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Crypto tax deters 83% Indian investors from crypto trading: WazirX report

2022.07.06 20:10

Crypto tax deters 83% Indian investors from crypto trading: WazirX report
Crypto tax deters 83% Indian investors from crypto trading: WazirX report

The implications of what anti-crypto regulations can do to a thriving economy can be seen first-hand unfolding in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report from WazirX reveals a change in investor sentiment as the Indian government imposed its second crypto law — a 1% tax deduction at source (TDS) on every crypto transaction.

Trading volumes on Indian crypto exchanges saw an eventual reduction of 90-95% ever since the country introduced a law that would tax investors 30% on unrealized gains. With two consecutive taxes ready to eat away at their holdings, most Indian investors have seemed to have opted for hibernation amid an unforgiving bear market.

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