Crypto Financial News

Crypto trading unicorn CoinDCX on Tuesday said it now has more than 1 crore users. It claims to be India's safest crypto exchange with vision to provide safe, secure and easy access of digital assets to more than a crore of crypto investors in India. The company became India's first crypto unicorn after its Series C funding round led by former Facebook co-founder Eduardo Saverin’s B Capital and others.

Mudrex, Bengaluru-based crypto investing platform, has raised $6.5 million in a pre-series A round from Arkam Ventures, Tribe Capital and Bolt by QED Investors. Launched in 2018, Y Combinator-backed Mudrex has clocked a 450 per cent user growth in the last four months from over 100 countries. Four months earlier, the start-up raised $2.5 million from seed funding led by Nexus Venture Partners, Village Global with participation from Kunal Shah, Anand Chandrashekharan, and Anjali Bansal.

tax treatment of crypto transactions before April 1 to avoid any confusion and litigation. At present, divergent practices are followed in the treatment of crypto transactions, with some declaring income as capital gains, others as business income and some not disclosing it at all. If the income from transfer of cryptocurrency is treated as business income, then the tax rate is 30%, though with deduction of charges or expenses incurred. If the income is treated as capital gains, then long term gains (where it is held for more than 36 months) faces a rate of 20% and if held for less than 36 months (short-term gains) then tax as per slab rate is applicable.

Zerodha, says with tax deduction at source (TDS) at 1 per cent being implemented from July 1, crypto volumes in India will drop off the cliff. In a series of tweets, Kamath compared 1 per cent TDS on all crypto trades to tax collected at source (TCS) of 0.1 per cent on gold. «I assumed that the TDS is only on the gains,» he said. According to the provisions of this year’s finance bill, the buyer of a cryptocurrency has to deduct 1 per cent of the sale consideration and pay the amount as an advance tax to the government on behalf of the seller on every trade.

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crypto assets craze has been rising in India. Several investors, who are sceptical about direct crypto investments, are playing the theme via equities. Some of the top names from the sector include Nvidia, CME Group, Block, IBM, Mastercard, DocuSign, Amazon, Coinbase Holdings and GlobalX Blockchain ETF. The majority of these stocks are listed on Nasdaq. Once a frenzy, these spaces are now witnessing huge traction in 2022 after phenomenal returns in 2021, according to market experts.

cryptocurrency arm of Jump Trading said on Thursday it had restored more than $320 million to crypto platform Wormhole after the decentralized finance site was hit with one of the largest crypto heists on record. In a tweet, Jump Crypto said they chose to replace the stolen money «to make community members whole and support Wormhole now as it continues to develop.» Chicago-based Jump Trading acquired Certus One, the developer behind Wormhole, in August.

Clear (formerly Cleartax), which is backed by US-based payments major Stripe, is launching a crypto tax and portfolio management service for enterprises and retail users in India, amid confusion around crypto taxation in certain scenarios among investors and crypto exchanges. Following the budget's proposal on crypto taxation, including 30% tax on crypto gains and a 1% tax deduction at source, questions remain around tax implication of futures and derivatives trade, loss setoff, transactions on crypto aggregators and the definition of transfer of asset class (will it include peer-to-peer, airdrop, etc.), according to experts ET spoke to. “So, from a trading perspective, there's a lot of clarity awaited. Right now, even crypto gain to a crypto loss appears to be a pure tax event and there is no setoff against loss. With the strictest interpretation for active traders, the tax bill itself can be bigger than the portfolio, so we are trying to understand more from the policymakers,” Clear founder Archit Gupta told ET. “This could dramatically affect trading volumes on exchanges.”

The broad definition of «virtual digital assets» and «any information, code, or otherwise» in the newly announced framework could cover a large range of intellectual properties and even online assets created by multinationals, as per the experts. This could eventually mean that taxmen may be able to question certain assets or intellectual properties, and they could eventually be taxed at a higher rate.

crypto assets in the Union Budget has boosted the morale of the crypto industry, particularly the new players or startups. In the light of recent developments at home and across the globe, there are voices that India is poised to emerge as a global hub for crypto players and enterprises. Market participants believe that cryptos can be viewed as an emerging asset because it is an intangible, digital currency that uses a highly sophisticated type of encryption to secure and verify transactions.

