TDS rule brings down volumes on crypto sites; Decline of more than 70% in trading

Spot trading volumes on crypto exchanges CoinDCX, WazirX and Zebpay declined by at least 70% on July 3 compared with June 30, even as the rule requiring deduction of tax at source on every transaction came into effect on July 1.

The newly introduced TDS of 1% on the sale and transfer of virtual digital assets will push day traders to move out of Indian exchanges and restratgise their playbooks.