Search results: India

Cryptocurrency giant Binance converts $1B safety fund to USDC, signaling a strategic move to enhance transparency and re-enter the Indian market.

Major crypto exchanges vanish from Apple’s App Store in India, adhering to FIU mandates.

Indian crypto companies flock to Dubai, escaping high local taxes and finding solace in the emirate’s favorable regulatory environment.

As the 2023 G20 Summit is set to kickoff over the weekend, we take a closer look at India’s role in kicking off its crypto regulation agenda.

With nine months under its G20 presidency belt, India’s approach to cryptocurrency governance remains static. Amid regulatory ambiguity, the nation’s crypto industry struggles to cope with stringent tax rules.

Welcome to Forkast IQ, presented by Forkast’s Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions.

CoinSwitch, an Indian cryptocurrency exchange backed by Tiger Global and Sequoia Capital, has laid off 44 employees from its customer support team due to a drop in customer queries with falling trading volumes.

Amid growing concerns around algorithm biases and their societal impact, India Prime Minister Modi calls for international consensus on ethical AI and crypto governance at the B20 summit. 

CoinDCX, one of India’s largest cryptocurrency exchanges, said on Wednesday it is laying off 12% of its staff due to the impact of a prolonged bear market and local tax rules. 

Indian Web3 firm Airchains has announced a partnership with the New Town Kolkata Development Authority of West Bengal, to release 500,000 NFTs in hopes to enhance registration and transfer of land ownership. 

Kapoor founded the India Blockchain Alliance five years ago and gives an update on how the technology is being used in police reports to real estate transactions, as well as challenges of CBDC adoption and plans for tokenization of assets. He spoke in an interview for Forkast IQ.

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Xapo Bank, a Gibraltar-based cryptocurrency bank backed by SoftBank, DST Global and Ribbit Capital, has announced its expansion to India, the world’s most populous nation. 

JPMorgan has reportedly launched a pilot project with top private lenders in India for interbank dollar transaction settlements through its blockchain platform, Onyx. 

India is not against the blockchain technology, but currencies have to be monitored by either the government or the central bank, Finance Minister Nirmala Sitharaman said on Saturday. 

India’s Finance Minister Nirmala Sitharaman, in commending the potential of distributed ledger technology (DLT), has urged for a global consensus in regulating crypto while emphasizing that regulation did not equate to government control over the technology. 

A common regulatory framework for all countries is underway, India’s Finance Minister Nirmala Sitharaman said on Monday.

India is reportedly aiming to have one million users of its CBDC within three months of launch, according to sources familiar with the matter cited by CoinDesk. 

WazirX, India’s largest crypto exchange by trade volume, has blacklisted over 2,431 accounts between October 2022 and March 2023, based on its internal monitoring process as well as under the direction of law enforcement agencies (LEA). 

The Indian central bank and the UAE will jointly run pilot programs on their central bank digital currencies, according to the Reserve Bank of India. 

India’s crime fighting agencies have been investigating crypto exchanges and individuals on money laundering charges and have now put the onus on exchanges to report suspicious transactions.

U.S. Treasury Secretary Janet Yellen told Reuters after the G20 meeting in India on Saturday that while the U.S. has not indicated any outright bans, it is critical to put in place a strong regulatory framework for the cryptocurrency industry. 

The cryptocurrency industry this week reacted to the recent moves by U.S. authorities against Kraken and Paxos. Meanwhile, India has been calling for a collaborative approach to crypto regulations.

As India moves forward with its one-year presidency of the Group of 20 (G20), it is discussing cryptocurrency and regulation with the group’s members, India’s Finance Minister Nirmala Sitharaman said. 

Binance has stopped providing wallet services to Indian crypto exchange WazirX, asking it to withdraw any remaining assets held in Binance wallets by Feb. 3.

India, the current holder of the G20 presidency, has been working with the IMF and the Financial Stability Board FSB to develop a regulatory approach for cryptocurrencies.

Indian retail giant Reliance Retail announced on Thursday that it has started accepting digital rupee payments to become the largest Indian firm to adopt the nation’s CBDC.

India’s position on digital assets remains status quo as the country’s parliamentary budget hearing leads to disappointment in the crypto sector.

Cryptocurrency exchanges in India had lobbied the government to reduce taxes introduced last year, arguing the levies were backfiring by driving local investment offshore.

India announces its full year budget on Feb. 1, the last before general elections in 2024, and the cryptocurrency and digital asset industry is lobbying the government for changes in tax rules, among others.

