CoinDCX: India’s 1% TDS tax on cryptocurrency transactions causes 95% of Indian trading volume to flow to overseas platforms

Indian cryptocurrency exchange CoinDCX has stated that the imposition of India's digital asset trading tax is counterproductive and should be reduced. The exchange was valued at over $2 billion before taxation. India imposed a 1% TDS tax on cryptocurrency transactions 16 months ago, claiming that its purpose was to track buying and selling behavior rather than increase revenue. However, CoinDCX CEO Sumit Gupta believes that the tax has caused 95% of India's trading volume to flow to overseas platforms, making it difficult for local officials to monitor these platforms.