Global bitcoin exchange Binance-owned Indian cryptocurrency exchange WazirX has crossed $200 million in each day trading volume considering the fact that its launch in March 2018. This is the highest trading volume by any crypto exchange in the Indian market place, according to the enterprise, amid the regulatory uncertainty more than the use and adoption of cryptos by companies and folks in the nation. “Daily trading volume shows the scale at which an exchange is operating. More volume leads to more liquidity and more liquidity ensures that traders get the best prices with the minimum spread between buying and selling. WazirX has the highest liquidity and trading volume in the INR market in India,” Nischal Shetty, Founder, WazirX told TheSpuzz Online.
Part of the Malta-based Binance group, which has customers in 180 nations, WazirX claimed $2.3 billion month-to-month volume and 1.75 million registered customers on its platform. As per CoinMarketCap, WazirX was the 27th top rated crypto exchange globally based on site visitors, liquidity, trading volumes, and self-confidence in the legitimacy of trading volumes. Its 24-hour trading volume stood at $218 million with 137 coins readily available for trading to shoppers.
“BTC, WRX, TRX, ETH, MATIC, DOGE, ZIL are some of the top trades tokens in India. Our customers are spread across the country. Metros form a large chunk of the customers but other cities are growing fast. The majority of users are in the range of 22-to-30-year of age,” added Shetty. The startup had final year in March launched a $50 million ‘Blockchain for India’ fund to invest in crypto/blockchain startups in India. According to WazirX, there are more than 7 million persons connected with more than 7,500 crore crypto assets whose fate hangs in the balance till India regulates the crypto market place.
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However, in what could be the very first move towards regulating cryptos in India, the government had final month produced it mandatory for providers dealing with virtual currencies to disclose profit or loss incurred on crypto transactions, the quantity of cryptos they hold, and deposits or advances from any particular person for the objective of trading or investing in cryptocurrency in their balance sheets. In a notification issued, the Corporate Affairs Ministry had announced the amendments produced in schedule III of the Companies Act with impact from April 1, 2021.
Separately, the government had mentioned that crypto gains would be taxable as earnings even though GST will be applicable on services by crypto exchanges. “Irrespective of the nature of business, the total income for taxation shall include all income from whatever source derived…the gains arising from the transfer of cryptocurrencies/assets is liable to tax under a head of income,” Minister of State for Finance Ministry Anurag Singh Thakur had mentioned in response to a query in the Rajya Sabha. “Supply of any service, if not specifically exempted, is taxable under GST and no service related to cryptocurrency exchange has been exempted,” he had mentioned.
WazirX is now aiming to hit $1 billion in trading volume per day in 2021. “We’re working hard on bringing positive crypto regulations in India. Our Finance Minister has stated that India will not be banning crypto. We believe the Indian market is growing rapidly and our government will bring in positive crypto regulations,” mentioned Shetty.
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