COMPANIES

No Data Found

NEWS

No Data Found
Advertisement
Trading volumes plummet across KYC-compliant crypto exchanges in India 

Trading volumes plummet across KYC-compliant crypto exchanges in India 

Data from Nomics and Crebaco highlight that trading volumes on KYC-compliant crypto exchanges in India have taken a hit after TDS on crypto transfers became applicable from July 1. 

Business Today Desk
Business Today Desk
  • Updated Jul 4, 2022 11:34 AM IST
 Trading volumes plummet across KYC-compliant crypto exchanges in India Data from Nomics and Crebaco highlight that trading volumes on KYC-compliant crypto exchanges in India have taken a hit after TDS on crypto transfers became applicable from July 1. 

KYC-compliant cryptocurrency exchanges in India have witnessed a steep drop in trading volumes after 1 per cent TDS on crypto transfers became applicable from July 1. 

Data from Nomics, a crypto data firm, and Crebaco, a crypto research firm, highlight that the TDS on crypto transfers, which was proposed in the Union Budget this February has deeply impacted trading volumes across several KYC-compliant crypto exchanges in India. 

Advertisement

As per data compiled by Crebaco, trading volumes on WazirX exchange decreased by 82 per cent. The drop was approximately 70 per cent for CoinDCX exchange  and 76 per cent for ZebPay exchange. 

Data sourced from Nomics also concluded the same.  

Nomics’ data highlighted that trading volumes on WazirX took a steep fall in the past week, especially after July 1. 

 

Trading volumes on crypto exchange CoinDCX also took a hit after TDS became applicable last Friday. 

 

Since last Friday, trading volumes on the cryptocurrency exchange ZebPay also slumped following the implementation of TDS on crypto transfers. 

Advertisement

 

Business Today has reached out to all of the aforementioned cryptocurrency exchanges. The copy will be updated once we receive a response. 

One per cent TDS on crypto transfers was proposed in the Union Budget this February by Finance Minister Nirmala Sitharaman along with a 30 per cent tax on crypto gains. 

Published on: Jul 4, 2022 11:34 AM IST
    Post a comment0