Taiwanese crypto exchange suspends trading in Rupees after TDS laws kick in
India’s new tax rules that collect 1% TDSon transfer of crypto and other virtual assets came into effect on July 1.
- Taiwanese crypto exchange
XREXsuspended INRtrading on their platform on June 30.
- This neobank allows fiat-crypto trading and also supports trading crypto in US dollar and the Indian
- The platform advised the users to withdraw any INR balance, and offered them assistance.
AdvertisementTaiwanese crypto exchange XREX suspended INR trading on their platform on June 30, a day before the new crypto tax rules came in. This neobank, which also allows fiat-crypto trading, is the only one in the world that supports US dollar and the Indian rupee.
Now, it only offers
“All INR open orders and pending INR Bitchecks will be automatically canceled on June 30, 2022 at 7:30 pm India and 10 pm Taipei time. All INR trading pairs would be unavailable on the new version. Please note that on July 31, 2022 all INR services would be temporarily removed and unavailable on the XREX platform. We are going to be converting the remaining INR funds in your wallet to USDT,” the company said in a communication to the users.
USDT, also known as Tether, is a cryptocurrency stablecoin meant to mirror the value of a stable asset like a US dollar. It is built on blockchain technology and follows global government laws and regulations.
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The company also advised users to withdraw any INR balance they have on the platform. “You can still trade crypto to crypto freely. If you have less than 1000 INR, it will be auto converted to USDT on August 1,” said Naimish Sanghvi, a consultant with the exchange.
“Hi everyone. If anyone has an INR balance on XREX @xrexinc - please ping me and I will help you withdraw to your account if you face any issues,” said Krishnendu Chatterjee, head of partnership at XREX, on Twitter.
Business Insider tried contacting the team at XREX for a response, but none was received until the article went into print.
A steep drop in crypto volumes
There has been a steep drop in Indian crypto exchange trading volume since the new tax rules kicked in April after the Indian finance minister slapped a 30% tax on cryptocurrencies, in January this year. Added to that, the 1% TDS on transfer of crypto and any virtual digital asset, came into effect this month.
Indian crypto trading volumes have plunged by 90-95% within three months after the new crypto laws were announced, according to Crypto India. It also said that exchanges are barely able to generate trading fee revenues in the range of $1000-3000.
AdvertisementThis development also comes on the back of a depreciating Rupee which fell 12 paise on Thursday to 79.06 against the US dollar, as the chances of the
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