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Transactions volumes plunge after crypto tax comes into effect in India

Last week, Moneycontrol reported that this new move of crypto tax will be a major hurdle for the smaller investors and is anticipated to drive the retail investors to the grey market.

April 04, 2022 / 01:07 PM IST

Transaction volumes have plunged by 55 percent while domain traffic dropped by 40 percent on India's top cryptocurrency exchanges in the first two days after the crypto tax came into effect on 1st April, according to data shared by crypto research firm CREBACO.

Moreover, the data showed that between March 31 and April 1, volumes on WazirX have approximately dropped from over 7 crore to 4 crore, on CoinDCX from 1.9 crore to 1.2 crore, on Zebpay from 1.5 crore to 44 lakhs and on Bitbns from 1.1 crore to 96 lakhs.

“The volumes have gone down by 10-30 percent on most of the Indian crypto exchanges. People are still understanding what will be the direct and indirect implications of new tax rules. It may take a few more weeks for people to work around new strategies to reduce tax burdens,” said Sathvik Vishwanath, co-founder of cryptocurrency exchange firm Unocoin.

Also Read | Crypto exchanges brace for new tax rules, expect small investors to move to grey market