Indian Users Transfer More Than $3.8B to Foreign Exchanges
According to a study conducted by Esya Centre, a New Delhi-based technology policy think tank, Indian users have moved about $3.8 billion in cumulative trading volume from local to foreign crypto exchanges after the introduction of the crypto law regulating digital assets, which entered into force in February lasr year.
According to the research, about $3.852 billion were moved abroad between February and October last year.
The study is the first document to actually show the real impact of the introduction of the law in the country and how crypto users have reacted to it by moving their crypto funds abroad. The country’s Prime Minister Narendra Modi’s government announced a 30% tax on crypto profits and a 1% tax deducted at source (TDS) on all transactions on February last year.
The 30% tax started to be implemented on April 1 and the 1% TDS on July 1.
