Indian Financial News

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A joint investigation by three US agencies -- Internal Revenue Service (Criminal Investigation), Federal Bureau of Investigation (FBI), and Homeland Security Investigations (HSI)— revealed that eight email ids hosted by an India-based service provider were allegedly used to launder $4.5 billion worth of stolen cryptocurrency.

crypto assets in 2022, the digital token market is getting its mojo back, with increased interest from investors. Major crypto assets have seen a sharp rebound in the last one week. Barring the US dollar pegged stablecoins, all other top 10 digital tokens have rallied more than 20 per cent in the last seven days, with Terra zooming up to 75 per cent. Bitcoin and Ethereum have marched 25 per cent each. Amid the global volatility, the demand for the virtual asset class has increased with daily traded volume hovering around the $100 billion mark, the coinmarketcap data suggests.

The founder of cryptocurrency investment platform BitConnect, an Indian national, has been indicted on charges of orchestrating a global Ponzi scheme worth USD 2.4 billion, federal prosecutors said.

The founder of the infamous crypto exchange BitConnect, Satish Kumbhani, has been charged for allegedly misleading investors globally and defrauding them of $2.4 billion in the process.

Mumbai: After Bollywood stars and sports celebrities, India’s top fashion designers are now looking at non-fungible tokens (NFTs) as a credible source of income for their digital fashion collections. Designers including Manish Malhotra, Raghavendra Rathore, Anamika Khanna and Pankaj & Nidhi have already embraced blockchain technology in order to connect with more tech-savvy audiences. Most of them have seen their initial drops of digital artwork sell in minutes on NFT marketplaces. «Fashion NFTs have received great traction on our platform and in general as well. We are hoping to introduce new-age street brands in fashion onto the NFT bandwagon as these would be a perfect fit with the young NFT community,» said Vishakha Singh, vice president, WazirX NFT Marketplace.

The Advertising Standards Council of India (ASCI) has released new guidelines for advertising virtual digital assets and related services in a bid to introduce industry standards. 

The Advertising Stands Council of India (ASCI) released a set of 12 guidelines for promotions and advertisement of virtual digital assets (VDA), including cryptocurrencies, on Wednesday.

metaverse theme, with investors taking up huge bets in this space. According to a report by Credit Suisse, the transition of the digital ecosystem to metaverse will push data usage by 20 times across the globe by 2032 and telecom operators Bharti Airtel and Jio are suitably placed to benefit from the surge. It added that metaverse has enormous potential to further expand screen time and drive more bandwidth consumption. Both the telecom players Jio and Airtel are extensively engaged in 5G trials, with the technology expected to be rolled out in the next fiscal.

Mumbai: In a first for an Indian entity, several domestic as well as foreign crypto exchanges are in talks with CryptoWire, a Financial Technologies Group entity, to launch products based on its IC15 index. IC15, which tracks the top cryptocurrencies around the world in terms of their market capitalisation, is the first crypto index to come out of India. Several Indian and international exchanges have approached CryptoWire for licensing its IC15 index to launch products on their exchanges based on this benchmark, CryptoWire MD & CEO Joseph Massey said. IC15 index was launched on January 3 this year. It is a rule-based broad market index by market capitalisation that tracks and measures the performance of the top 15 widely traded liquid cryptocurrencies listed on leading crypto exchanges of the world, a company release had noted during its launch. Apart from introducing simple index-based products like exchange-traded funds, many other investment products are expected to be developed based on the IC15 index, officials said. Presented ByDid you Know?A statue honour

Indian crypto-asset exchange platform WazirX witnessed a 30% jump in its daily sign-ups since the country decided to impose a 30% tax on profits from cryptocurrency trading, according to co-founder Nischal Shetty.

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

India's Finance Minister Nirmala Sitharaman came out guns blazing to clarify that cryptocurrency taxation is a «sovereign right» and «corrective action».

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.

Pete Sessions has appointed Himanshu B Patel as chief advisor for his Crypto Group.

A young couple from India used nonfungible tokens (NFTs) to digitize their love for each other till eternity over the Ethereum (ETH) blockchain. 

India‘s Budget announcement was a mixed blessing, as some appreciated the clarity regarding taxes on crypto. However, others are strongly against the 30% tax on the transfer of digital assets. Amidst diverse opinions and strong emotions, investment analyst Anthony Pompliano shared his take on India’s update.

The head of the Central Board of Direct Taxes (CBDT) in India said the recent announcement of a 30% tax on crypto holdings doesn’t necessarily make the crypto trade legal in India.

The latest bulletin covering the agenda for India's lower house of parliament includes “a lecture on understanding cryptocurrency” and its economic impact.

Nonfungible tokens, better known as NFTs, have gained value, with some selling for thousands, tens of thousands and even millions of dollars. While this spike in value is promising for investors, it does little in proving the asset's long-term value compared to the top of a price bubble. Therefore, for digital assets to sustain their worth over the long term, something else is missing in the equation. That something is utility, which considers how the asset can be used or what a user can do with it.

Mumbai: Indian crypto investors, most of who have jumped on the crypto bandwagon in the past year, are a jittery lot as cryptocurrencies again fell sharply across the board in the past 24 hours following a selloff led by technology stocks in the US on Friday. “I started investing last year after being influenced by friends and business partners,” said Gopala Somani, a Delhi-based crypto investor. “I kept investing even till the last week, thinking it was time to buy the dip. But now I am stuck. My portfolio is down and in the red. If I sell, it will be a significant loss.”Bitcoin was trading at $35,572, while other major altcoins were also down by double digits, at 5 pm, Saturday, on Coinbase. Bitcoin has dropped 17% in the past week, Ethereum 26.66%, Binance Coin 28.74%, Cardano 19.43%, and Solana 31.90%. The popular meme coin, Shiba Inu, dropped 30.03%, while DogeCoin slid 32 % in the past seven days. At 5 pm on Saturday, the Coinable website said the overall market was down 12.19%.