Indian taxes increase!

India’s new cryptocurrency tax has dealt a heavy blow to the crypto exchanges in the country,

A moment ago, an announcement related to crypto tax appears

Then, it caused broader sectoral woes

And sending trading volumes plunging by up to 90%

Since the early month, the 1% tax for the crypto trading cause further disincentive for investors in the crypto market

And formerly, the burdensome regulations and a 30% also affect digital income tax

It had squeezed volumes by 60-70%,

Then now, coupled with another tax rule.

Vice president of crypto exchange WazirX, Rajagopal Menon said;

“We are scraping the bottom of the barrel as far as volume is concerned,” 

Then he continues;

“The amount of regulatory clutter, the lack of ease of doing business and the paperwork that has been created on every trade has made investors and traders wary and we are seeing people moving to international exchanges or to the gray market,”

Lower trading volume has dragged down earnings for the Indian bourse,

Which has curtailed marketing and hiring while formulating strategies to cope with the protracted decline.

This Indian taxes increase condition affect more than crypto exchange itself

It also affect the employee who work on some crypto exchange companies

The founder of digital bank Cashaa, Kumar Gaurav said several crypto companies in India were laying off people

As we know, India is one of countries that hiring large numbers last year

But now, the need to do the laying off their employee

It is due to the company cost-cutting measures.

While Indian exchanges took a hit,

Trading volumes globally rose higher as cryptocurrency prices fell.

The top global crypto exchanges were trading a maximum daily volume of USD 137 billion

When the price of bitcoin fell sharply on May 11, 2022.