Key Takeaways



Since July 1, WazirX, and CoinDCX, have witnessed their trading volumes slashed by at least 80%. According to crypto India, based on current volumes – India’s major Exchanges are able to generate trading fee revenue of only $1000-$3000 maximum The TDS rules, which came into effect on July 1 state that all trades involving the sale/ transfer of crypto assets will be charged a 1% on the seller’s end. 



Ever since The Tax Deducted at Source(TDS) rules came into force on July 1, crypto trading volumes in India have plummeted. Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since the introduction of new taxes.



According to the new TDS laws, all trades involving the sale/ transfer of crypto assets will be charged a 1% on the seller’s end.  Since July 1, WazirX, and CoinDCX, saw their trading volumes slashed by at least 80%. WazirX witnessed trading volumes fall 63.11%, from $14.53 million on June 30, 2022, to $5.36 million on July 1, 2022. Since July 1, the exchange has lost 80.11% as the trading volume currently stands around $2.9 million.




Indian Crypto exchange's trading volume have plunged by 90-95% , 3 months after new crypto laws became applicable. Based on current volumes – Exchanges are only able to generate trading fee revenue of $1000 to $3000 Max. Bitbns seems to be still doing well. Tough times ahead. pic.twitter.com/KNDbea9BCn — Crypto India