Crypto exchanges' trading volume falls by 70% in 3 days as TDS rule takes effect

Crypto exchanges' trading volume falls by 70% in 3 days as TDS rule takes effect

• By Staff Writer

Trading volumes on Indian cryptocurrency exchanges declined by at least 70% in three days after the new rule requiring a 1% tax deduction at source on every transaction came into effect on July 1. Trading volumes on WazirX were down the most at 82%, per data from Crebaco. Meanwhile, ZebPay and CoinDCX declined 76% and 70%, respectively.