Source: Adobe/cineberg Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Regulation news Cryptoassets may pose risks to financial stability if they continue their current trends, the European Central Bank (ECB) said. Systemic risk increases in line with the level of […]
India’s central bank, the Reserve Bank of India (RBI), has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.” RBI’s Crypto Warnings and Dollarization of Economy The Reserve Bank […]
Just three days after debuting in the Indian market, United States-based crypto exchange Coinbase abruptly stopped using United Payments Interface (UPI), the most popular payment service in the region. Coinbase CEO Brian Armstrong later revealed that the service disruption was due to an “informal pressure” from India’s central bank. During Coinbase’s 2022 Quarterly Earnings call, […]
Cryptocurrencies in India may receive an additional 28% Goods and Services Tax, bracketed in the same group as betting and lotteries. Crypto transactions already face a 30% tax on gains and 1% tax deducted at source. The country is taking to blockchain tech, with its oldest depository, NSDL, using the technology for bonds. After years […]
Local media reports that WazirX’s co-founders are moving to Dubai. Some team members continue to work remotely in Mumbai and Bengaluru. India’s heavy tax laws have been cited as the reason for the move. WazirX, India’s largest crypto exchange, will relocate to Dubai as a direct result of the heavy taxation on the crypto market. […]
CoinDCX CEO Sumit Gupta said the crypto exchange will use the funds to help support crypto adoption and Web3 projects in India. CoinDCX, one of the largest cryptocurrency exchanges, has announced a $135 million Series D funding round, according to details shared by the firm’s CEO Sumit Gupta. “Excited to share that CoinDCX has raised […]
Source: AdobeStock / prima91 Investments in the crypto industry’s infrastructure seem to be a lucrative opportunity, as another crypto giant might go public this year, while one exchange boosted its valuation sharply. Major crypto platform Blockchain.com is reportedly planning a public listing that could happen as soon as this year. Meanwhile, local Indian crypto exchange […]
Source: A video screenshot, Youtube/CNBC Television Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Adoption news Ecommerce giant Amazon is “not probably close” to adding crypto as a payment mechanism to their retail business, CEO Andrew Jassy told CNBC. He […]
Digital currency exchanges in India recorded significant dips in trading volumes in April so far The news comes after the country’s controversial tax policies went into effect on Friday, April 1 Crypto proponents have surmised that transaction volumes could remain low as long as the stifling tax rules remain According to on-chain data provider Crebaco, […]
Official Twitter accounts of Indian government agencies, officials, and political offices were hacked over the weekend After infiltrating the verified accounts, the hacker attempted to scam users by posting a fake NFT airdrop related to the famous collection – Azuki Authorities have since regained control of all affected accounts An unidentified attacker tried to scam […]
Source: AdobeStock / gguy Major crypto exchange Coinbase has halted support for the Unified Payments Interface (UPI), India’s payment system, following a statement by the country watchdog that claimed it was not aware of “any crypto exchange using UPI.” “Purchases with this payment method are temporarily unavailable,” Coinbase’s mobile application currently says when choosing the […]
Source: AdobeStock / Maksym Yemelyanov Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Regulation news Only five crypto firms — CEX.IO, Copper Technologies, GlobalBlock, Revolut, and Moneybrain — remain on the UK Financial Conduct Authority’s (FCA) temporary registration (TRR) list, […]
Source: AdobeStock / Galyna Andrushko Major crypto exchange Coinbase aims to further expand its crypto hub in India by hiring more talent, as crypto derivatives exchange FTX considers investment in India’s Mobile Premier League (MPL), the country’s largest eSports and mobile gaming platform. However, Indian crypto veterans warn that the announced levy in the country’s […]
In February, India’s Finance Ministry introduced new tax proposals on cryptocurrency, with the effective date of the capital gains tax set for 1 April 2022. That has been clear since. But what else might crypto holders need to keep tabs on? What the Taxation of Virtual Digital Assets says As part of her budget speech […]
Source: Adobe/Luciano Mortula-LGM Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Regulation news New York State Department of Financial Services superintendent Adrienne A. Harris wants to streamline the application process for crypto licenses at the regulator, per Law360. She added […]
India’s Finance Minister had announced a 30% tax on all crypto income, including NFTs Tax chief JB Mohapatra says the step doesn’t equate to legalizing crypto trading in the country. Tuesday’s budget speech by India’s Finance Minister Nirmala Sitharaman included a provision for a 30% tax on crypto income, prompting reactions from across the crypto […]
India seems to be changing its harsh stance on digital assets. The country could soon launch its first Bitcoin and Ethereum futures exchange-traded fund(ETF), which is a positive sign, given that a crypto ban bill loomed in late 2021. This product will be similar to the crypto ETFs in the US because it will be […]
The Chairman of the Securities and Exchange Board of India (SEBI) Ajay Tyagi urged mutual funds to avoid investing in crypto-related assets as the government considers new cryptocurrency rules. Speaking at a press conference on Tuesday, Tyagi advised firms to refrain from investing in funds linked to crypto assets until there is clarity on the […]
After touting a new bill that would potentially regulate crypto and declare it a new financial sector within the country’s borders, India has announced it will not be moving forward on the bill at this time. To be fair, this doesn’t mean a ban will be put in place. It just means officials are delaying […]
The Indian government may still be considering a bill that could ban certain cryptocurrencies in the country, but lawmakers are unlikely to vote on any legislation in the current parliamentary session. According to a Friday publication, India’s lower house of parliament, Lok Sabha, will likely not be looking at a bill proposing the prohibition of […]
A major cryptocurrency exchange in India, Wazirx, has reported “a massive surge in user signups” this year, with 82% of its users making profits on their crypto investments. Its trading volume also rose 1,735% from the previous year. Meanwhile, the Indian government is actively working on the country’s crypto regulation. $43 Billion in Trading Volume, […]
