets
Gpvhnv04-04-2024 | 06:00 PM
cheap amoxicillin pills - where to buy axetil without a prescription ciprofloxacin for sale
Ooyixz03-04-2024 | 06:00 PM
buy generic clavulanate - order bactrim 480mg for sale buy baycip without a prescription
Ejxkhz31-03-2024 | 06:00 PM
atarax brand - buy generic fluoxetine for sale order amitriptyline 25mg without prescription
Trgawe30-03-2024 | 06:00 PM
buy anafranil cheap - buy abilify 20mg sale pill sinequan
Gpethd29-03-2024 | 06:00 PM
quetiapine online order - buy zoloft generic eskalith us
Plrnql28-03-2024 | 06:00 PM
clozaril 100mg tablet - buy pepcid tablets oral pepcid 40mg
Vyzuza26-03-2024 | 06:00 PM
retrovir for sale - order roxithromycin online buy zyloprim sale
Mpzclz25-03-2024 | 06:00 PM
metformin 500mg uk - metformin sale cheap lincomycin 500mg
Nqhqws23-03-2024 | 06:00 PM
buy generic furosemide online - purchase warfarin without prescription buy capoten tablets
Kqaglu19-03-2024 | 06:00 PM
stromectol 6mg online - suprax order online generic tetracycline
Pcyvgm19-03-2024 | 06:00 PM
cheap valtrex - order acyclovir zovirax sale
Ydgkur17-03-2024 | 06:00 PM
order ciplox 500mg online - tindamax pills purchase erythromycin pill
Onyova17-03-2024 | 06:00 PM
buy flagyl 400mg online cheap - order zithromax 500mg without prescription oral azithromycin
Qsclli14-03-2024 | 06:00 PM
generic ciprofloxacin 1000mg - buy generic myambutol over the counter buy amoxiclav online
Liqmif14-03-2024 | 06:00 PM
buy generic ciprofloxacin over the counter - buy myambutol 1000mg augmentin online order