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Crypto exchanges see a 35-59% jump in sign-ups
February 14, 2022
Despite the Union Budget forcing charge on cryptocurrency top crypto exchanges including WazirX, CoinSwitch Kuber, and Unocoin reported a jump in sign-ups since February 1. New investors or clients joining the platforms have expanded by 35-59 percent across trades. This comes when crypto industry partners are currently writing a petition to the government asking to rethink the tough tax slabs particularly TDS and give clarity on further details.
WazirX saw 59% development in daily sign-ups, Unocoin saw 50 for every development while CoinSwitch Kuber detailed a 35% leap post the Union Budget 2022 announcements on 30% income tax and 1 percent TDS (Tax Deducted at Source) to be deducted on cryptocurrency income and transactions.
Nischal Shetty, Founder and CEO, WazirX, told BusinessLine, “India is at long last on the way to legitimizing the crypto sector in India. So it’s incredible news for everybody to find out with regards to the GoI’s forward-looking approach towards crypto while we deliberate on the finer details as an industry.”
“The new clients getting added on Unocoin has increased by 50% on a day-to-day basis. We were welcoming 2,000 users each day and presently it averages to 3,000 clients each day. On the volume side, we have seen some increase yet that is in the scope of 15-20 percent. We additionally need to see the new tax assessment rules are applicable just from April 1. Thus, the impact might be a long haul,” Sathvik Vishwanath, Co-author, and CEO of Unocoin, told BusinessLine.
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