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February 2022

Why India’s Bitcoin premium is now higher than South Korea’s

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. 

India needs to make up its mind over 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.

11 arrested in India’s five-year, $5.4M crypto scam

Indian authorities arrested 11 individuals over the weekend, connected with a crypto scam case that allegedly used the allure of high gains to dupe 2,000 investors out of US$5.4 million (INR 400 million), local media reported.  Fast facts Four of the accused were apprehended on Saturday after being on the run since March last year, […]

Hong Kong’s metaverse ETF; Metaverse dating on the Moon

Hong Kong prepares to launch metaverse ETF, while India tries metaverse dating on the Moon.

Indian dating app attempts to start metaverse dating trend

Dating platform Mingout has introduced metaverse dating in India by organizing a virtual date for two of its users in a moon-based setting. See related article: Phillips to auction metahuman-made NFTs for Valentine’s Day Fast facts Metaverse or virtual dating is a nascent concept in India, and Mingout hopes to create a dating revolution and […]

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 […]

Pakistan’s crypto warning; Indian banks’ crypto reluctance

Pakistan’s State Bank governor warns crypto’s risks, also in India, banks show crypto reluctancy.

RBI is causing crypto hesitancy among Indian banks

India’s crypto tax plan was expected to bolster adoption, but the central bank’s hold on the banking sector puts a check on crypto-related services.

Pakistani central bank echoes RBI’s concerns over crypto

State Bank of Pakistan (SBP) governor Reza Baqir said in this year’s MASIC Annual Investment Forum that cryptocurrency risks far outweigh their benefits and threaten financial and monetary stability for developing countries. Fast facts The SBP recommended a ban on cryptocurrencies last month, with one of the nation’s largest banks quickly heeding the advice by […]

RBI calls for crypto ban in India, again

T Rabi Shankar, the deputy governor of the Reserve Bank of India, the country’s central bank, proposed an outright ban on cryptocurrencies on Monday, assuring the central bank’s position to prohibit digital assets has not changed since the 30% tax on crypto income was announced.  Fast facts Shankar said he found no merit in the […]

India government, central bank in ‘complete harmony’ on crypto: FM

The Indian government and the Reserve Bank of India (RBI) are working in “complete harmony” and any decision on cryptocurrency will be made jointly, finance minister Nirmala Sitharaman said in a press conference on Monday.  Fast facts Discussions on crypto have been ongoing between the government and the RBI — India’s central bank — even […]

Indian exchanges scramble to implement crypto tax by April 1 deadline

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.

Cryptocurrencies are not legal in India, future uncertain: Union minister

Union minister Bhagwat Karad said on Saturday that cryptocurrencies are not legal in India and that their future is uncertain at the moment.  Fast facts Many investors and exchanges had viewed a decision to impose a 30% tax on cryptocurrency profits as a step toward validating the industry. Finance minister Nirmala Sitharaman, however, clarified last […]

RBI chief’s crypto warning; Korean crypto execs jailed

Reserve Bank of India’s chief sends crypto warning. In addition, Korean crypto execs gets jailed

Crypto is ‘not even a tulip,’ India’s central bank chief says

Reserve Bank of India Governor Shaktikanta Das said in a press conference that cryptocurrencies have no underlying value and that they are “not even a tulip,” warning investors of its risks.  Fast facts Das’s comments come just over a week after India’s central government announced a 30% taxation plan on income from crypto assets as well […]

Indian crypto tax creates more confusion than clarity for traders, exchanges

The announcement of a crypto tax dispelled fears of a ban but left exchanges wondering whether they may be hurt in the long run.

