Crypto tax deters 83% of Indian investors from trading crypto: WazirX report
With two back-to-back taxes poised to eat away at their holdings, most Indian investors appear to have opted into hibernation amid a bear market ruthless.< /p>
New
The implications of what anti-crypto regulations can do for a thriving economy can be seen firsthand in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report by WazirX reveals a shift in investor sentiment as the Indian government imposed its second crypto law – a Tax Deduction Withholding (TDS) 1% on every crypto transaction.
Trading volumes on Indian crypto exchanges have finally fallen by 90-95% since the country introduced a law that would charge investors 30% on unrealized gains. With two consecutive taxes poised to eat away at their holdings, most Indian investors appear to have opted into hibernation amid a relentless bear market.
Indian Crypto Exchange Trading Volume Drops 90-95%, 3 Months After New Cryptocurrency Laws Take Effect cryptography.
Based on current volumes - Exchanges can only generate trading fee income of $1,000 to $3,000 maximum.
Bitbns still seems to be working well.
Difficult times are coming. pic.twitter.com/KNDbea9BCn
— Crypto India (@CryptooIndia) July 4, 2022Major Indian crypto exchanges WazirX and Zebpay surveyed about 9,500...
With two back-to-back taxes poised to eat away at their holdings, most Indian investors appear to have opted into hibernation amid a bear market ruthless.< /p>
New
The implications of what anti-crypto regulations can do for a thriving economy can be seen firsthand in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report by WazirX reveals a shift in investor sentiment as the Indian government imposed its second crypto law – a Tax Deduction Withholding (TDS) 1% on every crypto transaction.
Trading volumes on Indian crypto exchanges have finally fallen by 90-95% since the country introduced a law that would charge investors 30% on unrealized gains. With two consecutive taxes poised to eat away at their holdings, most Indian investors appear to have opted into hibernation amid a relentless bear market.
Indian Crypto Exchange Trading Volume Drops 90-95%, 3 Months After New Cryptocurrency Laws Take Effect cryptography.
Based on current volumes - Exchanges can only generate trading fee income of $1,000 to $3,000 maximum.
Bitbns still seems to be working well.
Difficult times are coming. pic.twitter.com/KNDbea9BCn
— Crypto India (@CryptooIndia) July 4, 2022Major Indian crypto exchanges WazirX and Zebpay surveyed about 9,500...
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