Crypto deposit, withdrawal functions will be disabled on CoinSwitch until regulations are implemented

Cryptocurrency exchanges are in talks with the government on regulations regarding daily deposits and withdrawals of crypto investors. CoinSwitch, one of the leading exchanges for digital assets in the country, has said that it will disable deposit and withdrawal functions of cryptocurrencies until these regulations are implemented.

The exchange gave this information after some investors complained on Twitter about not being able to access the accounts. Tweeted by CoinSwitch Told“The deposit and withdrawal functions of crypto will be disabled until the regulations are in place. We are in talks with the regulators and the government about this.” The proposed legislation for digital assets in the country is getting delayed. There is a report that the central government will wait for a consensus among other major countries of the world on this issue before introducing the bill related to it in Parliament.

There is no official data available in the country regarding cryptocurrency investments and transactions. However, it has been told in an estimate that about 20 million people have investments in this segment and their holdings are about $ 6 billion. Industry experts believe that the proposed law related to crypto should be reformed after a detailed discussion. This can help in making the country a hub of crypto and blockchain technology. In this year’s budget, the government imposed a tax of 30 percent on profits from trading in cryptocurrencies. Along with this, every transaction related to crypto will have to pay TDS of 1 percent from the beginning of this month.

Cryptocurrency trading will be allowed after the implementation of this tax. Volume has declined significantly. A report by research firm Crebaco has claimed that crypto trading volumes of the country’s crypto exchanges, including CoinDCX and WazirX, have dropped significantly. The report noted that trading volumes on WazirX, CoinDCX and ZebPay declined by 72 percent, 52 percent and 59 percent, respectively. Many industry experts and crypto enthusiasts have praised the government’s approach to regulating the segment rather than banning it, while others believe that the tax rate on crypto profits should be reduced. <!–


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