While Indian crypto exchanges lost a significant portion of their trading volume after new taxes for the sector came into force, the losses, so far, were referred to in percentage terms, with most estimates quoting them to be above 90%, compared to the previous year.
Now, a new study has quantified the value of cumulative trading that shifted from Indian to foreign crypto exchanges after the new taxes kicked in.
CryptoPotato reported earlier that Indian traders are flocking to foreign exchanges after the tax and regulatory environment in the country has become “unviable.”
$3.8 Billion Moved
Esya Centre, an Indian think tank on technology policy matters, in a report published on January 3, said that Rs. 32,000 crores ($3.85 billion) of cumulative trade volume shifted from Indian crypto exchanges to foreign competitors between February and October 2022.
The report, titled “Virtual Digital Asset Tax Architecture in India: A Critical Examination,” examines how the new taxes for
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