City Gift, India Financial News

Luna, a top 10 coin crashed to nothing. Other altcoins continued to feel the pain. Luna was a layer-1 platform that focused on DeFi (Decentralised Finance) protocols with its algorithmic stablecoin UST. Stablecoins are cash equivalent in the crypto space and often backed by either fiat currency (USDT) or crypto (DAI). They are crucial in most DeFi protocols. UST did not have any collateral and maintained its 1 dollar value with the help of arbitrage.

MUMBAI : Shortly after the Union finance minister Nirmala Sitharaman presented the budget 2024 on 23 July, executives of a foreign investors-backed asset management company rushed to New Delhi to seek clarification on a key issue: Can foreigners invest in India through a mutual fund-like structure with zero tax? The answer is yes as long as the money is not directly invested in equities. The Union Budget 2024-25 proposed that “retail schemes and exchange-traded funds (ETFs) set up in Gujarat International Finance Tec-City, or GIFT City, will now enjoy tax exemptions along similar lines as available to specified funds". "Now retail funds in GIFT will get the same tax benefit like category III Alternative Investment Funds (AIFs)," said Suresh Swamy, partner, Price Waterhouse & Co.

₹19,421.3 crore as of 31 March 2023, according to regulatory disclosures. “We are focused on supporting our customers and where they want us to be, so we are looking into setting up a Gift City branch. Our customers are going to have operations in Gift City and that’s where we want to be to support them and their flows," Vasic said.

SMBC on Wednesday said the Tata Group-owned Air India has borrowed USD 120 million from it for purchasing a wide-body aircraft from Airbus. The transaction has partly financed Air India's purchase of an A350-900 aircraft from Airbus, which was delivered in October 2023, according to an official statement.

University Grants Commission (UGC) has drafted guidelines for granting equivalence and for recognition of degrees obtained from foreign universities, restricting degrees obtained through distance and online mode as well as through any franchise agreement. The commission has also drafted norms for recognising qualifications obtained from schools affiliated to foreign boards as well as from offshore campuses of a foreign higher educational institution.

SGX Nifty) moved to the Gujarat International Finance Tec-City (GIFT) International Financial Services Centres (IFSC) in its new avatar — GIFT Nifty. Under this arrangement, trades will be routed to NSE International Exchange (NSE IX) GIFT City from the SGX for trading and execution.

SGX Nifty, the Singapore Exchange-traded futures on Nifty 50 Index, turned to GIFT Nifty on Monday. Accordingly, all the open positions in SGX have been shifted to Gift City.Nithin Kamath said the shift will add momentum to GIFT City becoming a true international financial centre. «If we could also find a way to allow NRIs to easily invest in India through GIFT, I think we can attract a lot of capital.

crypto regulations across the globe, the Attorney General (AG) of New York has raised red flags against the risks of crypto trading and mining.New Yok AG Letitia James has warned the investors over these risks as the state pursues efforts to ban proof-of-work (PoW) crypto mining. James stated that the investors have lost billions of dollars and crypto assets are subject to extreme volatility and unpredictable price swing, making them among the most high-risk investments in the market.

blockchain. From a technology point of view, blockchain is a digitally distributed, decentralized ledger that helps track and verify transactions. Even though blockchain is well known for the technology behind cryptocurrencies such as Ethereum and Bitcoin, environmental researchers are now finding its use in solving the climate crisis, ranging from tracking the sustainability of products to monitoring pollution. In this article, we will explore how blockchain technology can help to combat the environmental crisis.

ODI) route to bet on cryptocurrencies abroad with the liberalised remittance facility (LRS) — the customary window for offshore investments by wealthy residents — shut for these exotic digital assets. These ultra-high net worth individuals are using a non-banking finance company — preferably an existing local entity — to sponsor an overseas investment company, a wholly-owned subsidiary, in a financial centre like Dubai. The funds used to capitalise this foreign arm is invested in securities and assets abroad, including cryptos sold on trading platforms outside India. «Unlike the LRS Scheme which restricts direct investment in the financial services sector overseas, the ODI scheme permits regulated financial services companies to invest in the financial services sector under approval route. Such investment is subject to prior approval from the relevant financial regulators in India and overseas. Once a duly approved overseas direct investment is made in a financial services company overseas, such entity should be able to undertake business in accordance with the laws applicable in the relevant overseas jurisdiction,» said Moin Ladha, partner at the law firm Khaitan & Co.

