Cryptocurrency Financial News

Major cryptocurrencies were trading in green early on August 26 as the global crypto market cap increased 0.41 percent to $1.04 trillion over the previous day. On the other hand, the total crypto market volume over the last 24 hours declined 2.21 percent to $64.04 billion.

The Enforcement Directorate (ED) probed 5 premises of Coinswitch Kuber in a case pertaining to alleged flouting of the Foreign Exchange Management Act (FEMA) norms by the crypto exchange.

crypto market in India, which attracted a big chunk of new and amateur investors in 2021, is suffering from a lack of trading volumes in 2022 due to a number of factors. The government implemented 30 per cent flat taxation in gains from the sale of crypto assets from April 1, 2022, and levied one per cent TDS on all crypto transactions since July 1, 2022. Market participants believe that despite a panic among the crypto investors, the froth has settled, and high tax rates are now sinking in among the traders. However, the unwillingness may not end anytime soon. Punit Agarwal, Founder and CEO, KoinX, said that the taxation framework was not something that a crypto investor in India was expecting. For the trader that works on small percentage margins, the TDS has been reducing the volume of the funds.

Confectionary giant Mars, which is maker of M&M's, Snickers, Mars Bars, Milky Way Bars, Twix and more, has joined hands with Metaverse brand KINGSHIP to create a limited edition box of M&M's featuring content from the Bored Ape Yacht Club (BAYC).

NFTs worth $100 million stolen, says Elliptic

Major cryptocurrencies were trading in green early on August 25. The global crypto market cap was $1.03 trillion, a 1.33 percent increase over the previous day.

ECB's Rehn sees several benefits to possible digital euro

Celsius crypto lender, now bankrupt, sues ex-money manager over alleged theft

Major cryptocurrencies were trading flat early on August 24. The global crypto market cap was $1.02 trillion, a 0.08 percent increase over the previous day.

Bitcoin and other cryptocurrencies were missing from the investor's wallet.

The grand crypto project has declined in 2022.

IMF said that few parts of the world have embraced crypto assets like Asia.

Major cryptocurrencies traded in the red early on August 23. The global crypto market cap was $1.03 trillion, which is a 0.01 percent increase over the last day.

 

Australia would be the first country in the world to conduct such an exercise.

 

Stablecoin Tether's reserves fell $16 billion in second quarter due to redemptions

Sudden crypto drop sends bitcoin to three-week low

Having shifted the coins offshore using the Blockchain network to avoid stifling regulations, they have sensed that sharing the information with Income tax (I-T) authorities could invite as much trouble as hiding it. Declaring their crypto holdings — originally bought on Indian exchanges and now parked in wallets with overseas bourses — in the 'Foreign Assets (FA) schedule would be an indirect admission of having undertaken a transaction that could be in violation of the Foreign Exchange Management Act (FEMA). However, a non-disclosure of a 'foreign asset' could put them on the wrong side of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act — a harsh law that came into force in 2015 and can be used to impose criminal sanctions. (Under the FA schedule, an assessee has to provide details of foreign assets or income from any source outside India in a specific section of the ITR).Techie Vs Taxman Interestingly, however, given the nature of cryptos, which are different from regular assets like bank accounts, properties and securities, the dilemma of taxpayers could also put the tax office as well as practitioners in an unchartered territory.

Crypto exchange FTX ordered to halt 'false and misleading' claims by US regulator

MercadoLibre's cryptocurrency will be initially valued at $0.10 apiece before being open to market.