Crypto trading volumes of some Indian exchanges drop after fresh tax law: CoinDesk

Cryptocurrency trading volumes of some Indian exchanges dropped by as much as 72% just 10 days after the country had implemented a new tax law, CoinDesk reported Monday, citing data from digital asset research firm Crebaco. At the beginning of February, India's Finance Minister Nirmala Sitharaman said the country will impose a 30% tax on cryptos and non-fungible tokens on April 1. In addition, the 1% tax deducted at source ("TDS") liability will come into effect on July 1, Coindesk noted. Four Indian exchanges in particular saw large drawdowns in trading volumes, with WazirX's volume off 72%, ZebPay -59%, CoinDCX -52% and BitBns -41%, according to data from CoinMarketCap and Nomics, as reported by CoinDesk. “April 1, 2, and 3 were holidays. Since then volumes are continuing to fall. I don’t think this will return," Sidharth Sogani of Crebaco told CoinDesk. "This has created a new benchmark. It can go further down