Paytm loss widens 45% to Rs 778 cr in Q3, revenue rises 89% Fintech major Paytm saw its revenue increase 89 per cent to Rs 1,456 crore in the December quarter (Q3) on a year on year basis, whereas net loss widened 45 per cent to Rs 778 crore. However, the company said that its…
Fintech SaaS firm Clear (earlier Cleartax) announced the launch of crypto tax and portfolio management platform for enterprises and individual users, in response to the Budget proposal to levy a flat 30 per cent tax on digital assets. As the owner of India’s largest SaaS platform for e-filing and financial services, Clear would be partnering…
Thai power producer Gulf Energy Development Pcl expects to finalise a joint venture (JV) with the world’s biggest cryptocurrency exchange, Binance, in the second quarter this year, a senior executive told Reuters in an interview. “Once we conclude talks with Binance on business model and shareholder agreements, a JV will be formed, which will apply…
Cryptocurrency will never be a legal tender, Finance Secretary T V Somanathan said on Thursday clearing the air on the legality of private digital currencies in the market. The 2022-23 Budget has given a clarity on taxation of virtual digital assets and proposed to impose a 30 per cent tax on gains made on such…
Hackers have stolen cryptocurrency worth over $326 million from blockchain bridge Wormhole. Wormhole is a platform that allows users to transfer cryptocurrency across different blockchains. The company confirmed in a series of Tweets that 1,20,000 wETH was stolen from the platform and the network was down for maintenance as they looked into a potential exploit….
The imposition of 30 per cent tax on proceeds of digital assets, as announced in the Union Budget 2022-23, will lead to huge tax collections as the turnover of the top 10 crypto exchanges in the country is around Rs 1 trillion, said JB Mohapatra, Chairman, Central Board of Direct Taxes (CBDT). Talking to ANI,…
Cryptocurrency platform Wormhole said on Thursday that “all funds are safe” after hackers stole more than $320 million from its site in the fourth-largest crypto heist on record. Wormhole which allows the transfer of information from one crypto network to another, said on Twitter on Wednesday that it was “exploited” for 120,000 units of a…
After serious concerns were raised on cryptocurrencies and their misuse for money laundering and hawala-based transactions by terror groups and criminals, a new report has claimed that money laundering through the buying and selling of non-fungible tokens (NFTs) is becoming a growing sector. According to a report by Blockchain data platform Chainalysis, they found a…
A police constable accused of kidnapping a local cryptocurrency trader and demanding Bitcoin ransom worth $40 million has been arrested along with seven accomplices, authorities said Wednesday. Dilip Khandare had learned that a fellow resident of Pune owned a lucrative Bitcoin wallet and hatched a plan to kidnap him. He and his co-conspirators allegedly kidnapped…
Does the Budget address the distress caused by the pandemic? Not really. Businesses were expecting a third “booster” shot by way of reduction in direct taxes and that didn’t happen. I guess they have to rely on vaccine companies for booster shots and not the finance minister. Will this Budget help the economy and create…
