{"id":430376,"date":"2022-04-12T11:48:03","date_gmt":"2022-04-12T08:48:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/indian-crypto-exchanges-volume-plunges-down-as-30-tax-goes-into-effect\/"},"modified":"2022-04-12T11:48:03","modified_gmt":"2022-04-12T08:48:03","slug":"indian-crypto-exchanges-volume-plunges-down-as-30-tax-goes-into-effect","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/indian-crypto-exchanges-volume-plunges-down-as-30-tax-goes-into-effect\/","title":{"rendered":"# Indian crypto exchanges&#8217; volume plunges down as 30% tax goes into effect"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a295069918cd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a295069918cd\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/indian-crypto-exchanges-volume-plunges-down-as-30-tax-goes-into-effect\/#%E2%80%9D_Indian_crypto_exchanges_volume_plunges_down_as_30_tax_goes_into_effect_%E2%80%9C\" >&#8221; Indian crypto exchanges&#8217; volume plunges down as 30% tax goes into effect &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Indian_crypto_exchanges_volume_plunges_down_as_30_tax_goes_into_effect_%E2%80%9C\"><\/span>&#8221; Indian crypto exchanges&#8217; volume plunges down as 30% tax goes into effect &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Fresh data on Indian crypto exchanges&#8217; trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India&#8217;s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects.\u00a0<\/p>\n<p>A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph shows that trading volume on top Indian crypto exchanges has declined as high as 70% in the past 10 days.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/466bb7d4-6c32-471f-99eb-164c8732971e.jpg\"><figcaption style=\"text-align: center;\"><strong><em>Crypto Trading Volume on Major Indian Exchanges Source: Creabaco<\/em><\/strong><\/figcaption><\/figure>\n<p>The trading volume on WazirX, the leading crypto exchange in India, declined from $47.8 million on April 1 to $13.2 million on April 10. CoinDCX\u2019s trading volume dropped from $12.16 million to $5.76 million, followed by Bitbns with an overall decline of 41.29% in the past ten days.<\/p>\n<p>Apart from harsh crypto tax laws directly inspired by India\u2019s gambling laws, many payment processing partners that offer Unified Payments Interface (UPI) accessibility have also severed ties with crypto exchanges. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Coinbase to invest in Indian crypto and Web3 amid tax regulation clarity<\/em><\/strong><\/p>\n<p>Coinbase recently had to suspend the crypto payment option just a day after inaugurating its crypto trading services for Indians. While payment processors such as MobiKwik had cut ties with the likes of WazirX and other crypto exchanges after a recent warning from the government.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Statement by NPCI as on 7th April 2022. With reference to some recent <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI. Please see attached document <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/lGTcaSLKeC\">pic.twitter.com\/lGTcaSLKeC<\/a><\/p>\n<p>\u2014 NPCI (@NPCI_NPCI) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/NPCI_NPCI\/status\/1512091446865633285?ref_src=twsrc%5Etfw\">April 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Interestingly enough, even though crypto taxes have been based on the gambling laws, the fantasy sports and gambling <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>s in the country have full access to all forms of payment integration including UPI.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Coinbase disabled UPI service in India few days after NPCI statement.<\/p>\n<p>This is not new, Indian exchanges have also been facing payment service problem since 2018.<\/p>\n<p>Weird fact &#8211; Actual gambling apps get proper payment service support while crypto exchanges are being alienated.<\/p>\n<p>\u2014 Aditya Singh (@CryptooAdy) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptooAdy\/status\/1513174883903148033?ref_src=twsrc%5Etfw\">April 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Many stakeholders in the crypto community have warned that these impractical tax measures and added restrictions on crypto trading would do more harm to the thriving crypto economy in the country and the early effects are visible.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/indian-crypto-exchanges-volume-plunges-down-as-30-tax-goes-into-effect\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Indian crypto exchanges&#8217; volume plunges down as 30% tax goes into effect &#8220; Fresh data on Indian crypto exchanges&#8217; trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India&#8217;s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":430377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvYThkMTEzMmMtNjNiNS00MGM3LThmZTEtYjA2Y2Q5ZGY5OTNkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,74860,74889,17318,70934],"class_list":["post-430376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-cryptocurrency-exchange","tag-payments","tag-india","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=430376"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/430376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/430377"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=430376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=430376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=430376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}