Indian crypto exchange CoinDCX crosses 10 million user mark

Indian crypto trading exchange CoinDCX says it has crossed the 10 million user mark. Fast facts CoinDCX had 3.5 million customers as of August last year.  CoinDCX became India’s first crypto unicorn after its Series C funding round led by former Facebook co-founder Eduardo Saverin’s B Capital and others. Established in 2018, the company’s milestone […]

Indian crypto investment turns to armed robbery, over $267K looted

An Indian auto parts dealer became the victim of a US$267,000 cryptocurrency scam after local police closed the case on what was determined to be a hoax call on Friday, local media reported.  Fast facts 29-year-old victim Vinay Jain told police on Saturday that he had been robbed by the accused who had promised him […]

Indian investors want government to reconsider crypto tax rate

Over 54,000 crypto investors have signed a petition urging the Indian government to reconsider a planned 30% tax rate announced earlier this week.  Fast facts Blockchain and crypto education provider Crypto India co-founder Aditya Singh started the petition on Thursday to stop the government from comparing crypto to “social evils like betting and gambling.” The […]

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.

Indian crypto tax ends fears of ban as investors brace for impact

Top blockchain and crypto news: New Delhi’s crypto give and take. Malice in Wonderland? Hong Kong’s selective spot ETF rules.

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 […]

India to place 30% tax on crypto income

Indian Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that a 30% tax will be levied on income from all cryptocurrency or digital assets transfers.  Fast facts The levy on cryptocurrency will also apply to non-fungible tokens (NFTs) and gifts, where the recipient will be taxed. In case of losses from crypto […]

India FM: RBI to issue blockchain-based digital rupee

Indian Finance Minister Nirmala Sitharaman confirmed at the parliament budget session on Tuesday that the Reserve Bank of India (RBI) will issue a digital rupee based on blockchain, as she proposed the issuance for financial year 2022-23. Fast facts “Digital currency will also lead to a more efficient and cheaper currency management system,” the minister […]

January 2022

Regulatory uncertainty has not slowed down India’s crypto sector

With new products and services being launched and international exchanges setting up camp, crypto startups thrive despite the shadow of a crypto ban.

Survey: India wants crypto regulation clarity from Parliament

A survey of more than 1,000 digital respondents found 79% of Indians want more clarity on cryptocurrency and non-fungible token (NFT) regulations in the budget session of Parliament starting on Jan. 31, according to new survey findings.  Fast facts The survey, conducted by tax and advisory firm Grant Thornton Bharat, also found that 61% of […]

India crypto bill likely delayed again

The Indian government may not introduce a much-anticipated crypto bill in the upcoming parliamentary budget session, according to a report by the Economic Times of India.  Fast facts The government is reportedly seeking to reach consensus with industry stakeholders before proposing legislation.  The government may also be waiting for the Reserve Bank of India to […]

India PM calls for global ‘common thinking’ on crypto regulation

India Prime Minister Narendra Modi called for collective and synchronized global action to tackle the challenges posed by cryptocurrency. Fast facts Speaking at the 2022 World Economic Forum’s annual Davos conference on Monday, Modi said: “The kind of technology cryptocurrency is associated with makes decisions taken by one country inadequate to meet the challenges posed […]

Bitcoin and Ethereum futures ETFs may be in the cards for India

India may soon get its first Bitcoin and Ethereum futures exchange traded funds (ETFs) pending approval by a financial regulator.  Fast facts India INX, the international arm of BSE (formerly Bombay Stock Exchange) and Torus Kling Block Chain IFSC have jointly sought regulatory approval for a Bitcoin and an Ethereum Futures ETF, according to a […]

Indian government may double tax on crypto, report says

The Indian government is mulling the taxation of cryptocurrencies as business income, in a decision which could double the tax burden on investors, according to a local report.   Fast facts Currently, crypto earnings are taxed as capital gains, which stand at 20%, while business income rates reach as high as 42%.  Taxing each crypto transaction […]

Indian authorities seize assets in alleged $162M crypto scam

The Enforcement Directorate in India seized assets of a businessman worth around US$4.9 million in a money laundering case involving a crypto scam, according to a press release on Monday.  Fast facts Nishad K and his associates allegedly perpetrated a crypto scam in which some 900 investors were cheated out of approximately US$162.4 million. The […]

Tax authorities recover US$9M from India’s biggest crypto exchanges

Some of India’s largest crypto exchanges, including WazirX, blame ambiguity in the regulation of cryptocurrencies for missed tax payments.

