Indian Crypto Exchanges Record Higher Volumes
Following the Financial Intelligence Unit’s (FIU) decision on December 28, 2022, to issue compliance show-cause notices to nine global crypto exchanges, as well as a request to the IT ministry to block their URLs for not adhering to Indian regulatory norms, leading Indian cryptocurrency exchanges are reporting higher trading volumes, deposits, and user registrations.
Following the FIU’s action, leading Indian crypto exchange Coin DCX has seen a significant increase in deposits. Indian cryptocurrency exchanges faced challenges in 2023 due to a 30% tax rate on crypto assets and a 1% TDS on all transactions, effective April 1. This led to a significant decrease in volumes across exchanges, with users moving up to $3.8 billion away from Indian exchanges, according to a report by EYSA.
(With inputs from Shikha Singh)
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