India needs to discourage people from investing in cryptocurrencies and digital assets, a senior MP from the ruling party told Forkast in an exclusive interview.
The country’s attempt to profit from digital asset gains puts off new investors to the asset class, even as existing ones redeploy funds into traditional assets.
India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.
A Malaysian minister has proposed making Bitcoin a legal tender. Meanwhile in Hong Kong, an 11-year-old programmer makes his way into the NFT business.
As the Russia-Ukraine conflict rages on, the European Union says that crypto is included in the sanctions against Russia and Belarus. Meanwhile, South Korean President-Elect Yoon Suk-Yeol’s term in office could bring about long awaited changes in the crypto sector.
Crypto donations on the rise for Ukraine as Russian aggression continues. Meanwhile in Asia, China’s Two Session’s are set to begin – could Ukraine and crypto be a part of the agenda?
Recruiters from the public and private sectors are on the hunt for top blockchain talent. Educational institutions are catching up with customized courses.
Ukraine is offering Russian soldiers cash or crypto for their surrender in the ongoing attack on Ukraine. Meanwhile, Binance is working to comply with sanctions on Russia.
Government indecision on crypto regulation prompted some businesses to move abroad. Investors and crypto professionals may follow if uncertainty prolongs.
Chinese court reiterates its stance that the law cannot cover crypto losses. Meanwhile, Indian investors are paying double the South Korean kimchi premium.
The RBI is casting a cloud of regulatory uncertainty over the local digital assets industry, but the nation’s Bitcoin premium shows India wants crypto.
Although India hoped that taxation would be a step toward regulation rather than a ban, the high tax rates and proposed rules seem to be geared toward dissuading crypto trading.
Exchanges say the crypto tax was announced without key directives. While exchanges await clarity, they struggle to figure out their role in the tax system.
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.
Despite the looming parliamentary debate over banning private digital currency in India, the founder of Mumbai-based crypto exchange WazirX predicts thousands of new crypto startups.