trading volumes on major indian cryptocurrency exchanges have declined by 70 after a new transaction tax came into effect on july 1 what happened data shows that exchange volumes plummeted following the imposition of a 1 tax deducted at source tds and 30 income tax on cryptocurrency transactions the 1 tds is applicable to every digital asset transaction including nfts and other types of transactions on public blockchains see also indian crypto players have a new tax rule from today what you should know leading indian cryptocurrency exchanges such as wazirx zebpay bitbns and coindcx saw their average trading volumes decline from over 95 million per day to around 5 million at the time of writing “crypto taxation and the government’s efforts to regulate the industry is a very positive step and a welcome move” wrote coindcx ceo sumit gupta on twitter “however imposing such high taxation on an asset class and an industry that’s just started to take off would do more harm than good ” price action as per data from benzinga pro the crypto market rose 560 over the last 24 hours bitcoin btcusd was up 618 while ethereum ethusd and dogecoin dogeusd saw increases of 9 and 445 respectively over the same period