India’s new 30% crypto tax rule came into effect on April 1, notwithstanding many stakeholders and exchange operators warned against the possible negative effects of such tax. Recent data on Indian crypto exchanges’ trading volume reveals a significant decline in trading volume among Indians just 10 days after the new tax regulation entered into force. For example, the trading volume on WazirX, the leading crypto exchange in India, declined from $47.8 million on April 1 to $13.2 million on April 10. CoinDCX’s trading volume dropped from $12.16 million to $5.76 million, followed by Bitbns with an overall decline of 41.29% in the past 10 days. Apart from crypto tax laws inspired by India’s gambling laws, many payment processing partners that offer Unified Payments Interface (UPI) accessibility have also severed ties with crypto exchanges.