Crypto exchanges Financial News

12.04 / 09:51

WazirX Crypto exchanges Zebpay trading volumes Top crypto Low Trading volumes on top crypto exchanges touch 6-month low

Mumbai: Trading volumes on crypto exchanges WazirX, ZebPay and Giottus hit a six-month low on April 10 due to the uncertainty surrounding crypto regulations in the country WazirX, one the largest cryptocurrency exchanges in India, estimatedly saw 65-90% of its business erode after e-wallet Mobikwik disabled its services on the platform over the last few days. ET was the first to report on April 9 that due to a lack of clarity on the usage of the Unified Payments Interface (UPI) for processing transactions. US-based Coinbase, which announced its India entry last week, has also hit the UPI roadblock and disabled the service.

29.03 / 08:21

Crypto exchanges Indian Eleven Indian crypto exchanges evaded Rs 81.5 cr GST, government says

Mumbai: The Central Goods and Services Tax (CGST) authority recovered Rs 95.86 crore from 11 crypto exchanges that collectively evaded Rs 81.54 crore in GST, said Minister of State for Finance Pankaj Chaudhary, in a written response to a question in the Lok Sabha on March 28. Chaudhary said while the government does not collect any data on cryptocurrency exchanges, a few “cases of evasion of Goods and Services Tax (GST) by cryptocurrency exchanges have been detected by Central GST formations.” The CGST had detected GST evasion to the tune of Rs 81.54 crore. With penalties, these exchanges paid Rs 95.86 crore, Chaudhary said.

12.03 / 09:29

Blockchain cryptocurrency Polygon Crypto exchanges Crypto Companies What could drive crypto companies out of India

digital assets is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, according to the co-founder of the country’s most famous crypto startup. “The brain drain is absolutely crazy,” Sandeep Nailwal, whose Polygon operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system, said in an interview from Dubai. India, with an estimated 15 million active crypto users, has been stuck in regulatory limbo since the Supreme Court in 2020 overturned a central bank ban on digital tokens. The government this year unveiled a tax on crypto transactions without formally declaring that it won’t ban trading, a move that became emblematic of the confusion.

03.03 / 06:41

crypto currency Crypto exchanges WOO Despite billion-dollar investment, why GameFi is failing to woo Asians?

Crypto industry is betting big on the GameFi industry with billions of dollars invested, but in the Asian market, the segment is likely to face a stiff and severe challenge, thanks to strict and rigid regulations in multiple countries. The existing laws and regulations are quite hostile for GameFi. Countries like South Korea and China have had laws about converting in-game tokens into fiat currency for nearly 15 years. In South Korea, gaming is a serious industry and has its own regulatory code — strictly prohibiting speculative acts, gambling and free gifts. Its laws prohibit converting game tokens into cash.

10.02 / 05:47

Kucoin Crypto exchanges Indian Government Global crypto exchanges wait on sidelines for rules clarity

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.

07.02 / 05:05

cryptocurrency Digital Currency Crypto exchanges Crypto exchanges to brief policymakers on TDS tangles

Mumbai: The industry body representing cryptocurrency exchanges has decided to reach out to relevant policymakers to brief them about complications arising out of the government’s move to levy a 1% TDS on all crypto transactions. The issue was discussed at the meeting of the Blockchain and Crypto Assets Council (BACC) on Saturday, where the overwhelming view was that this move would dent crypto trading volumes and drive small traders towards informal Person to Person (P2P) trading and decentralised exchanges (DEX).Crypto exchanges derive a large chunk of their revenues from traders who frequently trade and pay a small sum on every trade.

01.02 / 15:25

Crypto exchanges coindcx Budget 2022 Finance Minister Here's how crypto exchanges are reading FM's 30% taxation announcement

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.

01.02 / 06:45

OKEx Crypto exchanges Mudrex Here's what crypto exchanges are offering to lure investors

crypto exchanges and trading platforms have launched promotional campaigns to lure investors. These campaigns are aimed at attracting investors to support declining trading volumes amid steep fall and rising regulatory concerns. ETMarkets.com reached out to various exchanges seeking out information about their giveaways for the crypto users. Here is the complete information about offerings of all the exchanges:OKXThe second-largest crypto exchange in the world, OKX, is set to give away $3 million as a part of the Asia Lunar New Year promotion for participants from Asian countries.

08.12 / 11:21

cryptocurrency Ether price Crypto exchanges Bitcoin Price Top cryptocurrency prices today: Traders book profit in Bitcoin, Ether; Cardano slips 6%

cryptocurrency cart witnessed profit booking after a strong rebound during the previous day as investors rushed to the equity markets amid ease in Covid Barring Terra and Polkadot, all other nine out of the top 10 digital tokens were trading lower at 9.30 IST. Cardano, XRP and Solana tanked 5-6 per cent each.

07.12 / 08:55

Crypto exchanges RBI SEBI Power Crypto bill to give power to Sebi, RBI, taxman to scrutinise KYC data of exchanges

Sebi), Reserve Bank of India (RBI) and the tax department to scrutinise Know Your Customer (KYC) data of investors that crypto exchanges have collected from clients. According to two people aware of the development, the new regulations would mandate cryptocurrency exchanges to share their KYC data, which mainly includes details of their investors, with the government.

23.11 / 18:17

Crypto exchanges crypto ban crypto assets crypto rules Crypto rules are needed to avoid systemic risks. But how we classify them matter

A typical crypto could include cryptocurrencies, virtual assets and digital currencies, among others. However, for the purpose of this discussion, I am focussed on crypto coins, tokens and their derivatives that are cryptographically secured.

17.11 / 07:57

WazirX Crypto exchanges crypto ads WazirX, Bitbns hit pause on crypto ads

WazirX and Bitbns have decided to abstain from putting out advertisements, amid discussions of a possible regulatory clampdown of the cryptocurrency sector. To avoid luring users who do not have an understanding of virtual currencies, WazirX has been keeping away from print and television advertisements, founder Nischal Shetty told ET.

03.11 / 04:55

cryptocurrency Crypto exchanges acquires Coinbase acquires Agara to further India push

Mumbai: Coinbase Global Inc., the largest cryptocurrency exchange in the US, has acquired Agara, an artificial intelligence-powered support platform, to further its India push. Coinbase began hiring in India this year and expanding to build a high-quality tech hub.

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