The crypto tax regulations in India, which took effect in April, have caused local exchanges to cede the majority of the market to those run by foreign firms.
Binance, Coinbase, and other foreign exchanges reportedly owned 67.6% of the cryptocurrency market share in India as of October 2022, up from 50% in November 2021, according to the New Delhi-based research tank Esya. According to the analysis, between February 2022, when India unveiled its crypto taxation policy, to October 2022, $3.8 billion in trade activity migrated from domestic controlled exchanges to those operated abroad. According to Esya, Indian exchanges like WazirX, CoinSwitch, and CoinDCX lost a startling 81% of their trading volume between July and October and attributed the shift to regional TDS regulations.
