BNB
by BSCN
September 17, 2022
After the introduction of a new 1% crypto tax, downloads of Binance in India have risen to become triple that of its nearest competitor.
India user signup soared on Binance after a 1% transaction tax went live in July, with 429,000 new downloads. Indian crypto exchanges have begun deducting the levy, unlike foreign competitors like Binance and FTX, prompting investors to switch to the latter.
India Finance Minister Nirmala Sitharaman introduced a 1% Tax Deducted at Source (TDS) on the transfer of virtual digital assets (VDAs) during the Union Budget 2022-23 in Parliament. The tax came into effect in July.
As per the new rules, the buyer of a VDA must deduct 1% of the amount paid to the seller (an Indian resident) as TDS. The new tax is levied on top of a further 30% tax on profits from crypto assets, which is steeper than jurisdictions such as the U.S. and U.K.
Check out the graph from market intelligence firm Sensor Tower:
A Binance spokesperson told Bloomberg the exchange is “currently monitoring the situation and will make further announcements regarding whether it has started collecting the levy in due course.”
Binance’s gains come amid rare public strife with WazirX, its partner in India, which led CEO Changpeng Zhao to encourage WazirX customers to defect to Binance. As a result, WazirX’s monthly downloads tumbled to 92,000 in August from about 596,000 in January.
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