10 days after the new crypto tax law came into effect in India trading volumes have fallen off the cliff with analysts divided about what's going on. By amitoj, godbole17, and shauryamalwa
Crypto trading volumes of India’s major exchanges have nose-dived since April 1, the day the new tax law came into effect, according to data collected by Crebaco, a cryptocurrency research organization.
India’s crypto tax law enforcing 30% tax on profits from crypto transactions came into effect April 1, 2022, and does not allow setting off losses from other crypto transactions. The most controversial provision – the 1% tax deducted at source liability – won’t take effect until July 1. Sidharth Sogani of Crebaco said the information was compiled by analysing four to five exchanges that have reliable data.
According to senior crypto lawyer Suril Desai it is unclear whether the drop in volumes means the trading has reduced or moved elsewhere. “The only trading volumes we get comes from exchanges. The off-chain trades could be happening for which there is no record,” Desai said.
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