Coindesk media report noted that the majority of the Indian crypto exchanges are exploring the path to survive under these high winter situations of this crypto sector.
Since Jan 2022, the situation for crypto traders has not been good. Because of the fear of the crypto winter season, the majority of the crypto traders are trying to remain away from daily active trading.
On 29 May 2023, Coindesk media talked with top officials from CoinDCX, CoinSwitch, WazirX, BuyUCoin, ZebPay, and Giottus.
The whole discussion confirmed that the majority of these crypto companies can survive for the next 21 months to 4 years maximum, under the current crypto market situation.
All these crypto companies stopped salary hikes for employees & also sought other methods to generate revenue for the company.
Overall all these crypto firms confirmed that their situation is still enough to travel smoothly to the next crypto bull run.
30% Crypto tax rule
In Feb 2022, the Indian finance ministry imposed a 30% tax & 1% TDS on every crypto sell activity. To remain away from such harsh tax & TDS rules, the majority of the crypto investors either stopped crypto trading or shifted to global crypto exchanges like Binance, Gemini, Kraken, etc.
Crypto firm bankruptcy
In the last 12 months, several crypto firms went bankrupt & the net result of such bankruptcy events degraded the trust of the crypto investors over centralised crypto services.
Over the last 6 months, huge numbers of crypto Investors shifted to decentralized self-custody crypto wallets & Defi platforms to trade crypto assets safely.
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