Crypto Live News

India’s Tough Crypto Tax Regulations is Beneficial For Binance

Written by: Qadir AK

Written by right arrow

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

  • author facebook
  • author twitter
  • linkedin

Sep 14, 2022

news-image

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.

Back to top button