$69,202 Bitcoin Hits All-time Record

$69,202 Bitcoin Hits All-time Record

Bitcoin hit a record high on Tuesday, fueled by investors pouring money into US spot exchange traded crypto products and the prospect that global interest rates may fall. The world’s largest cryptocurrency hit a high of $69,202, topping November 2021’s all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved…

Threat of Ban Looms over Offshore Crypto Platforms as Govt Weighs
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Threat of Ban Looms over Offshore Crypto Platforms as Govt Weighs

The government could take further action, including a possible ban, on the Indian operations of offshore cryptocurrency dealing apps such as Binance if these platforms are found guilty under the Prevention of Money Laundering Act, a senior official said. “The action so far has been on reports and show-cause notices issued to these (digital) wallets…

Offshore Crackdown may Bring Crypto Party Home
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Offshore Crackdown may Bring Crypto Party Home

The Financial Intelligence Unit’s decision to issue compliance show-cause notices to nine foreign virtual digital asset service providers along with a request to the IT ministry to block their URLs for not adhering to regulatory norms is expected to level the playing field, Indian crypto exchanges have said. The move may lead to a resurgence…

Beware of Crypto Grifters Looking to Crash the Al Party

Beware of Crypto Grifters Looking to Crash the Al Party

The crypto industry is turning the page on a wave of high profile scams and scandals, but that doesn’t mean the grifters are gone. In recent months, crypto hustlers have sought to hitch the industry to the shinier new thing called artificial intelligence in hopes of parting the unsuspecting from their money. I’m here as…

90% Crypto Trading Shifted to Offshore Platforms on TDS’
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90% Crypto Trading Shifted to Offshore Platforms on TDS’

A new study has revealed that nearly 90% of crypto currency trading in India has shifted to offshore platforms after the government levied 1% tax deducted at source (TDS) on trading of virtual digital assets with effect from July 2022. The study, by Delhi-based think-tank Esya Centre, found that over ₹3,50,000 crore was traded by…

G20 Leaders may Lay Down Crypto Regulation Blueprint

G20 Leaders may Lay Down Crypto Regulation Blueprint

The G20 Leaders’ summit this weekend will discuss a template and various building blocks for coordinated action on dealing with crypto assets, potentially paving the way for a global regulatory framework. A synthesis paper prepared by the International Monetary Fund (IMF) and Financial Stability Board (FSB) at the behest of the G20 Finance Ministers and…

Crypto Plunge Gives Indian Investors the Jitters

Crypto Plunge Gives Indian Investors the Jitters

The sudden sell-off in major cryptocurrencies over the past few days has rattled Indian crypto investors, with Bitcoin seeing its most significant weekly drop since the November 2022 FTX crash. In the past week, Bitcoin declined 11.5%, hitting $26,023.3, according to CoinGecko’s data as of 5.30 pm on Monday Similarly significant alternative cryptocurrencies like Ethereum…

Dilemma Over Disclosing Crypto as Foreign Asset
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Dilemma Over Disclosing Crypto as Foreign Asset

Thousands of crypto traders who have moved their virtual digital assets (VDAS) to wallets of off- shore exchanges like Binance, face a dilemma as they fill their income tax return (11TR) forms in which for the first time VDAs find a mention. They are unsure whether to dis close their ‘overseas’ crypto holdings. Does transferring…

India to push for norms on digital public Infra, Crypto 

India to push for norms on digital public Infra, Crypto 

India will try to push for substantial outcomes at the G20 on a global framework for crypto assets, multilateral development bank reforms, debt resolution and digital public infrastructure. A background paper containing a summary of the International Monetary Fund’s Macroeconomic Stability Report and the Financial Stability Board’s Report on Crypto Asset Regulation along with New…

Indian Crypto Traders Deal Binance, Settle at Home in INR
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Indian Crypto Traders Deal Binance, Settle at Home in INR

 Binance, the world’s largest cryptocurrency exchange, is drawing traders in India to buy and sell cryptos on its platform while letting them cut deals in rupees-by either online fund transfers from domestic bank accounts, or using services like G-pay or even physical delivery of cash. Here’s a case where an overseas exchange is offering an…