Crypto Trading Volume in India Plummets 72% After New Crypto Tax

The Indian cryptocurrency market is experiencing a significant downturn. Crypto trading volumes in India have plummeted following the new tax law entering into force. This drastic decrease is directly linked to the recent implementation of a new tax regime specifically targeting digital assets.

JUST IN: 🇮🇳 Crypto trading volume in India has gone down as much as 72% in some exchanges since the new tax law came into effect on April 1. The data clearly illustrates the impact of the new regulations on investor activity.

The new rules impose a 30% flat tax on crypto income and do not allow for offsetting losses against profits from other crypto assets, making crypto trading less attractive for many investors. This rigid tax structure has driven many traders away from Indian exchanges.

Trading volumes across crypto exchanges in India have plummeted after a new transaction tax law was recently enforced. On J [assumed to be January, the date should be completed from source material], the Indian Government legislated this tax, which has now come into full effect.

Reports indicate that some exchanges have seen trading volume reductions exceeding 70%, demonstrating a substantial shift in market dynamics. The long-term effects of this tax policy on the Indian crypto market remain to be seen, but the initial impact is undeniable.

Analysts predict that this trend may continue unless the government reconsiders its approach to crypto taxation and implements a more favorable regulatory framework. Many are hoping for revisions that encourage innovation and investment in the burgeoning crypto space in India.