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Trading Dries Up on India Crypto Exchanges as New Tax Kicks In

  • Trading at four exchanges plummets by 60% or more after tax
  • Market makers, high-frequency traders are ‘gone:’ executive

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. 

Three exchanges -- ZebPay, WazirX and CoinDCX  -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1, data from CoinGecko show. A fourth, Giottus, saw trading sink 70%, its chief executive said.