Cryptos Financial News

The government is working on a set of rules that would be notified soon, two senior officials privy to the deliberations told ET. Given the wide definition of VDA, there were concerns that these assets acquired through regular transactions could be subject to crypto tax as they have traits of VDAs.

Cryptocurrency exchange Coinbase (COIN) announced on May 4 that the beta version of its non-fungible token (NFT) marketplace is now available to all.

money transfers which are low cost and frictionless. Technically, blockchain based cryptocurrencies offer such benefits but face considerable regulatory hurdles. This is where some of the new age money transfer platforms are offering viable alternatives to transfer money. Wise, a global technology company is building ways to move money around the world. Started in 2011, Wise helps people and businesses hold more than 50 currencies, move money between countries and spend money abroad. Globally around 11 million people and businesses use Wise, which processes over £6 billion in cross-border transactions every month. London based Wise entered India in June last year and has tied up with RBL Bank enabling Indians to send money abroad through. In an e-mail interview Diana Avila, global head of banking & expansion, Wise, discusses money transfers, cryptocurrencies and other issues. Edited excerpts:

CoinSwitch Kuber, a large crypto intermediary, two persons told ET. What triggered the call is unclear, but sources said Kotak has decided to pause till the dust settles on cryptos. «There has been no fresh Reserve Bank of India directive asking banks to stay away from cryptos. But senior supervisory managers (of RBI) are telling some banks to exercise caution on cryptos till there is regulatory and legal clarity,» said a senior official of another bank. Kotak's stand could deal a blow to the unregulated industry. It follows digital wallet MobiKwik reportedly snapping its links with crypto-related payments since the beginning of April.

VDAs) has hit the crypto players loud and hard. Their counter-responses say it all. Market players believe that these stringent and ultra-strict rules will add more speed breakers to the already bumpy ride of the crypto industry. Implementing a single tax for a single crypto rule will be a massive blow to the nascent crypto industry in India, said Shivam Thakral, CEO, BuyUcoin.

budget proposal to impose a tax deducted at source, or TDS, on virtual digital asset transactions, saying it will be difficult to comply with. The industry also urged the government to reconsider the decision to levy a tax of 30% on current market value when crypto assets are gifted or given to employees as part of their remuneration, saying the tax is levied without waiting for the receiver to sell it and book any profit. These issues figured when representatives of leading domestic crypto exchanges met with finance ministry officials on Friday to discuss budget proposals, people familiar with the deliberations told ET.

crypto community has started an online protest against the 30 per cent tax on crypto currencies announced by FM Nirmala Sitharaman on Tuesday. Until late Thursday, the hashtag # reducecryptotax was trending on Twitter. The change.org petition was started by Aditya Singh, Co-founder of CryptooIndia, and then amplified by popular social media influencers like Sandeep Bahuguna, Pushpendra Singh, and Kashif Raza.

“They are in a grey area. It’s not illegal to buy and sell crypto,” Finance Secretary T. V. Somanathan said in an interview to Bloomberg Television. “We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions.” After years of dilly-dallying on how to treat cryptocurrencies, the government’s budget Tuesday proposed taxing income from the transfer of virtual assets at 30 per cent — effectively removing any uncertainty about the legal status of such transactions.

While experts believe there are many reasons behind this, the primary among them is that there is yet to be a unilateral consensus inside the government, in the Ministry of Finance, and even in Parliament, they said. The ambiguity on legislation still hangs in the air, according to experts. It was expected that the Economic Survey will have nothing about the crypto industry as the government is still trying to figure out what crypto is and hence how it can impact, said Edul Patel, Co-founder and CEO, Mudrex. Though the industry does not expect the crypto bill to be put on the table in the budget session, we are hopeful that some cat will be out of the FM's bag, he added.

In the current market, there are a couple of facts that are even more worrisome. First, for crypto, there is no underlying asset; so if this is a mania then it's not even asset-backed. Second, millions of millennials have been drawn into crypto and markets for the first time. So they have till recently not seen or felt a bear market. There are optimists who believe that there will be no long-term bear market and corrections will be short-lived. There have been times in the market when irrational exuberance lasted so long that money managers talking rationally lost their jobs and some of them did not live long enough to see that their disbelief was justified.

family offices that hold cryptocurrencies, said two people aware of the matter. Companies currently have to disclose any holdings or dealings in cryptocurrencies or crypto assets in their filings with the Registrar of Companies (RoC). One of the people said the government could clarify the tax implications of such investments in the upcoming Budget. Most companies that hold cryptocurrency on their books are offering them as income (mainly, business income), but because there is no clarity on taxation, it is really difficult to compute actual income and how to treat them, tax experts said.

cryptos or smoking pot. So the news that the government is looking to regulate cryptos rather than banning them outright is welcome indeed.

By Analytics Team, Giottus Cryptocurrency Exchange As Bitcoin struggles to get past $50,000, the community celebrated the milestone of 90 per cent of Bitcoin’s total supply being mined this week. It has taken just 12 years to mine the first 90 per cent while the remaining 10 per cent will be mined slowly over the next 120 years making a favorable demand-supply case for Bitcoin in the future.

hard assets isn’t a new fad, but it is definitely gaining more attention from around the world as global economies look at digital tokens more seriously. Many blockchain enthusiasts claim cryptocurrencies are the future, whereas their adversaries argue that the Generation Z asset class has miles to travel for it to prove its mettle.

cryptocurrencies were finally embraced by institutions. Now those same money-managers say the asset class is ripe for a big selloff next year.

NFTically is launching its first-ever NFT Collectible based on a Marathi film. NFTically is a first-of-a-kind global NFT marketplace creator and a B2B SaaS for launching white-label NFT Stores & Marketplaces to Mint, Buy or Sell NFTs. Directed by popular Marathi film auteur Viju Mane, Pandu will be the first Marathi movie to drop non-fungible token (NFT) along with its theatrical release. Both Pandu NFTs and the film are slated to release on Friday.

Bitcoin and other leading cryptocurrencies plunged sharply on Indian exchanges after the government listed a bill to ban all “private” tokens. But entrepreneurs and investors are hopeful that things may not turn out to be too bad.

IBC DAO, a decentralized autonomous organization, has raised $500,000 in a crowdfunding round from 50 investors across the world, the organization said today in a statement. The DAO aims to help skilled players to become part of the play-to-earn economy that is taking root in India.

Cryptocurrency may well be made a synonym for volatility given that some of these tokens have seen a stupendous rise in prices in a short span. On Monday, it was the turn of Shih Tzu (SHIH), a token named after the affectionate, playful and outgoing dog breed that originated in China.

Squid Games-based SQUID and Kokoswap (KOKO) are the prime examples. The latest entry to this list is Ethereum Meta (ETHM), which has surged more than 2.35 lakh per cent in the last 24 hours, according to data from Coinmarketcap. The digital token skyrocketed a whopping 2,37,000 per cent in a matter of hours. The price of this token hit $0.0001194 from merely $0.00000005033 during the period. However, it was trading at $0.00006449 at 11.30 am IST.

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday. Das also reiterated his concerns over cryptos and added that the regulator's recommendations were being actively looked at by the government.