Indian crypto exchanges are losing trading volume. After the new tax for this sector comes into effect. The loss so far as a percentage is over 90% compared to the previous year.
Esya Centerreportthat the volume exceeds 3.85 billion dollars has shifted away from Indian crypto exchanges to overseas competitors. Between February and October 2022, that is, since the new tax took effect on April 1.
In terms of peer-to-peer trading, volume has also migrated from India to foreign exchanges.
“India’s VDA taxation is a recession compared to other countries with high VDA adoption rates such as the United States, the United Kingdom, South Africa, Vietnam, the Philippines and Brazil,” the report said.
In addition, a taxation of up to 30% is applied which cannot be offset against the loss incurred.
“Many Indians seem to be shifting from centralized exchanges in the country to foreign ones. This trend has started in February 2022.”
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