Friday, 24 March, 2023

As new tax regulations take effect, volumes on crypto trading platforms decline

<p>After reaching a monthly high on March 31, trading volumes on cryptocurrency exchanges have dropped by 30-70%. On the final day of the fiscal year, volumes on top crypto trading platforms surged as traders hedged their bets before a new tax regime controlling virtual digital assets (VDAs) took effect on April 1. Traders now have to pay a 30% flat tax on gains realised on VDAs. Starting in July, a 1% tax deducted at source (TDS) will be imposed.</p>