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Crypto Tax in India Spurs Bonanza for Digital-Coin Bourses (1)

Feb. 17, 2022, 11:43 AM

India’s decision to impose a 30% tax on profits from cryptocurrency trading is turning out to be a boon for the country’s digital-asset exchanges.

Binance-owned WazirX, India’s largest crypto bourse, has seen daily sign-ups on its platform jump almost 30% since Feb. 1, when the government unveiled the levy on the transfer of digital assets in its annual budget, said co-founder Nischal Shetty. At rival CoinSwitch, the daily increase was 35%, according to founder Ashish Singhal.

While it might seem counterintuitive that a steep tax would cause people to flock to digital tokens, the step was seen as legitimizing ...