Trading volumes on top crypto exchanges touch 6-month low

economictimes.indiatimes.com:

Mumbai: Trading volumes on crypto exchanges WazirX, ZebPay and Giottus hit a six-month low on April 10 due to the uncertainty surrounding crypto regulations in the country WazirX, one the largest cryptocurrency exchanges in India, estimatedly saw 65-90% of its business erode after e-wallet Mobikwik disabled its services on the platform over the last few days. ET was the first to report on April 9 that due to a lack of clarity on the usage of the Unified Payments Interface (UPI) for processing transactions. US-based Coinbase, which announced its India entry last week, has also hit the UPI roadblock and disabled the service.

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Trading volumes on top crypto exchanges (noramlised for the last one year) slid 92-98% on April 10 at one point compared to peaks observed last year, data from cryptocurrency aggregator Coingecko.com showed. The surge in trading over the past year came on the back of a bull run in the market which led to millions joining the crypto bandwagon in India. WazirX and ZebPay declined to comment on the impact faced by their businesses. The drop in trading volumes is because of a combination of the latest tax guidelines that came into effect on April 1 and refusal by payment aggregators and service providers to work with crypto exchanges, multiple senior executives at crypto exchanges said. The broader cyrpto market has also had a slow start to the year and exhibited bearish trends. The new rules levy a 30% tax on crypto gains and do not allow users to offset losses. Vikram Subburaj, founder and CEO of crypto