The high taxes imposed by the Indian government have led to a decline in trading volumes on major crypto platforms. However, the progress in implementing regulations for the crypto market has given hope to service providers like CoinSwitch. The CEO of CoinSwitch believes that India's regulatory standards enhance transparency and could prompt the government to reconsider the TDS rate. While crypto trading volumes have recovered in 2023, they have not reached the levels seen in early 2022.
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