Data: Offshore crypto exchanges hold 67.6% market share in India by October 2022

According to TechCrunch, a report by the New Delhi think tank Esya shows that as of October 2022, Binance, Coinbase and other offshore cryptocurrency exchanges accounted for 67.6% of India’s encryption market share, up from 50% in November 2021. Between February 2022, when India announces its cryptocurrency tax policy, and October 2022, $3.8 billion in trading volume shifted from domestic exchanges to offshore exchanges, the report said. Indian exchanges including WazirX, CoinSwitch and CoinDCX lost as much as 81% of their trading volume in the four months between July and October, Esya said. India began taxing cryptocurrencies last April, imposing a 30 percent tax on gains and a 1 percent tax on each cryptocurrency transaction. The report argues that traders are turning to trading on offshore cryptocurrency exchanges because of the ability to mask their trading activity.