Indian crypto exchanges facing tough times as volumes nosedive

economictimes.indiatimes.com:

According to a tweet from Aditya Singh, Co-Founder of Crypto India, the major crypto trading platforms have registered a two-third in the trading volumes on their platforms. As announced in the union budget 2022, the Indian government is levying 30 per cent taxations on the gains arising from the trade of crypto assets. Many of the market players saw this move as an anti crypto stance.

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Arijit Mukherjee, Founder and CEO, Yunometa said that not only high taxes, but the latest fiasco of withdrawal of UPI payments by leading banks is also hurting the exchanges badly. «The overall geo-political crisis due to the Russia-Ukraine war is also worrisome,» he added. «As these disruptions stabilise in India and the rest of the world and there’s more clarity about crypto assets, we can expect the steep fall to reverse.” Indian investors are not offsetting the gains against the losses from other assets and the government will treat all the crypto assets separately. Indians have taken to social media to express their displeasure. Pratik Gauri, Founder and CEO, 5ire said, „The volume drop of crypto trading on Indian exchanges is massive. We are talking about a decline of 72 per cent on WazirX, 59 per cent on ZebPay, 52 per cent on CoinDCX and 41 per cent on BitBns.“ The timing of the dramatic lowering of volumes is also curious since it followed the new tax regime that RBI and the finance ministry’s new elevated tax went into effect, he added. The trading volumes for WazirX have dropped below $100 million from about $210 million in a day, ever since the new rules were kicked into force earlier this month. Nischal Shetty, Founder, WazirX said, „There has been a dip