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crypto community, in reaction to central bank governor Shaktikanta Das' statement that private cryptocurrencies are a big threat to India's financial and macroeconomic stability, has said crypto assets could help unlock the country's innovation, job-creation and economic potential. Also, the exchanges said they praised the stance of the central bank and the government that customer protection is a priority. «The good thing is that the government and regulators have been very consultative in their approach to the industry, and there is broad understanding that customer protection is of utmost importance. It is encouraging to see India thinking progressively about crypto at par with global counterparts like the US, Dubai, and Singapore,» said Ashish Singhal, founder and CEO, CoinSwitch.

crypto assets have risen from their ashes to deliver handsome returns to those who kept faith in the digital space. One such example is GALA, a metaverse play, which has more than doubled investors' wealth in just one week. However, the token has remained volatile after doubling investors' wealth. It jumped to $0.3718 on Thursday from $0.1799 a week ago, the data from Coinmarketcap suggest. There are a total 6.98 billion GALA tokens in circulating supply, it added.

crypto assets or virtual digital currencies are a major threat to macroeconomic and financial stability of a country, Reserve Bank of India (RBI) governor Shaktikanta Das said at press conference held on Thursday. I have said that investors are their own judge. But, it is my duty today to tell investors that while betting on cryptos, they should be mindful that they are investing at their own risk. “Cryptocurrencies have no underlying (value), not even a tulip,” Das said at the meeting.

The Russian government released a document on its official website late Tuesday setting principles for crypto regulation, which supported the top deck of crypto assets. The Russian government’s plan received support from its central bank, which had called for a ban on crypto mining and trading. The development also came not long after India took a step towards crypto legalization with a tax on digital asset transfers.

WikiLeaks founder Julian Assange's legal defence saw bids reach more than $50 million on Wednesday. Assange is battling extradition from Britain to the United States where the authorities want him to face trial on 18 criminal charges including breaking a spying law, after WikiLeaks began to publish thousands of secret classified files and diplomatic cables in 2010. Last month, Assange, who remains in a London prison, was given the chance to challenge approval of his extradition at Britain's highest court. The Supreme Court will now decide whether or not to hear his case.

Regulators came late to the fast evolving cross-border world of cryptoassets but they could come up with their first global framework of rules within months, a senior official said on Wednesday. The Financial Stability Board, which groups regulators, central banks and finance ministry officials from the G20 economies, is looking at what needs to be done with cryptoassets such as bitcoin and stablecoins.Crypto assets are currently treated differently across the world, ranging from bans to no rules at all even though they are traded by international firms. The European Union is approving a comprehensive set of standards for authorising and supervising participants in crypto asset markets.

Mumbai: Global crypto exchanges looking at the Indian market are awaiting more clarity on crypto regulations to make entry and investment decisions even after the government announced a tax regime in the Budget. Industry executives said the global exchanges have seen the government teetering on crypto regulations in the past three years and that signals from the government have been confusing at best. While the government has said it is looking at regulating rather than banning cryptocurrencies and has announced taxation provisions in the Budget, senior government officials have said that all options are on the table.

Polygon was one of the top-performing crypto assets on CoinSwitch, in terms of the trading volume. Polygon, formerly known as the Matic network, was founded in India in October 2017 by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.

By Pratik Gauri, CEO & Founder, 5ire The Indian business ecosystem pinned its hopes on the Union Budget after thousands of small and medium enterprises were severely affected by the ongoing pandemic, especially the devastating second wave and the (diminishing) third wave. Among those who were hopeful were crypto investors and enthusiasts, who feared significant losses due to the uncertainty regarding the stance the Indian government was likely to take on recognising and regulating cryptos. On February 1, those hopes for recognition weren’t dashed as Finance Minister Nirmala Sitharaman announced that digital assets would be doubly taxed in terms of gains as well at the source.

Among key cryptos, Bitcoin was down 1.18 per cent at $43,406.01. The largest cryptocurrency in m-cap was still up 12 per cent in the last seven days. Ethereum was quoting at $3,080.69, down 1.84 per cent.

cryptocurrencies or other digital assets such as NFTs from crypto exchanges as part of their compensation package will face 30% tax on these as they will be defined as a «gift» under the new tax law and not salary or employee stock options (esops), say experts Many exchanges have rolled out their own tokens and offered these as part of their employees' annual income-along the lines of esops. In some cases, it was also linked to employee performance and employees' achieving certain targets. Tax experts say even if the employee hasn't sold such coins, she will be required to cough up the tax during the assessment year. «Unlike the esops tax regime where employees can first vest and then pay taxes on exercise, this beneficial regime is not available for cryptos received by employees. This will also mean that the employee will be required to pay 30% tax on the fair value of crypto assets she received from her employer even if she hasn't sold them,» said Amit Maheshwari, tax partner at tax consultancy firm AKM Global.

