 "Crypto investors")
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.
Also Read | Wait and watch: Industry players on 1% TDS on crypto investments in India
Also Read | Wait and watch: Industry players on 1% TDS on crypto investments in India
Those steep declines came from
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