Cryptocurrency Q&A
Why are Indian crypto traders moving to offshore platforms?
Why are Indian crypto traders moving to offshore platforms?
FireFlyer
Mon Jul 15 2024
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6 answers
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Could you elaborate on the reasons why Indian crypto traders are increasingly turning to offshore platforms? I've noticed a significant shift in this trend, and I'm curious to understand the underlying factors. Is it due to the regulatory uncertainties surrounding cryptocurrencies in India? Or is it a search for more diverse trading options and lower transaction costs? Are offshore platforms offering better liquidity and security? Additionally, what are the risks involved in moving to these offshore platforms, and how do traders mitigate them? I'd appreciate a comprehensive explanation of the phenomenon and its implications.
6 answers
Valentino
Wed Jul 17 2024
Sumit Gupta, the chief executive officer of CoinDCX, estimated in October that around 95 per cent of the trading volume has shifted to offshore venues.
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AltcoinAdventurer
Wed Jul 17 2024
Indian crypto exchanges have voiced their concerns over the impact of the recent tax imposition on their revenues.
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Martino
Wed Jul 17 2024
This shift has been attributed to the higher costs associated with trading on Indian exchanges due to the new tax.
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SsamziegangStroll
Wed Jul 17 2024
Offshore platforms, on the other hand, offer traders more flexibility and cost-efficiency, making them a preferred choice for many Indian crypto investors.
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JejuSunrise
Wed Jul 17 2024
The introduction of the new tax has driven Indian crypto traders towards offshore platforms that do not levy the same tax.
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