India’s crypto tax pushing traders to foreign exchanges

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India’s crypto tax rules, which went into effect in April, have resulted in local exchanges ceding the lion’s share of the market to those operated by foreign players.

According to the New Delhi-based think tank Esya, Binance, Coinbase, and other foreign exchanges held 67.6% of the crypto market share in India as of October 2022, up from 50% in November 2021. According to the report, $3.8 billion of trading volume shifted from domestic centralised exchanges to those operated offshore between February 2022, when India announced its crypto taxation policy, and October 2022. (PDF). Indian exchanges such as WazirX, CoinSwitch, and CoinDCX lost an astounding 81% of their trading volume between July and October, according to Esya, blaming the trend on local TDS rules.

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India’s crypto tax pushing traders to foreign exchanges

India’s crypto tax rules, which went into effect in April, have resulted in local exchanges ceding the lion’s share of the market to those operated by foreign players.

According to the New Delhi-based think tank Esya, Binance, Coinbase, and other foreign exchanges held 67.6% of the crypto market share in India as of October 2022, up from 50% in November 2021. According to the report, $3.8 billion of trading volume shifted from domestic centralised exchanges to those operated offshore between February 2022, when India announced its crypto taxation policy, and October 2022. (PDF). Indian exchanges such as WazirX, CoinSwitch, and CoinDCX lost an astounding 81% of their trading volume between July and October, according to Esya, blaming the trend on local TDS rules.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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