CoinDCX: India's 1% tax on digital asset transactions will lead to 95% of transactions moving overseas

ChainCatcher news, according to Bloomberg, Indian cryptocurrency exchange CoinDCX believes that India's 1% tax on digital asset transactions is counterproductive and should be reduced. India imposed a 1% TDS tax on cryptocurrency transactions 16 months ago, stating that its goal was to track buying and selling activities rather than to increase revenue.

However, CoinDCX CEO Sumit Gupta stated that this taxation has shifted 95% of India's trading volume to overseas platforms that are difficult for local officials to monitor. Before the imposition of the cryptocurrency transaction tax in India, CoinDCX was valued at over $2 billion. At the beginning of 2023, the company laid off 12% of its workforce, which currently stands at around 550 employees.