It looks like most crypto traders have dramatically scaled back their activity, judging by the huge drop in trading volume on four Indian exchanges. A 1% tax per transaction and a 30% income tax on crypto are blamed for the declines.
Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since July 1, when a 1% tax per transaction was enforced in the country.
The Tax Deducted at Source came into effect on July 1 and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by July 3. Volumes have stabilized slightly since hitting lows but are still down 56.8% on average,Indian YouTube channel Crypto India tweeted on July 4 that exchange revenues, based on a 0.1% trading fee, are abysmal due to the low volume levels.
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.
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