Binance, once banned by the Indian government, is set to make a comeback after agreeing to pay a hefty penalty of approximately $2 million. According to a report by ET, the world’s largest cryptocurrency exchange is preparing to re-enter the Indian market under the finance ministry’s oversight of the Financial Intelligence Unit (FIU). Binance’s India...Read More
Cryptocurrency exchange OKX has reportedly said that its services in India are being discontinued due to local regulations. In an email notification sent on March 21st, the platform urged users in the country to close their positions by the end of April. The latest development comes on the heels of a continued crackdown on global...Read More
Mudrex, an Indian cryptocurrency investment platform, intends to introduce U.S. spot Bitcoin exchange-traded funds (ETFs) to target both institutional and retail investors within India, according to CEO and co-founder Edul Patel. The move comes amid India’s latest government action to tighten offshore crypto exchanges regulation. Mudrex to Offer Four Spot Bitcoin ETFs In an interview...Read More
The Indian crypto industry is seeking parity, urging fair regulations against foreign exchanges exploiting regulatory gaps amidst dwindling market share for local exchanges while investors face legal uncertainties. With unstable banking ties hindering operations, the sector is currently grappling with hurdles. However, India’s finance minister, Nirmala Sitharaman, refrained from providing any updates on the regulation...Read More
Despite India’s controversial crypto policy and lack of clarity in several aspects, the country emerges as the top market. According to a new report by crypto exchange CoinDCX, 28 Indian entities became ‘FIU-Registered Reporting Entity.’ India emerged as a global crypto adoption leader, reflecting sustained interest and robust demand for digital assets. India Defies Crypto...Read More
Worldcoin has disabled its offline orb verification feature for users in three markets – India, Brazil, and France. The development comes after a surge in people lining up at specified venues amid the excitement to register and acquire free Worldcoin (WLD) tokens, according to the report by MoneyControl. Worldcoin’s ‘Orb’ is a spherical hardware device...Read More
The Indian government has lost $420 million in what could have been a substantial revenue stream as a result of its taxation, forcing traders to move their transactions outside the country. Experts are now suggesting that the Indian government should take a more relaxed approach to its controversial stance on crypto taxation. According to a...Read More
The proactive approach to framing crypto-specific guidelines comes as a respite after years of conversations about an outright ban on the sector that was initially mooted by the Reserve Bank of India. The Indian government may have shelved its plans to impose a blanket ban on crypto, but there’s still a long way to go,...Read More
Finance Ministers and Central Bank Governors (FMCBGs) from G20 nations, under the Indian Presidency, have announced unanimously adopting the ‘G20 Finance Ministers and Central Bank Governors Communique’ during its meeting in Marrakesh, Morocco. This comes a month after the G20 member nations accepted the crypto regulatory roadmap outlined in a collaborative report titled “IMF-FSB Synthesis...Read More
The global crypto adoption is down, but there’s more to the story. Lower middle-income (LMI) countries, for one, have demonstrated an extremely promising crypto adoption trend. This cohort of countries constitutes 40% of the world’s population. Hence, if they are the future, they could be a big part of the crypto future, according to Chainalysis’...Read More
The leading cryptocurrency exchange – Coinbase – has reportedly disabled new customer sign-ups on its platform in India. However, the company remains committed to the Asian country despite the recent rumors that it might pull out of the local market. No More Sign-ups According to a TechCrunch report, Coinbase has prohibited new sign-ups in India in...Read More
Under India’s Group of 20 (G20) presidency, the country is finally gearing up to provide the much-anticipated clarity around crypto regulation. As India prepares to preside over the upcoming G20 summit for the first time, the regulation of cryptocurrencies is poised to be a significant focal point. Ahead of the gathering of the world’s most...Read More
CoinSwitch – an Indian cryptocurrency exchange backed by the financial giant Andreessen Horowitz (a16z) – has reportedly trimmed its team by 44 people, representing 7% of the total workforce. Another local digital asset organization that recently announced similar amendments is CoinDCX, which laid off 12% of its employees. What is the Reason? According to a...Read More
CoinDCX is the latest crypto company to slash staff as it tries to navigate through market challenges. The Coinbase Ventures-backed Indian crypto unicorn cited the prolonged bear market and the impact of TDS on domestic exchanges to lay off 12% of its workforce, or 71, out of its total 590 employees. The development comes after...Read More
The leading financial technology company – Revolut – reportedly plans to increase its global cryptocurrency team by hiring up to 20% more employees by the end of 2023. The move comes somewhat unexpectedly since the firm recently disclosed that it will suspend digital asset services to US-based customers from September. As revealed by Financial News, Revolut...Read More