Union Budget, the crypto community is buzzed with multiple questions. Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have stepped forward to clear the clouds of ambiguity. In line with this, in a recent interview to News18, Sitharaman said that the budget announcement on virtual assets was aimed to differentiate between private cryptos and digital currency.

crypto platforms jumped 30-50% on budget day Tuesday, when the finance minister announced a proposal to tax digital assets. While crypto investors and exchanges looked for the fine print in the proposal, some viewed the announcement as an indirect way to endorse crypto trade in India. Industry executives said the budget announcement resulted in pent-up interest among risk-averse investors as well as companies who earlier feared the digital assets would be outlawed in India.

cryptocurrency bill in Parliament. However, the government has smartly sidestepped on the legality of cryptocurrencies while showing its disinclination to support these, by levying a huge tax burden on those making money from such virtual digital assets, as the Finance Bill has tried to define it. The Finance Bill 2022 proposes to introduce a new phrase called virtual digital assets, which has a very wide definition encompassing all forms of digital assets including cryptocurrencies and non-fungible tokens. It has also added them to the expression “property”. Any transfer of virtual digital assets is proposed to be taxed at a higher rate of 30 per cent. Furthermore, no deductions would be allowed in computing the income arising from such assets, other than their cost of acquisition. More importantly, they have also proposed to tax the recipient of any such asset transferred without any consideration — for example, by way of a gift. It is also pertinent to note that any loss suffered from transfer of a virtual digital asset cannot be adjusted against any other source of income. The Central Board of Direct Taxes also plans to issue further guidelines concerning taxation of virtual digital assets, ironing out any leftover creases.

Speaking to ANI, Finance Secretary said, «Digital rupee will be backed by RBI which will never default. Money will be of RBI but the nature will be digital. The digital rupee issued by RBI will be the legal tender. We can purchase non-digital assets with the digital rupee like we purchase an ice cream or other things using our wallet or payments through UPI platform.» «Rest all are not legal tender, will not, will never become legal tender. Bitcoin, Ethereum, or any picture of Actor become NFT will never become a legal tender,» he added. Presented ByDid you Know?Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian a

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MUMBAI: Legal experts are divided over regulating crypto assets. While one section is advising the government not to take a hasty decision without understanding the use cases, the other is against continuing the status quo despite the difficulty in defining crypto. ICICI Bank’s group general counsel Pramod Rao has said, “The government’s pause (on introducing the crypto bill in Parliament) is a good thing for us to wait and watch, and decide whether we need a separate regulator, which can transcend into all use cases.” However, Cyril Amarchand Mangaldas partner Anu Tiwari said that it will take a few years for a new regulator to attain maturity — which is too long a time for crypto. According to Tiwari, Sebi is the practical choice for regulating crypto despite challenges like identifying issuers of tokens. Presented ByDid you Know?Sunny Leone too

marketplace Bakkt Holdings Inc. have dropped to all-time lows, wiping out about $10 billion in market value since reaching a record high following the firm’s much-touted public market debut in October. The platform, majority owned by New York Stock Exchange parent Intercontinental Exchange Inc., began trading in October after the close of a $2.1 billion SPAC deal. The shares rose as high as $50.80 shortly thereafter as cryptocurrency prices surged, pushing the exchange’s market value to around $11 billion. Bakkt, which fell as low as $3.31 on Friday, ended the week at $3.61. Bakkt’s stock has steadily dropped as losses and roiling markets pushed investors to take cover. The market value sank below $1 billion this week for the first time.

cryptocurrency worth $80 million from Qubit Finance, a decentralised finance (DeFi) platform, and the company is now begging hackers to return the stolen cryptocurrency. The value of cryptocurrency stolen makes this the largest hack of 2022 to date. Qubit Finance acknowledged the hack, and said in a tweet on Friday that the hackers minted unlimited Xplosive Ethereum (xETH) to borrow on Binance Smart Chain (BSC).

stock market isn't the economy — which it isn't — then cryptocurrencies like Bitcoin really, really aren't the economy. Still, crypto has become a pretty big asset class (and yielded huge capital gains to many buyers); by last fall the combined market value of cryptocurrencies had reached almost $3 trillion. Since then, however, prices have crashed, wiping out around $1.3 trillion in market capitalization. As of Thursday morning, Bitcoin's price was almost halfway down from its November peak. So who is being hurt by this crash, and what might it do to the economy? Well, I'm seeing uncomfortable parallels with the subprime crisis of the 2000s. No, crypto doesn't threaten the financial system; the numbers aren't big enough to do that. But there's growing evidence that the risks of crypto are falling disproportionately on people who don't know what they are getting into and are poorly positioned to handle the downside.

Bitcoin. The ballooning popularity of Bitcoin and other digital currencies has given rise to a strange new political breed: the crypto mayor. Eric Adams, New York's new mayor, accepted his first paycheck in Bitcoin and another cryptocurrency, Ether. Francis Suarez, Miami's mayor, headlines crypto conferences. Now even mayors of smaller towns are trying to incorporate crypto into municipal government, courting startups and experimenting with buzzy new technologies like NFTs to raise money for public projects. Their growing ranks reflect the increasing mainstream acceptance of digital currencies, which are highly volatile. «Mayors rationally want to attract high-income citizens who pay their taxes and impose few costs on the municipality,» said Joseph Grundfest, a business professor at Stanford. But as with many ambitious crypto projects, it's unclear whether these local initiatives will ultimately amount to much. So far, most are either largely symbolic or theoretical.