CoinDCX COO talks about low trading volumes since the arrival of tax laws
Indian crypto exchange CoinDCX, the first crypto firm to achieve unicorn status in the nation, has seen a huge decline in trading volume since the arrival of the 30% tax rule on crypto investments. In this context, the COO of the crypto exchange spoke to DeccanHerald and confirmed that his exchange hasn't given up on Indian investors.
CoinDCX trading volume drops 40%
Following the imposition of a 30% tax on crypto gains and a 1% TDS on all transactions, CoinDCX COO Mridul Gupta confirmed that the trading volume on the platform has plunged by 40% as the investors who bear the risk of investing in the volatile space will also have to face heavy taxes.Another cause for the decline in trading volume is the National Payments Corporation of India, which had recently provided "verbal instructions" to banks, due to which many banks ceased UPI or Unified Payment Interface to settle transactions for crypto traders. The UPI system makes it very easy to settle transactions via smartphones.
"We have to resolve this (UPI) issue, and we will. I do not have a time as to when it will be resolved, but the bigger problem is 1 percent TDS on crypto from July 1. That will dent an investor's pocket, which will, in turn, cause them to move to offline channels. That will bring down our volumes," said Gupta.
Small wins
However, despite the decline in trading volume, CoinDCX is celebrating the smaller wins for the crypto industry in India. "To our advantage, questions of banks have changed from basic ones like what is crypto to how transactions happen," Gupta said, hinting at the fact that the exchange has an optimistic view for the future.Gupta also said that since the regulations are being worked on. As a result, payment gateway hassles are temporary, and "there is no question of what if it doesn't happen. We have to somehow make it happen." as per Gupta. CoinDCX also plans to educate investors on crypto and blockchain investment in the near future.
"We already have a systematic investment plan product. We are working on various timelines for our SIP product. We want a lot of investors and not just traders," Gupta said.
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