On July 26, India’s Jio Financial Services (JFS) and American asset management giant BlackRock announced a joint venture to launch digital asset management services in the world’s second most populated nation. Jio Financial Services comes under the umbrella of billionaire Mukesh Ambani’s Reliance Group. The pair target an initial investment of $150 million each, according...Read More
The venture capital fund Hashed Emergent will host a multi-chain Web3 conference in Bangalore, India, at the beginning of December this year. The event, dubbed “India Blockchain Week (IBW),” will touch upon the country’s increasing role in the cryptocurrency industry. Indians have shown interest in digital assets lately (especially during the COVID-19 pandemic), whereas some...Read More
A new proposal is about to the submitted to the Indian State government to restore the use of the country’s Unified Payments Interface (UPI) for crypto exchanges operating in India, on top of two previous proposals. The latest development comes after the supervising body for the real-time interbank payments network claimed in 2022 that it...Read More
A 49-year-old resident of Kolkata, India, reportedly drowned in the Hooghly River. The primary autopsy found no evidence of violence, suggesting he committed suicide. The man supposedly invested in shares and bitcoin, hinting that a potential loss on his investment could be one reason behind his unnatural death. Another Indian Jumping off a Bridge A...Read More
The US-based cryptocurrency exchange – Gemini – announced plans to establish a new engineering hub in Gurgaon, India. This will be the company’s second Asian location, as previously it opened an office in Singapore. The expansion outside the US coincides with the regulatory uncertainty in the States. The CEO of Coinbase – Brian Armstrong –...Read More
A 23-year-old professional with a major tech company who lost nearly Rs. 30 lakh (approx. $37,500) in the cryptocurrency market tried to commit suicide by jumping off a river bridge in Kolkata, India. A cab driver who noticed the young man on the Vidyasagar Setu (bridge) alerted the nearby police about his intentions. Borrowed to...Read More
Indian tax authorities collected Rs 158 crore (approx. $19 million) in TDS on the transfer of virtual digital assets (VDA) till March 20, Minister of State for Finance Pankaj Chaudhary told the Parliament on Tuesday. Given that the financial year ended on March 31, it can be taken as the final figure for the entire...Read More
A 60-year-old Indian woman lost nearly $30,000 in a crypto investment scam after she was approached on the matrimonial site where she had registered herself to look for a life partner. The con man told her that he was a US-based engineer and can make her earn quick profits through bitcoin investments. Investment in Love...Read More
According to a recent Statista report, India’s crypto community could surge to more than 156 million members by the end of the year. Most people expected to jump on the bandwagon are educated younger individuals with middle-income status who seek alternatives to the shaking banking system. Indians Could Flock to Crypto in the Near Future...Read More
The Twitter account of one of the leading news channels in India – News24 – became a victim of a recent cryptocurrency scheme. Hackers breached their security to post phishing links of a fake XRP drop, urging people to click and potentially get conned. Crypto scammers have previously compromised the Twitter account of India’s Prime...Read More
A second-year B.Com student from the Indian city Lucknow reportedly hanged himself after losing a bitcoin investment worth ₹3.5 lahks ($4,200). The local police assured they will investigate the tragic event once the victim’s family filed a complaint. Depression and Then Suicide According to coverage by Hindustan Times, the boy distributed the sum through an online...Read More
Indian crypto exchange WazirX has wound up its NFT marketplace operations with immediate effect. Currently, the WazirX NFT site displays a message to this effect. WazirX NFT Sunsetted “The WazirX NFT marketplace has been sunsetted. You can still trade your NFTs on OpenSea,” the message reads. In a statement on its site, Wazir said despite creating a...Read More
The first Finance Ministers and Central Bank Governors Meeting of G20 under India’s presidency, taking place from February 23 to 25 at Bengaluru, is expected to discuss cryptocurrencies, among other issues, Reuters said in a report. Indian Finance Minister Nirmala Sitharaman, who plays the host, earlier said that the group is exploring if it can...Read More
India’s retail CBDC pilot, launched on December 1, has onboarded 50,000 users and 5,000 merchants. In the two-month period, 0.77 million e-rupee transactions were carried out, the Reserve Bank of India (RBI) said. Right now, digital rupee (e-rupee) transactions are available in a closed group of banks, cities, and merchants. India CBDC Plan will Go...Read More
The opaque and intriguing ownership of the Indian crypto exchange WazirX continues to baffle investors and crypto honchos alike. Over the past two weeks, Binance and WazirX top executives once again came to blows over the issue. In August 2022, Binance CEO Changpeng Zhoa and WazirX CEO Nischal Shetty publicly accused each other of lying about...Read More
