Cryptocurrencies
Crypto Tax in India Spurs Bonanza for Digital-Coin Bourses
- Tax seen as legitimizing a sector stuck in regulatory limbo
- WazirX expects some 100 million Indians to flock to crypto
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India’s decision to impose a 30% tax on profits from cryptocurrency trading is turning out to be a boon for the country’s digital-asset exchanges.
Binance-owned WazirX, India’s largest crypto bourse, has seen daily sign-ups on its platform jump almost 30% since Feb. 1, when the government unveiled the levy on the transfer of digital assets in its annual budget, said co-founder Nischal Shetty. At rival CoinSwitch, the daily increase was 35%, according to founder Ashish Singhal.