In this new year, when everyone is celebrating and wishing for a safe and happy year, bad news came for Indian crypto players who had recently begun to grow since the pandemic. According to sources, Indian Crypto exchange platforms are facing a significant loss due to international Crypto players. However, global players such as Binance and Coinbase benefit from this loss.
The Esya Centre has made an alarming claim regarding cryptocurrency. The centre claimed that several Indian Crypto traders have switched to international Crypto exchanges. As a result, over $3.8 billion was transferred to foreign Cryptocurrency exchange platforms. As a result of this event, a large number of Indian Crypto exchange platforms face massive losses.
When did it all begin?
Everything went smoothly, and Indian crypto players were overjoyed with their success; however, February 2022 marked the beginning of the downfall of Indian Crypto players, who have since struggled to remain stable. According to a report by the India-based think tank Esya, global Crypto players such as Binance and Coinbase secured 67.6% of trading volumes in October 2022. Where should audiences look for more details? People interested in learning more about the matter can go to Tech Crunch and Uncut, which has covered everything related to the new tax rules and their impact on Crypto traders and Indian Crypto players.
Why did Crypto traders switch to global cryptocurrency players?
This major shift began with the unveiling the Union budget for 2022, during which the administration declared a 30% tax on profits from Crypto trading, with a 1% tax deduction at source (TDS). Because of the failure to make provisions for loss write-offs, several Crypto traders became fearful and migrated their assets to foreign Crypto exchange platforms.