The year 2022 has turned out to be the crypto industry’s annus horribilis for a myriad reasons. What began as the promise of a financial revolution, endorsed by big names in industry, has within a few months seen an existential crisis of sorts. In India, crypto exchanges gained a lot of steam in 2021, but took an unexpected hit in 2022, thanks to a slew of crypto tax measures announced by the Finance Ministry in the 2022 Budget.