Several Indian cryptocurrency projects are planning to move their bases to more crypto-friendly jurisdictions.
India’s 30% crypto tax came into law on March 31 and was effective April 1, despite warnings from several stakeholders about its possible ill impact on the budding crypto industry. As predicted, within just a couple of weeks of the new crypto tax law coming into effect, trading volume across major crypto exchanges dropped as much as 90%. The decline in trading activity was attributed to traders either moving their funds away from centralized crypto exchanges or adopting a holding strategy over trading.Many crypto exchanges were hoping that a crypto tax would at least offer some form of recognition to the crypto ecosystem and help them get easy access to banking services. However, the effect has been the opposite.On April 7, the National Payment Corporation of India (NPCI) issued a statement claiming they were not
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