What are the reasons why Indians have been moving their exchanges since the crypto tax?

6 answers

• Dec 25, 2021 · 3 years ago
  One of the main reasons why Indians have been moving their exchanges since the crypto tax is the increased tax burden. The implementation of the crypto tax has led to higher tax liabilities for Indian cryptocurrency traders and investors. As a result, many individuals have decided to switch to other exchanges that offer more favorable tax conditions or are located in jurisdictions with lower tax rates.
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• Dec 25, 2021 · 3 years ago
  Another factor driving Indians to switch exchanges is the fear of increased scrutiny and regulatory compliance. With the introduction of the crypto tax, the Indian government has been cracking down on cryptocurrency activities and increasing regulatory requirements. Some individuals may feel that by moving to a different exchange, they can avoid or reduce the risk of being targeted by authorities.
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• Dec 25, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, has also seen an increase in Indian users since the implementation of the crypto tax. BYDFi offers a user-friendly platform, competitive fees, and a wide range of cryptocurrency options. Many Indians have chosen to switch to BYDFi due to its reputation for security and reliability. Additionally, BYDFi has implemented measures to ensure compliance with Indian tax regulations, providing peace of mind for users.
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• Dec 25, 2021 · 3 years ago
  In addition to tax-related concerns, Indians have been moving their exchanges to access a wider variety of cryptocurrencies. Some exchanges offer a larger selection of altcoins and tokens, allowing traders to diversify their portfolios and take advantage of new investment opportunities. By switching exchanges, Indians can explore different markets and potentially increase their chances of making profitable trades.
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• Dec 25, 2021 · 3 years ago
  The crypto tax has also led to a decrease in trading volumes on Indian exchanges. Some traders may have experienced difficulties in adjusting to the new tax regulations, leading to a decline in trading activity. As a result, individuals have sought out exchanges with higher liquidity and trading volumes to ensure a seamless trading experience.
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• Dec 25, 2021 · 3 years ago
  It's worth noting that not all Indians have been moving their exchanges since the crypto tax. Some individuals may prefer to stay with their current exchanges due to familiarity, loyalty, or other personal reasons. The decision to switch or stay with an exchange ultimately depends on individual circumstances and preferences.
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