Coin News

India’s Tough Crypto Tax Regulations is Beneficial For Binance

14 Sep, 20221 min readRegulation
India’s Tough Crypto Tax Regulations is Beneficial For Binance

Indian investors have got a new way to avoid the newly implemented 1% TDS on Crypto transactions. The 1% Crypto Tax was implemented in July 2022, following which the Indian Crypto Traders were seen opting for foreign market investments. The daily transaction volumes on the Indian crypto exchange tanked by 90%.

According to the data from market intelligence firm Sensor Tower, the downloads for the Binance app jumped to 429,000 during the last month of August 2022. This is happening because exchanges like Binance and FTX haven’t been deducting any taxes on crypto transactions. Thus, it is making up a strong reason for Indian investors to flee to foreign exchanges.

Source

Subscribe to get our top stories

Coin News
App StoreApp Store