CoinSwitch has unveiled Crypto Rupee Index CRE8, to measure the performance of the Indian Rupee-based crypto market, the company said on Friday. The Crypto Rupee Index tracks the performance of crypto assets that represent over 85 per cent of the total market capitalisation of cryptocurrencies traded in Rupee, a press release said. «The index is based on real trades on the CoinSwitch application, which has 18 million registered users,» the release said.

Amid a sharp correction in the crypto market, the majority of top digital assets have fallen like a house of cards. A number of digital tokens are also trading sharply below their lifetime peaks. One such name is Solana, a highly functional open-source project providing decentralized finance (DeFi) solutions. The token is about 85 per cent below its all-time peak of $260. It was trading at $38-odd levels on Thursday, the coinmarketcap data suggests.

All major tokens were trading higher on Friday. Bitcoin posted decent gains, whereas Ethereum was marginally up. Solana, Cardano, Tron and Avalanche zoomed 4 per cent each. XRP and Polkadot gained 3 per cent each. The global cryptocurrency market cap was trading higher at the $1.26 trillion mark, rising about 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume plunged about 29 per cent to $69.04 billion.

consultation paper on cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Thursday said the soon-to-be-introduced central bank digital currencies (CBDCs) can «kill» whatever little case that exists for private virtual currencies like Bitcoin. Sankar also attacked 'stable coins' which are pegged to a particular currency. The RBI has been vehemently opposed to cryptocurrencies like Bitcoin, saying there is no underlying value for such instruments which are essentially speculative in nature. It has gone public with the same, even as the government has yet to make its stance clear. Earlier this week, the Department of Economic Affairs in the Ministry of Finance had said it will soon be coming out with a paper on such private cryptocurrencies.

Crypto investing app CoinSwitch on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market. «Owned and administered by CoinSwitch, CRE8 tracks the performance of eight crypto assets that represent over 85 per cent of the total market capitalisation of cryptos traded in Indian Rupee. The index is based on real trades on the CoinSwitch app, trusted by 18 million registered users,» the company said. “CRE8 is a demonstration of our commitment to bring more transparency to the crypto market and equip users with a simple, easy-to-understand measure of the Indian market. The index provides a trustworthy, real-time view of the Indian rupee-denominated crypto market based on actual trades, enabling Indian users to make informed investment decisions,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.

insider trading in crypto assets. This makes it the first-ever case of insider trading in the digital asset market. New York-based Chastain is charged with wire fraud and money laundering in connection with a scheme to commit insider trading in non-fungible tokens (NFTs) by using confidential information for his personal financial gain. Chastain, 31, of Manhattan, was accused of secretly buying 45 NFTs on 11 separate occasions based on confidential information that the tokens, or others by the same creator, would soon be featured on OpenSea's home page.

Some 27% of Americans aged 18-60 — around 50 million people — have owned or traded crypto in the past six months, a poll published last week by crypto exchange KuCoin found. Yet older folk are more devoted to the young asset class than the general population, according to the survey carried out at the end of March, with 28% of those aged 50 and above betting on crypto as part of their early retirement plans.

The momentum and sentiments remained negative, leaving no room for upside in the prices. Investors turned risk-averse as rising inflation and looming inflationary worries lingered. All major tokens were trading sharply lower. Solana plunged about 13 per cent, whereas Avalanche posted a 10 per cent cut. Shiba Inu and Polkadot dropped 7 per cent each. Bitcoin and others were 6 per cent down.

cryptocurrency, dropped 6.9% to $29,555.35 at 22:03 GMT on Wednesday, losing $2,262.81 from its previous closing price. It was down 38.9% from the year's high of $48,234 on March 28. Ether, the coin linked to the ethereum blockchain network, dropped 7.52% to $1,794.68, losing $145.87 from its previous close.

A few players might see it as a short term rebound as they are cautious about any long-term bounce in the digital token market amid ongoing inflationary concerns and recession worries. Barring Cardano, all other major crypto tokens were trading with mild cuts. However, the losses were capped in the majority of names. Among the worst performers, Avalanche dropped 10 per cent, whereas Solana and Shiba Inu fell up to 6 per cent.

central bank is open to allowing the use of cryptocurrency for international payments, a senior bank official said on Tuesday, in a sign of a possible relaxation of its opposition to digital currencies. «In principle, we do not object to the use of cryptocurrency in international transactions,» the central bank's First Deputy Governor Ksenia Yudaeva said in a briefing with reporters. But Yudaeva reiterated that the bank, as the regulating authority, continues to see the wider use of cryptocurrency in Russia as a financial threat.