Taiwanese Crypto Exchange Suspends Rupee Trading After TDS Laws Take Effect

On June 30, a day before the new crypto tax rules went into effect, Taiwanese crypto exchange XREX suspended INR trading on their platform. This neobank, which also supports fiat-crypto trading, is the world's only one that accepts the US dollar and the Indian rupee.

It now only supports USD and crypto-to-crypto trades. XREX also stated in an email to its users that all INR services will be temporarily suspended beginning July 31, following the new crypto regulations in India that went into effect on July 1, and that it intends to collect 1% tax deducted at source (TDS) on crypto trades.

“All INR open orders and pending INR Bitchecks will be automatically canceled on June 30, 2022 at 7:30 pm India and 10 pm Taipei time. All INR trading pairs would be unavailable on the new version. Please note that on July 31, 2022 all INR services would be temporarily removed and unavailable on the XREX platform. We are going to be converting the remaining INR funds in your wallet to USDT,” the company said in a communication to the users.

USDT, also known as Tether, is a cryptocurrency stablecoin that attempts to replicate the value of a stable asset such as the US dollar. It is based on blockchain technology and adheres to international government laws and regulations.