December 2021

Crypto in Asia: 5 top fintech regulatory stories of 2021

Countries acted to encourage — or discourage — cryptocurrency and other blockchain-based assets, sending markets wildly up and down.

Countries will jump aboard the crypto bus in 2022 or get left in its dust, says WazirX founder

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.

Delay likely for India’s crypto bill; Crypto’s landmark year

Delay likely for India’s crypto bill, none the less 2021 becomes crypto’s landmark year.

India PM Twitter account hacked, fake tweet claims Bitcoin is legal tender

India prime minister Narendra Modi’s Twitter account was hacked on Sunday morning, with the attacker posting a false tweet about India officially adopting Bitcoin as legal tender. Fast facts The tweet also said the government has bought 500 Bitcoin which will be distributed among citizens. This was the second instance of Modi’s Twitter account getting […]

Polygon goes deeper into ZK tech by acquiring Mir for $400M

India-based Layer 2 Ethereum scaling platform Polygon has acquired zero-knowledge technology developer Mir for US$400 million as part of Polygon’s continued focus on ZK tech. Fast facts Mir will help Polygon build its new project — Polygon Zero, a highly scalable, Ethereum compatible ZK rollup. A zero knowledge protocol is a cryptographic algorithm that allows […]

India’s crypto bill to impose jail and US$2.65M fines for violations

India’s proposed rules for digital assets would ban cryptocurrency for payments while the Securities and Exchange Board regulates exchanges. Will it become law?

What is Polygon (MATIC) — ‘Ethereum’s internet of blockchains’?

Polygon envisions a world where value can be exchanged without borders. In this Forkast.News explainer, find out how Polygon works and why its MATIC token is defying crypto market gravity — again.

Tough measures in India’s crypto bill; NFTs a hot Christmas gift

Tough measures in India’s crypto bill meanwhile, NFTs are becoming a hot Christmas gift

Kotak 1st major Indian bank to embrace crypto with WazirX partnership

Kotak Mahindra Bank, a leading private bank in India, has struck a partnership with crypto exchange WazirX, the Economic Times reported. Fast facts WazirX has opened an account with Kotak that can be used to pay and receive money from investors, according to the ET report. The account will be activated after the completion of […]

India releases ‘National Strategy on Blockchain’ for e-governance

The Indian ministry of electronics and information technology (MeitY) has released a 52-page “National Strategy on Blockchain” document that urges closer cooperation between government and the private sector to build blockchain infrastructure across the world’s second-most populous nation. Fast facts It is to be noted that the current NSB document is an updated version from […]

Navi files for India’s second blockchain fund

The fund will track companies that use and benefit from the technology underlying cryptocurrencies, but will not invest in crypto or crypto exchanges.

Indian crypto community sees silver lining after 1st week of parliamentary session

A cabinet note suggests the government intends to regulate cryptocurrencies as assets with the Securities and Exchange Board of India at the helm.

Crypto-ban fears may be an overreaction in India

A former finance secretary says too much is yet unknown about the new crypto bill for investors to expect the worst.

Investors queasy as prospect of India crypto ban returns

Top blockchain and crypto news: Are India’s CBDC plans crowding out crypto? Jack Dorsey goes full Bitcoin bro. China’s digital yuan hopes claim another victim.

Is an IPO in the cards for India’s first crypto unicorn CoinDCX?

