Data: India's crypto tax may lead to a reduction of $1.2 trillion in CEX trading volume in the country over the next four years

2023-01-05 16:37:54

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ChainCatcher news, the latest research report from the Indian think tank Esya Center indicates that after India announced a high tax of 30% on all cryptocurrency trading profits on February 1, 2022, Indian cryptocurrency exchanges lost approximately 97.1% of their trading volume from January to October 2022, plummeting from about $4.73 billion in January to $137.6 million.

The study states that from February to October 2022, approximately $3.85 billion in trading volume shifted from Indian exchanges primarily to Binance, Coinbase, and Kraken, with an estimated 1.7 million Indian users turning to foreign exchanges.

Furthermore, the study estimates that if India's tax policy remains unchanged, the cumulative trading volume loss for Indian CEXs over the next four years could reach $1.2 trillion. (cryptoslate)

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