India-focused accelerator Graviton has announced an initiative to help Indian Web 3.0 start-ups get up to US$50,000 in funding

India’s crypto tax laws have caused local trading volume to plummet and the industry is hoping for better news in the upcoming budget session.

Some 90% of user assets at WazirX, India’s largest crypto exchange by volume, are held in wallets at Binance while the remaining 10% are stored in hot and warm wallets, revealed WazirX’s proof of reserves that the company released on Wednesday.

Indian cryptocurrency exchanges faced a flurry of taxes on trading last year that saw volumes across most platforms drop as much as 90%, slashing income from trading fees. What’s a crypto exchange to do? Maybe sell mutual funds?

India’s Decimal Point Analytics (DPA), a research and data analytics firm, has received grant funding of up to US$750,000 from The Hashgraph Association, a Switzerland-headquartered non-profit organization, to develop an asset tokenization platform on Hedera’s distributed ledger technology (DLT) network. 

WazirX VP Rajagopal Menon sits down with Forkast to provide some insight as survival becomes a huge concern for crypto exchanges in India.

India’s current cryptocurrency tax structure “may lead to a loss of approximately US$1.2 trillion of local exchange trade volume in the next four years,” according to research by Esya Centre, a technology policy think tank in India.

India loves religious festivals, but are its citizens ready to attend such celebrations in virtual reality? An Indian startup reckons they are and launched its first effort this year, saying 20,000 avatars showed up.

A lot of the troubles for India exchanges in 2022 will run into next year as they shed staff and run down reserves to stay afloat, and not all are expected to make it.

Cryptocurrency exchange CoinDCX, India’s first crypto unicorn, published its complete proof of reserves (PoR) on Monday detailing its USDT liabilities and reserves.

India will launch its retail CBDC pilot on Thursday with plans to gradually expand trials, the RBI announced on Tuesday.

Cryptocurrency exchange CoinDCX, India’s first crypto unicorn, published its proof of reserves on Thursday

Indian crypto exchange CoinSwitch has launched CoinSwitch Pro, a multi-exchange trading platform that lets users trade crypto assets in Indian Rupees across multiple exchanges with a single login. 

Indian crypto exchange CoinSwitch’s proof of reserves summary, that was shared on Thursday, stated that as of Nov. 4, the exchange’s overall holdings of crypto and fiat balances in Indian Rupees (INR) exceeded those held by the exchange on behalf of its users.

WazirX, India’s largest cryptocurrency exchange by trade volume, has introduced a profit and loss function for users to analyze and calculate their investments. 

Cryptocurrency exchanges and Web 3.0 companies, including Coinbase and Polygon, have formed the Bharat Web3 Association in India to strengthen regulation and consumer protection for the industry.

Indian Finance Minister Nirmala Sitharaman has urged all Group of 20 (G20) nations, as well as international bodies like the International Monetary Fund and Financial Stability Board, to come together to help regulate crypto assets. See related article: India’s finance minister sees 46% growth in blockchain technology use in next few years Fast facts Sitharaman […]

India’s Central Board of Indirect Taxes & Customs (CBIC), responsible for policy formulation and collection of indirect taxes like the goods and services tax (GST), has asked major cryptocurrency exchanges to provide details on the type of digital coins and tokens being traded and their valuation. 

India’s central bank, the Reserve Bank of India (RBI), will pilot the country’s first digital rupee in the wholesale segment (e₹-W) from Nov. 1 and has identified nine banks for participation in the trial. 

India has witnessed an increase in drug smuggling using cryptocurrencies and the darknet, according to the country’s Home Minister Amit Shah. 

India’s lack of regulatory clarity on crypto and Web 3.0 is a driving force of critical human capital flight, according to a new report by Nasscom.

India’s crypto sector has been having a tough time – we’re taking a look on what has been happening lately.

As India prepares to begin its one-year presidency of the Group of 20 (G20) beginning Dec. 1, it will look to work toward a global, tech-driven regulatory framework for cryptocurrency, India’s finance minister Nirmala Sitharaman said. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “During our engagements, […]

The Indian police unit in Firozabad city in the northern state of Uttar Pradesh has launched an online complaint portal powered by Ethereum scaler Polygon. See related article: Blockchain in India got off on wrong foot, says former finance chief  Fast facts The pilot portal, policecomplaintonblockchain.in, leverages blockchain technology’s immutability, which means complaints cannot be […]

One company says it’s bringing solutions for confused investors in digital assets in India who grapple with hours of tax calculations.

