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Crypto

Indian crypto exchanges dread TDS effect on trading amid global crash

Pratik Bhakta

June 24, 2022 | 3 Min Read

June 24, 2022 | 3 Min Read

Starting July, 1% TDS will apply to every transaction in which a virtual asset is sold. Top crypto platforms, where volumes are already down, fear its implementation will send trading activity into deeper red

There’s a bloodbath in global crypto markets, and Indian investors and exchanges are bracing for an extra dose of misery.

Trading volumes at top exchanges in the country are down 11-50%, according to CoinMarketCap’s data. Industry insiders fear the levels may sink 15-20% more because of the introduction of 1% tax deducted at source, or TDS. The government levy kicks in on July 1.

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