Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. On the other hand, the Indian economy was slightly smaller than the United Kingdom’s (UK’s), which deprived the former the rank of the fifth-largest economy in the world in 2021….
Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. Three exchanges — ZebPay, WazirX and CoinDCX — suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became…
Cryptocurrency lending platform Celsius has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. The platform last month paused all withdrawals citing “extreme market conditions”. According to Israeli media outlet Calcalist, it has now sacked around 150 of its employees. “We are focused…
Vauld, the Coinbase-backed Indian cryptocurrency exchange, said on Monday it is suspending all withdrawals, trading and deposits as it battles financial challenges. Darshan Bathija, Vauld’s co-founder and CEO, in a blog post on the company’s website talked about the financial difficulties of business partners and customer withdrawals in excess of $197.7 million since June 12…
Chinese internet and tech giants on Monday signed an initiative to ban cryptocurrency and digital collectibles (NFTs), along with a promise not to establish secondary marketplaces. According to the South China Morning Post, Tencent and Ant Group joined a self-driven industry initiative to ban cryptocurrency and fight speculation. Platforms that sell digital collectibles “shall require…
Delhi Police busted an interstate gang of hi-tech fraudsters and arrested four persons who allegedly used to cheat gullible people on the pretext of facilitating online loans. According to Delhi Police, the gang used to deal in cryptocurrency. They learn tactics from YouTube and get in touch with Chinese nationals on telegram. The accused have…
The Federal Bureau of Investigation (FBI) in the US has offered a reward of up to $100,000 for information leading to the arrest of ‘Crypto Queen’ Ruja Ignatova. The FBI, which added her to its ‘Ten Most Wanted Fugitives’ list, said that Ignatova is being sought for her alleged leadership of a massive fraud scheme…
Cryptocurrency companies will need a licence and customer safeguards to issue and sell digital tokens in the European Union under groundbreaking new rules agreed by the bloc to tame a volatile “Wild West” market. Globally, crypto assets are largely unregulated, with national operators in the EU only required to show controls for combating money laundering….
As the Reserve Bank of India (RBI) further tightens its stand on cryptocurrencies, the 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies came into effect from Friday. The 1 per cent TDS will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a…
Cryptocurrency exchange Coinbase has provided sophisticated tools to the US Immigration and Customs Enforcement (ICE) agency to help it track transactions across Bitcoin, Ether and other cryptocurrencies. According to a report in Intercept, Coinbase sold an analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36…
