Top Crypto Exchanges See Upto 59% Jump In Sign-ups Post Budget 2022 Despite Crypto Tax

It seems that the 30% crypto tax announcement has not deterred Indian crypto enthusiasts from investing in it.

Despite the Finance Minister announcing a string of announcements against the crypto industry, crypto signs ups have in fact gone up post Budget 2022!

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Jump In Crypto Sign-ups

Crypto exchanges such as WazirX, CoinSwitch Kuber and Unocoin have reportedly witnessed a jump in sign-ups since the Budget 2022 day, i.e.February 1st 2022.

New investors or users joining the platforms have increased by 35%-59% across these crypto exchanges, as stated by Hindu Business Line.

Indian Crypto exchange WazirX witnessed 59% growth in daily sign ups, Unocoin saw 50% growth, whereas CoinSwitch Kuber reported 35% jump post the Union Budget 2022 announcements on crypto.

Also Read: RBI Governor Drops More Bombshells On Crypto After 30% Tax, Says Its 'Not Even A Tulip'

Uncertainty On Crypto Taxes

Currently, industry stakeholders are evaluating the long-term impact of introducing such high taxes in this cloudy crypto sector in India. Although the Budget 2022 announcement provided some validation to the industry which so far has not been mentioned under any operating legal framework, the taxes decided on crypto have been unanimously called unfair.

And this jump in crypto sign ups comes at a time when crypto industry stakeholders are planning to write a petition to the government urging it to rethink the crypto related announcements, including the stringent tax slabs, TDS and also give clarity on further details.

As per Hindu Business Line, Crypto exchange Unocoin¡¯s CEO Sathvik Vishwanath had stated that along with the crypto investors, the crypto exchange has also been writing a petition to request the government to reduce the taxes imposed on the crypto assets.

Also Read: Crypto Will Collapse One Day, Says Rakesh Jhunjhunwala

Not A ¡®One Day Event¡¯

Indian crypto exchange CoinSwitch Kuber calls this jump a result of the ongoing efforts by the company in terms of customer education, and not just a one-day event. A spokesperson stated to TheHinduBusinessLine,, ¡°We saw about a 35 per cent increase in sign-ups after the Budget announcement. But this cannot be attributed entirely to the Budget as the Budget Day coincided with our ongoing investor education campaigns. The user behaviour on our platform is similar to what we would see on other business days, and the data doesn¡¯t reflect any specific trend/investor sentiment yet.¡±

Also Read: Countries Where Cryptocurrency Is Taxed

Crypto Exchanges¡¯ View

As per what Nischal Shetty, Founder and CEO, WazirX, told Hindu Business Line, ¡°India is finally on the path to legitimising the crypto sector in India. So it¡¯s phenomenal news for everyone to learn about the GoI¡¯s forward-looking approach towards crypto while we deliberate on the finer details as an industry.¡±

Whereas Unocoin¡¯s Co-Founder & CEO said ¡°The new customers getting added on Unocoin has increased by 50 per cent on a day to day basis. We were welcoming 2,000 users per day and now it averages to 3,000 users per day. On the volume side, we have seen some uptick but that is in the range of 15-20 per cent. We also need to notice the new taxation rules is applicable only from April 1. So, the effect may be long term.¡±

Also Read: Meet The Dutch 'Bitcoin Family' Who Emigrated To 'Bitcoin Heaven' Portugal For Tax-Free Crypto

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