Bybit Imposes 18% GST on Indian Crypto Trades

Indian traders face increased costs as Bybit implements an 18% GST on crypto transactions. This decision reflects India’s stiff crypto tax regime, potentially affecting local trading volumes and shifting user activity towards other financial platforms.

Bybit’s move to apply an 18% GST targets Indian users, affecting all platform transactions. The change applies to spot and margin trading, derivatives, staking, and more. Announcements were made via platform notifications, impacting 310,000 active users across India.

Industry stakeholders highlight potential shifts due to increased trading costs, with BTC, ETH, and altcoins affected. Bybit has yet to comment on this major policy shift. The move parallels the Indian government’s intense crypto tax regime with 30% profit tax and 1% TDS.

The exchange’s decision underscores India’s evolving crypto tax policies. Market observers suggest it might drive users to less regulated exchange environments. Blockchain data is crucial for confirming any immediate shifts in user patterns or trading volumes.

The strategy reflects India’s indirect tax policies, treating international exchanges like domestic providers. Bybit’s GST introduction could lead to reduced trading volume, as users evaluate financially viable options under heightened tax pressures. Expert assessments on market dynamics remain speculative and warrant further analysis.