New taxes add to the woes surrounding Indian crypto exchanges with investors looking elsewhere.
LONDON (Bywire News) - Crypto exchanges in India are suffering with a new crypto tax hitting confidence in the sector. Along with the broader concerns about the industry, trading volumes are down 90% with investors looking increasingly concerned about the prospects for the future.
From the start of this month, India imposed a 1% tax on crypto trades. Investors have started to avoid the Indian market which is increasingly being seen as hostile to the crypto sector.
"We are scraping the bottom of the barrel as far as volumes are concerned,” said Rajopal Menon Vice president of the WazirX crypto exchange. "The amount of regulatory tangles, lack of ease of doing business and paperwork that has been created on every single trade has made investors and traders wary and we are seeing that people are moving to international exchanges or to the grey market."
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