One of the world’s top crypto exchanges launches spot trading in India

According to a top executive, Bitmex, one of the top crypto exchanges in the world is launching spot trading in India on Tuesday, despite the uncertainty in the cryptocurrency market and an adverse regulatory environment. The spot exchange will enable Indian users to convert, purchase, withdraw and deposit multiple cryptos instantly. According to the vice…

Government anticipating classifying crypto under GST law

The Centre is working on the categorization of crypto under the GST law so that tax can be imposed on the complete value of the transaction. As of now, 18% Goods and Services Tax (GST) is imposed just on services offered by the crypto exchanges and is classified as financial services. GST officers said that…

GARI declares listing in CoinDCX crypto exchange

The social cryptocurrency token GARI has been listed on CoinDCX, one of India’s top crypto exchanges. According to the company, GARI’s listing on the exchange would offer its more than 75 lakh Indian consumers an alternative way to get access to one of the largest projects on the Solana blockchain. More than 1 crore people…

crypto tax
Tax on crypto

Is higher taxation a solution for the risks involved in cryptocurrencies?

On 1st February, while announcing the Budget 2022, Finance Minister Nirmala Sitharaman announced something unexpected.  Sitharaman said income from the virtual or digital assets (cryptocurrency) will be taxed at @30%. In addition, @1% TDS (tax deducted at source) will also be levied by the government on these investments. The 30% taxation is retributive tax, harshly…

India is set to red-flag MLM business models, SIPs and chit funds

India’s new crypto law is set to red-flag many investment schemes introduced by crypto exchanges and individuals that are akin to multi-level marketing (MLM), chit funds and systematic investment plans (SIP), as it looks forward to creating a robust regulatory system to safeguard vulnerable rural populations purchasing risky cryptocurrency assets. Regulators including the Securities and…

India will have to set crypto action with current FATF guidelines

As Parliament proceeds to discuss and debate norm or ban of cryptos and crypto exchanges in parliament from next week, India might have to be mindful that new global guidelines are being set on the management and permission of cryptos, especially given that terror financing and money laundering would become very easy without coordinated global…

Bitcoin takes on gold for Diwali, Bollywood celebs come in support

Prior to Diwali, two of the leading stars of Bollywood are setting up another alternative during India’s annual gold shopping spree: cryptos. Two of the prominent crypto platforms in India have each tapped Bollywood stars – one, Amitabh Bachchan, the most prominent Indian actor of all time – to foster cryptos as a simple and…

Crypto exchanges begin blocking accounts post-government signals potential danger

Crypto exchanges in India have begun blocking and reporting trading accounts, which handle dubious trades after government agencies raised red flags over cryptos being utilized for money laundering. Self-regulation is introduced during the time frame when the country is yet to settle on any regulations around cryptos or the method to tax them. Industry analysts…

Indonesia to regulate cryptos rather than prohibiting like China

Muhammad Luthfi, the Indonesian Minister for trade confirmed to the local media about reinforcing cryptos regulations instead of banning it like China. He said that Indonesia will concentrate on making the crypto market less prone to unlawful activities. The statement from the Indonesian minister comes posterior to the fabulous growth recorded by local exchanges in…

SBI prohibits traders from using its UPI to sell/buy cryptocurrency

India’s largest lender, State Bank of India has banned crypto exchanges from receiving funds through its UPI platform and has asked payment processors to disable SBI UPI on their platform also. SBI’s stance came after a slew of banks imposed alike bans on cryptocurrency exchanges over the previous few years. In May, HDFC Bank has…