Dubai could be crypto’s promised land, Citi says
Dubai and neighboring Abu Dhabi have been on a tear when it comes to crypto service providers moving the core of their operations there.
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Coinbase snafu sets the cat among the crypto pigeons in India
Coinbase’s showcasing of support by government-backed National Payments Corporation of India (NPCI) set the ball rolling on the cryptocurrency exchange being yanked from the ubiquitous Unified Payments Interface (UPI).
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India tax breaks crypto’s back
Trading volumes at India’s major cryptocurrency exchanges slumped to their lowest in years after new taxes kicked in on April 1, according to research by Crebaco. See related article: Coinbase’s India launch hits road bump Fast facts U.S. dollar trading volume dropped by 72% on WazirX, 59% on ZebPay, 52% on CoinDCX and 41% on…
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Crypto tax in India is now a reality
India’s 30% flat levy on all capital gains made on cryptocurrencies kicked in on April 1 in a development likely to stifle the relatively nascent industry in the country. See related article: India’s crypto tax will incur losses for government, says WazirX CEO Fast facts Finance minister Nirmala Sitharaman has been facing investor backlash over…
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India rules out offsetting losses against gains in new crypto tax law
In a move that may adversely impact crypto adoption in the country, India’s government said its pending tax law for virtual digital assets will not allow offsetting gains on one crypto with losses from another. See related article: India may impose 28% GST on crypto transactions Fast facts India’s government plans to collect a 30%…
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India may impose 28% GST on crypto transactions
The Indian government is working to determine whether cryptocurrencies can be classified as goods or services, which can impose a different taxation scheme on digital assets, local media reported. See related article: India’s crypto tax will incur losses for government, says WazirX CEO Fast facts Government officials believe crypto trading is similar to gambling and…
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Jupiter Meta launches fully curated NFT marketplace in India
Jupiter Meta on Wednesday launched a fully curated non-fungible token marketplace in India focusing on music, film and gaming. See related article: WazirX launches India’s first NFT marketplace Fast facts The NFT marketplace is built on Jupiter Meta’s Rubix blockchain, which the company claims has zero gas fees and is sustainable. Jupiter Meta has also…
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Indian media giant’s Fully Faltoo NFTs sell out in 48 hours
Indian media staple Viacom18’s Youth, Music and English Entertainment Cluster (YME) released 3,000 Fully Faltoo non-fungible tokens (NFTs) that sold out within 48 hours since launching, the company said in a press release on Wednesday. See related article: WazirX launches India’s first NFT marketplace Fast facts Fully Faltoo is a local award-winning sitcom program that…
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India crypto tax: Exchanges cheer, investors jeer
A 30% tax doesn’t legalize cryptocurrencies but exchanges no longer worry about a ban, while investors would pay taxes at twice the rate of other asset gains.
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Indian crypto exchanges trading volumes surge since tax news
Indian crypto exchanges are experiencing a surge in trading volume since finance minister Nirmala Sitharaman announced a 30% tax on crypto transfers at the budget session of parliament on Tuesday. Fast facts Binance-owned WazirX’s 24-hour trading volume has soared by 56.26% while its WRX token price jumped 25.3%, as of press time. The trading volume…