Reliance Retail accept digital rupee at one store

Reliance Retail has pledged to assist India's CBDC throughout its companies. (Read More)

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Web3 to inject $1.1T in India's GDP by 2032, following 37x growth since 2020

The explosive Web3 growth in the country is supported by several factors, including a large talent pool, a high adoption rate and product development for global markets.

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Indian authorities freeze $8.1M in WazirX funds as part of AML investigation

The Directorate of Enforcement of India alleged that WazirX "actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route."

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Indian Crypto Exchange WazirX Issued Notice For “Mysterious Transactions”

Indian crypto platform WazirX has been served a show cause notice [SCN] for allowing outward remittance of crypto assets to the tune of 2790 crore to unknown wallets, the Ministry of Finance told the Upper House on August 2.  The exchange is currently under the scanner of the nation’s law enforcement agency- The Directorate of Enforcement [ED] […]

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The reduction in India’s crypto tax to 0.1 percent was a ‘typo,’ and the government has issued a clarification.

The Income Tax Department said on Wednesday that a spelling issue on its website incorrectly changed a 1% tax-deducted-at-source (TDS) amount to 0.1 percent, which has subsequently been corrected. Fast Facts on the crypto tax typo “Some media reports have come to the notice of CBDT (Central Board of Direct Taxes) claiming that the rate […]

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India to roll out CBDC using a graded approach: RBI Annual Report

Halfway through 2022, at the proof of concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.

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CoinSwitch’s CEO urges Indian Gov to develop a set of laws to bring ‘peace and certainty’

CoinSwitch CEO Ashish Singhal at a Davos Meet called for regulatory clarity in order to protect investors’ interests and uplift the crypto sector which has been badly beaten down. The former Amazon engineer turned co-founder of one of India’s largest crypto trading platforms stated, “Users don’t know what will happen with their holdings is the government going to […]

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Indian Parliamentary Panel Unhappy Over Crypto Stakeholders’ Focus On “Advocacy”

Indian Finance Committee met key players in the crypto industry in Bengaluru on May 6. According to sources, the meeting did not turn fruitful as members of the finance body were apparently dissatisfied with the industry’s emphasis on “advocacy” instead of chalking out a plan to deal with risks like terrorism financing, for instance. As […]

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Brain drain: India’s crypto tax forces budding crypto projects to move

Several Indian cryptocurrency projects are planning to move their bases to more crypto-friendly jurisdictions.

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Coinbase to invest in Indian crypto and Web3 amid tax regulation clarity

Coinbase Ventures will conduct an in-person pitching event in Bengaluru to help accelerate India's financial inclusion goals via crypto and Web3 investments. Coinbase Ventures, an investment arm of American crypto exchange Coinbase, shared a plan to invest $1 million in various Indian cryptocurrency and Web3 initiatives via an in-person pitching event. In a blog post drafted… More

The post Coinbase to invest in Indian crypto and Web3 amid tax regulation clarity appeared first on BTC Ethereum Crypto Currency Blog.

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The Indian Government Puts 11 Crypto Exchanges Under the Radar for Tax Evasion

The Indian government has taken action against 11 cryptocurrency exchanges in the nation, including CoinDCX and CoinSwitch Kuber, for tax evasions totaling Rs 81.54 crore, Minister of State for Finance Pankaj Chaudhary said on Monday. Chaudhary said in a written response to a Lok Sabha question that the total amount recovered from cryptocurrency exchanges, including […]

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Tax man: India’s new tax policies could prove fatal for crypto industry

India’s crypto tax policy is set to become law on March 24. However, stakeholders believe it could eradicate small-time traders and derail the thriving industry.

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Will India’s 30% Crypto Tax With No Offsets Spell Doom?

India’s crypto policy seems to provide no respite for investors. On 21st March, the Ministry of Finance [MoS] Pankaj Chaudhary made it clear that crypto investors will not be allowed to set off losses incurred from one cryptocurrency against the gains from another crypto asset. Chaudhary was responding to questions during the Lok Sabha session […]

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India publishes Crypto Ad guidlelines

India’s advertising authority has come down hard on adverts for cryptocurrency-related products and services, which have inundated television screens in recent months touting quick money, simple trading, stable returns, and more. The Advertising Standards Council of India (ASCI) has published regulations for commercials including crypto or virtual digital assets. These guidelines will take effect on or […]

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India’s crypto tax provides little legal clarity for traders and exchanges

The Indian government’s recent announcement of a 30% tax on crypto returns has sparked an industrywide discussion on its feasibility.

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79% of Indian population longing for Government to Regulate Focus Around Crypto & NFTs

A Pre-budget expectation survey by Grant Thornton showed a growing demand for increasing regulatory focus on the cryptocurrency sector by the Indian government. Approximately 79 percent of respondents believe that the focus of Budget FY23 should be on regulating cryptocurrencies and NFTs. Vivek Iyer, a financial services partner at Grant Thornton Bharat stated: “The market […]

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India’s PM Modi pushes for collective action on cryptocurrency

India’s Prime Minister Narendra Modi at the recently held World Economic Forum pushed for a ‘collective and synchronized global action’ in terms of regulating blockchain-backed digital currencies. Speaking through a video conference at the Davos Agenda 2022 event, Modi deemed cryptocurrency as a challenge to the changing global order and compared it with supply-chain disruption, […]

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Cryptocurrency bill opposed by more than a third of urban Indians

According to data collected by market researcher YouGov on the Indian cryptocurrency bill, more than a third (36%) of urban Indians oppose the Government’s plan to regulate crypto assets. It has come to light that among the opposers the rate of people who own a digital asset is higher than that of those who don’t. […]

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Indian taxman recovers $6.62M from WazirX for evading tax on commission

Government officials from CGST Mumbai Zone recovered the funds from crypto exchange WazirX after detecting a GST evasion of $5.43 million on trade commissions.

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Indian police commissioner issues a public warning against crypto frauds

On behalf of the Hyderabad City Police, Addl. Commissioner Shikha Goel asked Indian citizens to invest in crypto only through reputed and long-established players in this field.

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