Indians moved more than $3.8 billion in cumulative trading volume from local to international crypto exchanges after the nation announced stiff crypto tax rules on Feb. 1, 2022, according to a research study by Esya Centre, a New Delhi-based technology policy think tank.
A total of $3.852 billion (INR 32,000 crore) was shifted during Feb-Oct 2022. "Of this, cumulative volume of $3,055 million was offshored within six months of the current financial year," the report said.
The report assumes significance as it provides the first monetary estimate of the impact of India's controversial crypto tax policy on domestic exchanges. Prime Minister Narendra Modi’s government announced a 30% tax on crypto profits and a 1% tax deducted at source (TDS) on all transactions on Feb. 1, 2022.
(By Amitoj Singh)
Related News:
Lower Crypto Tax In India Union Budget 2023?: What To Expect
Indian Crypto Association Seeks Relief From High Taxes
Elevation Capital and Accel Among Top 5 VC Funds for Startups Launched in India 2022
Indian Central Bank on Track To Launch Retail CBDC Pilot Next Month
All Comments