According to Nomics, trading volume on India’s crypto exchanges dropped sharply last June 1 due to the entry into force of a 30% tax on profits from crypto transactions and a 1% fee under the TDS.
During the day, the indicator on crypto exchange WazirX decreased by 63% (from $14.53 million to $5.36 million) and on CoinDCX by 20% (from $2.62 million to $2.09 million).
The tightening of the tax burden was agreed in April. The fee under TDS is charged on transactions in excess of 10,000 rupees ($127) or if their total volume for the reporting period exceeded 50,000 rupees ($661.8).
The Computer Emergency Response Team issued in May a directive requiring crypto exchanges to store customer data for five years.