About thirty investors in India have been allegedly duped of US$54,653 through a crypto cloud mining app, local media reported.   See related article: India financial crime unit cites ‘Chinese-controlled entities’ in alleged crypto fraud Fast facts Investors from Solapur city in India’s Maharashtra state were allegedly duped by fraudsters who lured them to download the […]

Cryptocurrency exchange WazirX will look to integrate India’s central bank digital currency (CBDC) “if all goes well,” vice president Rajagopal Menon told Forkast in a video interview on Monday.  See related article: RBI to begin CBDC pilots, outlines wholesale, retail concepts Fast facts “We would love to onboard the e-rupee and you can buy your […]

Binance in India – potential or problem?

India’s financial crime fighting agency has frozen additional cryptocurrencies worth around US$58,000 as part of an ongoing money laundering probe against mobile gaming application E-Nuggets and its former executive. See related article:  Indian authorities probe alleged $125 mln money laundering cases involving crypto, report says Fast facts The additional cryptocurrencies include WRX, the utility token […]

India’s financial crime fighting agency has frozen US$1.2 million in account balances of various “Chinese-controlled entities” as part of an investigation related to alleged crypto fraud with an app-based token “HPZ” and similar applications.  See related article: Tax authorities recover US$9M from India’s biggest crypto exchanges Fast facts India’s Enforcement Directorate (ED), in a press […]

India’s financial crime fighting agency has frozen over US$1.5 million in cryptocurrencies as part of a money laundering investigation against mobile gaming application E-nuggets, the Enforcement Directorate (ED) said on Wednesday.   See related article: Indian authorities probe alleged $125 mln money laundering cases involving crypto, report says Fast facts The ED launched a money laundering […]

While India’s central bank has adopted a hostile stance towards cryptocurrency, the South Asian nation has recognized the potential for blockchain technology.  See related article: Women in India start to plug into cryptocurrency trading Fast facts Use of blockchain technology is going to rise by about 46% in the next few years, India’s finance minister […]

CoinDCX, India’s first crypto unicorn, asked users not to click on any link or messages from its official Twitter handle as the company lost control of the social media account following a hack. See related article: How Twitter hackers social-engineered their way into VIP accounts to shill for bitcoin Fast facts “We are in the […]

WazirX, India’s largest cryptocurrency exchange by trade volume, said it has stopped deposits of stablecoins USDC, USDP and TUSD, and will automatically convert users’ existing balances to Binance’s USD-backed stablecoin BUSD at a 1:1 ratio.  See related article: India’s WazirX introduces new ‘learn and earn’ campaign with The Sandbox Fast facts WazirX will begin the […]

WazirX, India’s largest cryptocurrency exchange by trade volume, has introduced a “learn and earn” campaign with The Sandbox, one of the biggest Ethereum-based metaverse game platforms.  See related article: WazirX launches India’s first NFT marketplace Fast facts The campaign started Sept. 19, and the top five winners will get free passes for The Sandbox’s recently […]

Welcome to The Daily Forkast – September 15, 2022 – presented by Megha Chaddah. Coming up on today’s show: Ethereum’s Merge is complete. Indian women start to plug into cryptocurrency trading. And finally, can the crypto world shrug off carbon footprint concerns? We’ll have more on those stories — and other news shaping the cryptocurrency […]

Crypto exchanges in India say the number of female investors isn’t huge, but it is growing even as prices slide and new taxes eat into revenue.

The International Monetary Fund (IMF) should lead the way in global regulation of crypto assets, India’s Finance Minister Nirmala Sitharaman has urged IMF Managing Director Kristalina Georgieva at their meeting in New Delhi. See related article: Crypto regulation has to ‘take its time’: India FM Nirmala Sitharaman Fast facts At their meeting on Wednesday, they […]

Indian police in the state of Maharashtra have arrested a man on charges of cheating 1,441 investors in a fake cryptocurrency scam, according to a local media report.  See related article: Tax authorities recover US$9M from India’s biggest crypto exchanges Fast facts The scam may be in excess of 2.5 billion rupees (US$31.2 million) and […]

In facing a government hostile to cryptocurrency trading, Indian exchanges are trying to attract new business with suites of different investment products.

Despite the Indian government’s hostility towards cryptocurrencies, the CoinDCX exchange says more traditional financial products will shift to DeFi platforms.

India’s Enforcement Directorate (ED) has searched five premises connected with cryptocurrency company CoinSwitch on alleged money laundering charges, according to a media report. See related article: India’s WazirX says it has no-tolerance policy on illegal activities Fast facts The country’s central agency fighting financial crime conducted searches at residences of CoinSwitch directors and the official […]