There has been 30-40% dip in India crypto volumes in past 30 days over tax uncertainties: WazirX

cnbctv18.com:

Shetty said there is some dip in the number of new "virtual assets" up across the industry.He said, “The confusion around taxes is probably bigger issue right now; the future of the TDS, and everything coming in. Overall, volumes wise, there has been a dip of 30 to 40 percent in the last, let us say, 30 to 45 days in India.

But globally, also there has been a 10 percent so India has taken a steeper drop in trading volumes, mostly because of these recent changes. But even globally, there's been some dip in crypto due to the market conditions.Read Here | Explained | Inflationary and deflationary cryptocurrenciesBeginning April 1, all forms of virtual digital assets (VDA) or crypto assets that are sold at a profit have begun to attract a tax of 30 percent.

The announcement was made by Finance Minister Nirmala Sitharaman in her Union Budget speech this year.Shetty said, “The markets are still trying to come to terms with the new taxation. We are also awaiting, further clarity, hopefully, on the TDS, and maybe a reduction of the TDS, from 1 percent to maybe 0.01 percent, which will really work well for the industry.”He added, “There is some sense of deeper understanding amongst the participants about the taxation.

There was a lot of confusion, which is clearing out. In terms of adoption, I would say, the interest is still very high, and for obvious reasons, because it is the norm globally, crypto is growing really fast.”Read Here | Crypto transaction profits to be taxed from today; all you need to knowOn crypto markets in 2022, Shetty said, “Crypto usually moves in cycles, there has this one or two years of rapid growth and I would say that happened in the last two years.