Zebpay Financial News

Former ZebPay CEO Avinash Shekhar on January 12 announced the launch of his Web3-based crypto tax compliance start-up TaxNodes, aimed at simplifying the tax computing process. Additionally, it will also help crypto exchanges increase their internal controls and automate reconciliation and accounting.

crypto industry veterans, Nischal Shetty (founder of WazirX) and Avinash Shekhar (ex-CEO Zebpay) have launched their new venture, Pi42, the country's first Crypto-INR perpetual futures exchange, which aims to grow as the largest compliant crypto futures platform in the world. The exchange makes its debut in India, on Wednesday and aims to expand its reach across the key global markets by targeting the existing 30+ million Indian crypto investors over the next 2-3 years.

The crypto market landscape has been evolving over the years globally and in India, with the growing interest of investors. While the booming market still remains unregulated in many nations, including India, central banks and governments are working actively to build a regulatory framework. Asked what the future for crypto looks like over the next decade, Rahul Pagidipati who heads one of India’s oldest crypto exchanges, ZebPay, said there is potential for crypto to make a position in mainstream investment. “The next 10 years could be the defining decade for crypto as mainstream adoption can massively increase,” the CEO said in an interview with ETMarkets. Pagidipati is optimistic about India's crypto future, with potential for growth, innovation, and global impact. Edited excerpts:After doubling between November and July, bitcoin prices have slumped 18-20% in the last one month. How are you reading this volatility?Bitcoin is a fundamentally robust asset with remarkable economic potential, and short-term price swings are part of market dynamics.

Crypto asset exchange ZebPay on December 8 announced that Rahul Pagidipati will be back as the in-charge and chief executive of the exchange from December 1 as Avinash Shekhar quits to launch his own Web3 start-up.

Bharat Web3 Association (BWA), a newly formed cryptocurrency and web3 industry body, has written to the finance ministry sharing its concerns and recommendations on taxation and regulatory uncertainty ahead of the Union Budget 2023-24.

As the going continues to get tougher for Indian cryptocurrency start-ups, ZebPay Chief Executive Officer (CEO) Avinash Shekhar has decided to move on. This comes a month after Chief Financial Officer (CFO) Tarun Jain left the company, multiple sources aware of the matter said.

After the dismantling of the Blockchain and Crypto Assets Council (BACC) last week by the Internet and Mobile Association of India (IAMAI), crypto exchanges are likely to meet this week to discuss the way forward as they look to create their own independent body or join other industry bodies.

The implications of what anti-crypto regulations can do to a thriving economy can be seen first-hand unfolding in India. Supporting the massive decline in trading volumes across all Indian crypto exchanges, a report from WazirX reveals a change in investor sentiment as the Indian government imposed its second crypto law — a 1% tax deduction at source (TDS) on every crypto transaction.

WazirX and Zebpay, citing their Trader Sentiment Survey. The survey included about 9,500 respondents throughout the country. The domestic exchanges collectively conducted the survey and included only those traders who were active from the beginning of the year till April 15. The survey aims to highlight the mood of crypto traders over higher taxation. According to the results, 83 per cent of traders believed that the recent tax implementation deterred their trading frequency. 29 per cent of the respondents said that they traded less than the pre-tax period.

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.

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.

TDS) on the transfer or consideration of every trade from July 1, 2022. However, the market players are awaiting the 'clarities' over the new taxation norm and the Government of India has about two months to provide the required 'specifications' seeked by the players. While the industry players see this move as one of the most controversial provisions over the crypto taxations, the government believes that the new TDS mechanism is used to trace transactions and prevent tax evasion.

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.

cryptocurrency. The new age technology became a household name while the growth of domestic exchanges highlighted the latest fad. Leading crypto platform Zebpay registered a growth of more than 300 per cent in trading volume, while its user base increased by about 130 per cent to cross the 5 billion mark. According to the data, more than half or 55 per cent of its users are millennials while Generation Z constitutes 15 per cent of their user base.

Zebpay, one of the country's oldest and largest cryptocurrency exchanges, experiences about two Distributed Denial of Service (DDoS) attacks when cyber criminals overload the exchange's systems to disrupt service or snoop for a vulnerability in the platform's defences. That's the simple part.