INDIA
Indian Finance Minister Urges Banks to Use Web3 Technology to Detect Fraud
Indian Finance Minister Nirmala Sitharaman called on banks to use technologies such as Web3 and AI to detect fraud and generate early warning signs at the 75th Annual General Meeting of the Indian Banks Association in Mumbai on September 18.
Crypto Traders Exodus from Indian Exchanges due to High Tax Rate
With Binance app downloads skyrocketing to 429K in August, traders are leaving Indian crypto exchanges based on a fallout triggered by a significant tax change.
15% Indians Set Foot in the Crypto Space, KuCoin Study Shows
As of June 2022, the number of crypto investors in India had clocked 115 million, representing 15% of the nation’s population aged 18 to 60 years, according to a survey by crypto exchange KuCoin.
Crypto Tax Automation Platform Koinx Secured a $1.5M Seed Round
On July 5, Koinx, a crypto tax platform focused on providing tax automation for crypto users, announced the completion of a $1.5 million seed round.
CoinDCX Suspends Deposits and Withdrawals, Citing Compliance Requirements
CoinDCX has suspended withdrawals. The exchange said compliance, risk and monitoring requirements necessitated the decision. All users are expected to follow an enhanced due diligence process to enable crypto deposits and withdrawals.
India’s Telangana State Partners with CasperLabs for Seamless Blockchain-Powered Government Processes
To stimulate more secure, efficient, and sustainable government processes, India’s Telangana State has joined hands with CasperLabs to revamp operations using blockchain technology.
India to Consider Levying 28% Tax on Crypto Transaction
Through the Goods and Services Tax (GST) body, India is mulling the idea of levying a 28% tax on transactions bordering on digital currencies in the Asian nation.
India Crypto Exchanges Restrict Rupee Deposits to Buy Crypto
Indian cryptocurrency exchanges CoinSwitch Kuber and WazirX have banned users from making rupee deposits to buy cryptocurrencies due to issues with the United Payments Interface (UPI), Reuters reported.
Coinbase Finally Sets Up Crypto Trading Services in India
The establishment of a local foothold follows Coinbase’s acquisition of the Indian-based AI-powered support platform Agara.
Coinbase to Host Crypto Community Event in India to Support Entrepreneurs
As contained in a Blog post shared by Coinbase Global Inc, it will be hosting a crypto community event in Bangalore to discuss the future of crypto and web3 in the country.
India Passes Controversial Crypto Tax Laws, Effective on April 1
India’s parliament on Friday passed a law designed to tax digital assets including cryptocurrencies. Users will begin paying capital gains taxes of 30% on crypto transactions from 1st April 2022.
India's Proposed Crypto Tax Rules May Become Law
India's proposed crypto tax rules may become law tomorrow through parliament.
Indian Finance Minister Sees "Clear Advantages" in CBDC
India’s Finance Minister, Nirmala Sitharaman, has hailed the Central Bank Digital Currency (CBDC) being developed by the Reserve Bank of India (RBI).
Crypto Ads in India to Brandish with "Highly Risky" Disclaimer
The Advertising Standards Council of India (ASCI), the sovereign regulatory body for advertisements, has published a new set of guidelines for stakeholders in the digital currency ecosystem.
Indian Crypto Taxation Leads to Increase in Daily Sign-ups for Exchange Platforms
Indian crypto-asset exchange platform WazirX witnessed a 30% jump in its daily sign-ups since the country decided to impose a 30% tax on profits from cryptocurrency trading, according to co-founder Nischal Shetty.