Dec 11, 2023

India introduced a 30% tax on crypto profits and the 1% TDS on all transactions in July, 2022, resulting in traffic taking a nosedive and many exchanges going into survival mode.

Video transcript

I've been in this space for almost eight years and talking to, you know, uh almost hundreds of customers every month. Uh I have not seen people moving away from crypto because of the taxation. But unfortunately, what is happening is that uh 95% of the customers are not. Uh uh So they have not stopped trading or investing in crypto, but they either moved to Texas or, or to some of the offshore platforms uh to sort of uh continue to trade and, and that's something that uh uh uh you know, is, and we have seen it from our numbers as well. So if you look at the numbers, the interest in the activity, in fact, India is number one, when it comes to grassroots adoption, right? In terms of on activity, you've seen it in the recent report. So India is continued to grow just that because of high taxation, it just deters customers from trading on uh uh you know, domestic players, but rather move offshore Conexes.

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