Bitcoin drifts towards mainstream maturity in 2022, daring crypto investors are eyeing up new sources of explosive action: "altcoins" that power online games and worlds. But, be warned, the foothills of the unformed metaverse are no place for the faint-hearted. Bitcoin, which like the rest of the market had been largely sinking since late 2021, has risen about 16% over the past two weeks to push above $41,000, prompting many market players to declare an end to the "crypto winter".

XRP has been high in demand among investors, thanks to the possible outcome over its lawsuit against US Securities and Exchange Commission (US SEC). The altcoin has zoomed about 25 per cent in the last 24 hours, with its volume jumping 160 per cent as the tokens worth $5.52 billion exchanged hands during the period under review, the data from Coinmarketcap suggests. The token has jumped more than 60 per cent in the last one month to hit a high of $0.9111 on Tuesday. The token is still trading about 50 per cent of its one year's peak of $1.83 scaled in April 2021.

CrossTower announced the launch of personalised Over the Counter (OTC) services for Indian high-net-worth individuals (HNI) and institutional investors. With the launch of its new feature, CrossTower aims to enable HNIs and institutional investors to trade in crypto assets, providing deep liquidity 24x7 across multiple crypto-assets, ensuring the best prices for them. CrossTower observed that 70 per cent of its platform's trade volume is accounted for by institutional investors and large-volume traders in India.

Bitcoin rose to a four-week high on Monday, climbing for a second consecutive session, driven in part by liquidation of some short positions that have accumulated in the virtual currency's recent three-month downtrend. The world's largest cryptocurrency hit $44,524.18, the highest since mid-January. It was last up 3.8% at $44,024. Since hitting a roughly six-month low on Jan. 24, bitcoin has gained about 35%.Ether, the second-largest digital currency in terms of market capitalization, touched a three-week peak of $3,180 and was last up 3.1% at $3,153.21. It dropped to a six-month trough in late January, but since then, ether, the token used for the Ethereum blockchain, has surged about 47%.

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.

Sekuritance announced the launch of Mainnet to enable governments, businesses and individuals to use blockchain as a regulatory solution to identify, verify and transact safely online. The Sekuritance Portal will be the first blockchain-based compliance platform for individuals, SMEs and businesses. Utilising Sekuritance or SKRT token will provide further benefits while using the platform. The Sekuritance billing engine is built using Tether (USDT), Ethereum (ETH), Polygon (MATIC), and Binance Smart Chain (BSC) chains as currencies to purchase verification credits on the platform to perform compliance checks.

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.

cryptocurrency market was trading higher on Tuesday on the back of strong volumes. Short term holders have made decent gains lately as the largest crypto token has zoomed more than 12 per cent since Friday. In the broader cryptocurrency market, prices of most tokens also rallied. Altcoins have outperformed behemoths over past trading sessions. Barring the dollar-pegged USD Coin, all other nine out of the top-10 digital tokens were trading with decent gains on Tuesday. Bitcoin rose to a four-week high, climbing for consecutive sessions lately, driven in part by the liquidation of some short positions that have accumulated in the virtual currency's recent three-month downtrend.

tax virtual digital assets at 30% in the Union Budget has encouraged the crypto industry players to come out with financial products on the asset. Crypto exchange CoinSwitch on Monday launched a recurring buy plan (RBP) (RBP) — a systematic investment plan (SIP) to buy crypto assets in India. Users can sign up through a waitlist to get early access to explore this new feature, the company said. With this, the startup wants users to beat market volatility and avoid making impulsive buying or selling decisions. Ashish Singhal, founder and CEO of CoinSwitch, said that the plan is for people who take a more systematic and long-term approach to buying crypto assets and is not really meant as a product for traders. “We are still reading the Budget fine print. Our initial understanding is that the 1% TDS will usually impact frequent traders who operate on smaller margins,” he said.“The plan will allow long-term investors to invest systematically and avoid the impulse to time the market and make emotional trading decisions, and will also empower users with a lower risk profile to explore this new asset class,” he added. Tax experts TOI spoke to said that though the Budget is silent on products such as crypto RBPs, the taxation will likely be along the same lines as SIPs, which are taxed on withdrawal.