Bitcoin deep dive: 15M BTC in self-custody as Binance withdrawals peak, derivatives switch to ‘risk-off’ A weekly recap of key Bitcoin metrics affecting its price performance in the market, published every weekend. James Van Straten · 4 days ago
India is investigating crypto exchanges compliance to foreign exchange laws
India’s Directorate of Enforcement has sent notices to crypto exchanges to determine whether they violated the country’s Foreign Exchange Management Act (FEMA), Economic Times India reported. According to the report, the regulator summoned several crypto executives from top exchanges like CoinDCX and Coinswitch Kuber to answer questions about some transactions. An unnamed government official reportedly said…
Indian Terra investors facing 30% tax on LUNA 2.0 airdrop despite losses
👋 Want to work with us? CryptoSlate is hiring for a handful of positions! After losing millions to Terra’s crash, Indian investors who have recovered part of their losses through the LUNA 2.0 airdrop may have to pay taxes equivalent to 30% of the value due to India’s tax policies on cryptocurrency, Bloomberg News reported….
Report: Crypto traders potentially owe IRS around $50B in unpaid taxes
A Barclays report has revealed that crypto investors might not be paying their full taxes to the Internal Revenue Service (IRS), saying that the tax gap for crypto traders could be up to $50 billion, CNBC reported. The tax gap is the difference between tax owed and tax collected. Barclays arrived at this calculation using…
Indians to face additional 28% tax on crypto
Authorities in India are looking to introduce an additional 28% Goods and Services Tax on cryptocurrencies, CNBC reported. India’s new 28% tax for crypto According to the report, India’s Goods and Service Tax Council considers bracketing crypto investments in the same category as lottery, casinos, racecourses, and betting. The report continued that the council had…
Major crypto exchanges in India disable fiat deposits amid regulatory uncertainty
Some of the biggest crypto exchanges operating in India have disabled the option to deposit fiat via the United Payments Interface (UPI) amid regulatory uncertainty after its operator denied knowledge of its use by crypto firms, Reuters reported, citing an industry source. The list of exchanges includes Coinbase, CoinSwitch Kuber, and WazirX. Authorities say crypto firms…
Trading volume drops as 30% capital gains tax on crypto tax goes into effect in India
The new crypto tax regime in India has finally gone into effect, and it appears to be affecting the trading volume in the country. Media reports from the country suggest that trading volumes on crypto exchanges have dropped by an average of 15% within the first three days of the month. Not only that, but…
Coinbase unveils its aggressive Indian expansion strategy
Coinbase unveiled that it will be significantly expanding its presence in India, growing both its employees and investments in the country. Brian Armstrong, the CEO of Coinbase, laid out the company’s strategy in a blog post, saying that India has already built a robust identity and digital payments infrastructure that can be further accelerated with…
India’s top bank calls for complete crypto ban
With authorities in India still unsure on how to deal with the crypto industry, the apex bank of the Asian country has reportedly made it clear that it would prefer the country to tow the China path by completely banning crypto. RBI insists on banning crypto According to the Economic Times, the bank made this…
Amid call for crypto regulation, hacker uses India’s PM Twitter account to promote fake BTC giveaway
At a time when authorities in India are still grappling with how to deal with the growing influence of the crypto industry, it would be unimaginable to think that the country’s Prime minister could be promoting Bitcoin. But this was what happened yesterday via the official Twitter handle of the PM where a hacker shared…