Payment services providers have also cut ties with major crypto exchanges despite having the same rate for gambling and fantasy sports platforms.
Fresh data on Indian crypto exchanges’ trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India’s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects.
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.
The trading volume on WazirX, the leading crypto exchange in India, declined from $47.8 million on April 1 to $13.2 million on Sunday. CoinDCX’s 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.
Apart from harsh crypto tax laws directly inspired by India’s gambling laws, many payment processing partners that offer Unified Payments Interface (UPI) accessibility have also severed ties with crypto exchanges.
Read more: cointelegraph.com