Indian Crypto Trading Volumes Plunge as New Tax Rules Kick In
— Equity markets, Traders operate, Impose, Possibly prompting, Frequency traders, Indian crypto exchanges plummeted, Equity markets .“, Coindcx, Generate trading fee revenue, Move — 1 min read
Trading volumes on Indian crypto exchanges have plunged by 90-95% since new tax laws took effect. Local investors shouldn’t move to foreign crypto exchanges to skirt local taxes, WazirX’s CEO said. Companies dependent on transaction fees could revise revenue forecasts, a crypto exec told Blockworks. The fall in volumes could have a direct impact on the revenue streams of these companies, possibly prompting them to lay off workers in an industry already grappling with high employee turnover and the anticipation of a recession, a CoinGecko data shows. A combination of falling cryptoasset prices, liquidations and financial struggles of key crypto players, soaring inflation and soaring inflation have all resulted in the current “crypto winter” The Source