Crypto trading volume surges by 56.26% within 24 hours: India
Indian crypto exchanges saw a huge surge in the 24 hours in the trading volume because of the recent decision of crypto tax on the crypto traders.
According to available data, the Indian popular crypto exchange WazirX, trading volume at the exchange surged by more than 56.26% in less than 24 hours, while its Wazirx token surged by around 28% on 1 February. At the time of writing this article, the price of the WRX token is $0.98.
24 hours trade volume on Unocoin and CoinDCX crypto exchanges surged by around 50% and 9.9% respectively. These two exchanges are known as popular competitors of the WazirX exchange.
Nischal Shetty, CEO, and founder of WazirX exchange stated that new crypto tax rules are steps to move toward regulatory approval of the crypto industry.
Clarity on crypto tax as well!
— Nischal (WazirX)
Income from transfer of any digital asset to be taxed at 30%
No expenditure deduction except cost of acquisition
Loss from digital asset cannot be setoff
Yet another step towards positive crypto regulations#IndiaWantsCrypto
(@NischalShetty) February 1, 2022
India Crypto tax rule
As we reported on 1 February the Indian parliament Budget session included the crypto tax rules. Finance minister Nirmala Sitharaman announced the provision of a 30% tax on the income of crypto transactions.
At present, there is no existence of official law or bill to provide legal status to the crypto industry in India. But the latest decision to impose a tax on crypto traders is a clear indication that the country is planning to move toward the regulation of the crypto Industry slowly.
At present, the majority of the Indian crypto traders are opposing this latest decision of the government of India to impose a very high tax on crypto income.
However few audio podcasts on Twitter, hosted by leading exchange Wazirx, noted that this situation is the Initial phase to move toward the legalization of this industry but surely in the future, we will see some better improvement in the existing laws and rules because this crypto tax rule is not much better from the point of growth of this industry.
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