Coindcx Financial News

cryptocurrency firms as part of its ongoing probe into alleged instances of foreign exchange violations, if any, by these firms, sources said. ED has sent out notices to cryptocurrency exchanges seeking further information under the Foreign Exchange Management Act (FEMA), they added. Crypto trading platform CoinDCX’s founder Sumit Gupta joined the federal agency’s probe at its Bengaluru office earlier this month, the sources said.

crypto exchanges CoinDCX, WazirX and Zebpay declined by at least 70% on July 3 compared with June 30, even as the rule requiring deduction of tax at source on every transaction came into effect on July 1.Volumes on WazirX were down the most at 82%, according to data sourced from crypto research and consulting firm Crebaco. The decline was almost 70% on CoinDCX and 76% on ZebPay. While crypto exchanges say it is too early to know the actual impact of tax deducted at source (TDS) as trading volumes are typically lower on the weekend, some experts said trading would likely remain under pressure.

Cryptocurrency exchange CoinDCX had paused its crypto withdrawal facility without prior communication, sparking concerns among users. The recent liquidity crises at several institutions, including Celsius Network, which paused crypto withdrawals and transfers, has stirred fear among Indian retail, ET reported on June 21. In this backdrop, CoinDCX's decision to restrict crypto withdrawals have caused a furore on social media.

After a year of aggressive marketing, and high cash burn, Indian crypto platforms are now back to basics of focusing on products and looking at growing avenues of revenue generation, as they grapple with declining trading volumes, which is set to fall further as the 1 percent tax deducted at source (TDS) regime kicks in next month. 

Mumbai: Some cryptocurrency exchanges that have either moved or are looking to move out of India have reached out to their tax advisors to figure out if they are required to still comply with the 1% TDS regulation. Many tax experts have said that if an exchange sets up an office outside the country, the taxman may find it tough to collect the 1% tax on transactions. The government in this budget introduced a 1% tax deducted at source or TDS on every transaction, along with a30% tax on returns of investors and traders.

crypto industry has urged the government to reduce the TDS on payments towards gains arising from trading in cryptocurrencies to 0.01 or 0.05 per cent, from the proposed 1 per cent, saying it will hurt retail traders. CoinDCX CEO and Co-Founder Sumit Gupta said 30 per cent tax on income from cryptocurrencies is on the higher side and should be reduced. «At the industry (level), we are engaging with the government and have submitted a presentation on how 30 per cent tax and more than that, 1 per cent TDS is detrimental to the growth of the industry. It will lock up capital for traders and suck liquidity from market. If liquidity is not there, retail investors will suffer,» Gupta told reporters. Meanwhile, he said CoinDCX is also engaging with the traders on its platform to comply with the new tax noms.

The crypto industry has urged the government to reduce the TDS on payments towards gains arising from trading in cryptocurrencies to 0.01 or 0.05 per cent, from the proposed 1 per cent, saying it will hurt retail traders.

CoinDCX has launched its investment arm named CoinDCX Ventures to fund early-stage crypto and blockchain startups in India. The exchange is planning to deploy Rs 100 crore in accelerating India's digital asset ecosystems. The company has already invested roughly about 10-15 per cent for their funds in more than half a dozen startups and is planning to allocate the remaining portion over a period of 12 months, taking the count close to 40-50 startups. CoinDCX Ventures has already made several investments in the space including a wallet solution, cross chain bridge protocol, Web3 notification protocol, Web3 social engine, as well as distributed storage and computing protocol.

CoinDCX said it will serve to grow and strengthen the Web3 ecosystem in India and globally.

Mumbai: Crypto trading exchange CoinDCX has raised $135.9 million (about Rs 1,000 crore) from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in less than a year to become the most valued crypto trading platform in India. The funding comes in the backdrop of crypto exchanges facingnewly introduced taxation rules in India. CoinDCX and its peers, like WazirX and CoinSwitch Kuber, have seen their volumes plummet to new lows this month due to restricted access to modes of depositing money for users. According to the company, Pantera Capital and Steadview Capital infused about half of the funds in the latest round, which also saw participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures.

