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The trading mass at top Indian crypto exchange WazirX fell to $ 1 billion in 2023 as the platform faced intensifying regulatory press in its home mart alongside a broad depression for digital plus prices — and equity — globally .
The total volume of cryptocurrencies trade on WazirX ’s program this year was down 90 % liken to 2022 , when volumes strike $ 10 billion and 97 % lower than 2021 ’s $ 43 billion .
WazirX , which has had adispute with Binance over the Indian firm ’s possession , put a positive polish on the latest figures , tout the $ 1 billion trading numeration in a public program line Tuesday . But the exchange declined to contextualize the material body by skipping the far high levels seen when the crypto febrility was at its peak in 2021 or even in 2022 before the steep sell - off took hold .
The 97 % plunge in trading volume comes as WazirX faces mount regulatory pressure from Amerind authorities that have left the nation ’s once - burgeoning crypto sector fighting for natural selection . India begin taxing virtual currencies last year , levy a 30 % revenue enhancement on the gainsand a 1 % deduction on each crypto transaction . Amerindic lawmakers have consistently praised Prime Minister Narendra Modi ’s leadership for protect the Amerind citizens from the fraud engross the crypto food market and dramatic fall in plus prices .
New Delhi - based think tank Esya reported early on this year that the local tax income prescript had forced many Indian traders touse foreign chopine including Binance and Coinbase . Coinbase laterstopped onboarding raw customers in India .
India ’s deepen regulatory crackdown on cryptocurrencies has cast a chill over local investors once eager to back the land ’s crypto startups . The unfavourable mood , antecedently cited by Binance asgrounds for its own circumspection over Indian expansion , has made venture capital business firm dramatically wary of photo to the embattle sector , said multitude familiar with the matter .
Many of the top India - focus VCs who had sky-high backed crypto company just last year have since pivoted decisively into other industry , according to people familiar with the matter .
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India central bank honcho warns crypto will cause the next fiscal crisis if permitted to grow