CoinDCX announced the launch of its Crypto Investment Plan (CIP), which is similar to the usual systematic investment plans (SIP). This product offering will help investors invest a fixed amount in crypto at regular intervals. CIP offers investment installments on a weekly basis where investors can invest a fixed amount every week. This enables users to benefit from rupee-cost averaging, lowering market volatility risks over time and countering the volatile nature of crypto, the company said. The customers benefit from compounded returns, enabling them to build their digital wealth on a long-term basis, it added. “Retail investors often find themselves at the crossroads as to which asset to invest in, and at what price to invest at. CIP is one such product through which we are helping investors to stop worrying about timing investments with the market, addressing the dynamic nature of crypto and building greater confidence by minimising risks in crypto investing,” said Sumit Gupta, CEO of CoinDCX.

New Delhi: Top cryptocurrency exchanges in India have collectively decided to not advertise during the Indian Premier League (IPL) this year, three people familiar with the development said. Last year, CoinDCX, WazirX and CoinSwitch Kuber as well as others, had collectively spent around Rs 90 crore on TV advertising for the IPL and the cricket T-20 World Cup “All the crypto exchanges have decided not to advertise in IPL,” Nischal Shetty, chief executive of crypto exchange WazirX told ET through a direct message on Twitter. “As an industry, we are working to ensure we have strict guidelines for responsible advertisement before we get into IPL ads again,” he added.

Crypto exchange CoinDCX, on the occasion of International Women's Day, shared that the exchange has only 15 per cent female users, compared with 85 per cent male users, with much room for growth for the former. Further, 35 per cent of the women user base comes from Tier I cities, whereas the remaining 65 per cent hails from Tier II, Tier III and other smaller towns. Among metro cities, Delhi, Hyderabad, Kolkata lead the charts in terms of numbers of female investors, whereas Jaipur, Patna and Lucknow have the highest concentration in non-metro cities.

Crypto trading platform, CoinDCX, has selected crypto-native risk monitoring firm Solidus Labs as a strategic compliance partner. CoinDCX claims to be India’s first crypto unicorn and the nation’s safest crypto exchange. The deal will improve the transparency on the trading platform. The partnership between CoinDCX and Solidus aims to protect its users from known forms of market abuse and a plethora of emerging crypto-specific risks, the company said.

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.

crypto exchanges and trading platforms cheered the announcements made by Finance Minister Nirmala Sitharaman over the taxation of virtual assets in Union Budget 2022. The Finance Minister announced taxation on gains arising from the sale of virtual assets at a flat rate of 30 per cent in her Budget speech, without any deductions to be allowed on these gains. The government also laid out the detailed provision over tax deducted at source (TDS) at a rate of 1 per cent levied on payments made on transfer of digital assets. Ashish Singhal, Founder and CEO, CoinSwitch and Co-chair Blockchain and Crypto Assets Council (BACC) said, we welcome the government's decision to introduce central bank digital currency (CBDC) to accelerate digitization.

Mumbai: Indian cryptocurrency exchanges have recorded higher trading volumes in the past few days owing to extreme volatility in the market, as many traders and investors liquidated some of the riskier tokens, rebalanced their portfolios by moving to stable coins and also indulged in opportunistic buying to average down their portfolios. During and after the weekend crash, ET spoke to multiple exchanges to gauge the trading volumes — most recorded higher transaction levels, but a few witnessed a dip too. «We have seen volumes increase by around 15%,» said Avinash Shekhar, co-CEO, ZebPay. A CEO of a top exchange said on condition of anonymity, «We saw a sharp decline in trading volumes during the weekend as most investors were trying to figure out the reasons and consequences of the current dip in crypto.»

Polytrade Finance, a decentralised finance (DeFi) lending platform providing working capital to SMEs in the real world using crypto liquidity, on Thursday announced its listing on cryptocurrency exchange CoinDCX.

“In this world, money is everything. If you have money you can get anything. All you need to do is make money, which will further beget money. How? Through CoinDCX using crypto and bitcoins. But don’t worry, it’s safe and secure. Use my code MOJ100, you can get bitcoins worth Rs 100,” says Moj creator @annsindhu, who has over four million followers, in a Malayalam language video that has been on the short-video app since the last week of November.

The crypto industry body has suggested that the government can regulate cryptocurrencies by introducing a licensing regime for exchanges and other intermediaries and bringing in strict norms to track funds used in crypto trading,  Moneycontrol has learnt from sources.

Some of the exchanges, including CoinDCX and CoinSwitch Kuber, have re-started advertising and marketing campaigns, albeit not as aggressively as earlier, industry insiders said. In most cases, the advertisements are aired on social media and other digital platforms.