Is CoinDCX — India’s first crypto company to achieve unicorn status, or US$1 billion in valuation — going public? CoinDCX co-founder Neeraj Khandelwal set off a frenzy of excitement when he told Bloomberg in a recent interview that CoinDCX may pursue an initial public offering as soon as legislation permits. But a CoinDCX spokesperson told […]

November 2021

Coinstore defies regulatory tension to enter India

Singapore-based crypto exchange Coinstore has entered the Indian market despite the regulatory wrangle that points toward an impending ban on all private cryptocurrencies, the company announced today. Fast facts Coinstore has launched its website and mobile application for Indian users and plans to set up offices in Bangalore, Delhi, and Mumbai that will support its […]

India’s crypto market plummets as parliament schedules debate on bill to ban it

Bitcoin and Ethereum prices fell nearly 24% in India as investors sought to get ahead of a possible crypto prohibition.

India proposes crypto ban; Metaverse race heats up

India proposes crypto ban meanwhile Metaverse race heats up

Indian banks continue to resist crypto a week before legislation hits Parliament

As the Indian government is due to introduce crypto legislation for discussion in the Parliament next week, Indian banks are cautioning customers against investing in crypto. Fast facts According to a report by the Economic Times, HDFC, Axis and ICICI banks have sent emails to customers warning them about the risks of investing in crypto […]

Indians may be allowed to trade, but not pay with, crypto

While fears of a complete ban on virtual currencies have been dispelled, Indian investors are still in the lurch about what may or may not be allowed.

Indian regulator greenlights first blockchain feeder fund

Indian investors will now get exposure to global companies in the blockchain ecosystem as the Securities and Exchange Board of India greenlighted the Invesco CoinShares Global Blockchain ETF Fund of Fund (FoF). Fast facts The feeder fund will invest in the Invesco CoinShares Global Blockchain UCITS exchange-traded fund (ETF), formerly known as Invesco Elwood Global […]

India’s 1st parliamentary meeting on crypto ends with consensus on regulation — and no ban

While the government has yet to figure out the details, a crypto regulatory regime is expected to be released before February.

Middle-ground India crypto bill could be introduced this month

The Indian government is looking to introduce a cryptocurrency bill in the winter session of parliament in a bid to “fast track” regulation of a rapidly growing ecosystem, CNBC-TV18 reported. Fast facts India first drafted a bill to ban all cryptocurrencies in the budget session of 2021, but it was never tabled for discussions. Officials […]

IPO-bound Paytm may launch crypto services if legalized in India

India digital payments giant Paytm will consider launching crypto-related services if it becomes a regulated asset class in the country, Paytm CFO Madhur Deora told Bloomberg TV on Thursday. Fast facts “Bitcoin is still in a regulatory gray area, if not a regulatory ban in India,” Deora said. “If it [Bitcoin and other cryptocurrencies] was […]

Dogecoin, Shiba Inu are becoming crypto alpha dogs in India

Dogecoin and Shiba Inu are gaining massive traction and ranking among the top five traded cryptocurrencies on Indian exchanges. Fast facts Dogecoin contributed 13.76% to the overall trading volume of CoinSwitch Kuber, which claims to be the largest Indian crypto exchange with over 10 million customers, over the last six months, according to a report […]

October 2021

India’s long-awaited crypto regulation coming in February, finance ministry officials say

Recent developments indicate the government is looking to regulate the sector instead of quashing it, and industry experts remain optimistic. 

CoinSwitch Kuber becomes unicorn; Australians reminded over crypto tax

Coinswitch Kuber becomes unicorn meanwhile Australians reminded over crypto tax

India gets second crypto unicorn within two months

Indian crypto exchange CoinSwitch Kuber has become the country’s second crypto unicorn after raising US$260 million in a Series C funding round, the startup announced. Fast facts The latest funding round drew in marquee investors — it was led by Coinbase Ventures and Andreessen Horowitz (a16z). Existing investors Sequoia, Paradigm, Ribbit and Tiger Global also participated […]

September 2021

Ban or no ban, Indian crypto industry is thriving

India’s crypto industry will grow over 200% to reach $241M by 2030, a new study says.

Investors get ready, India crypto tax in the works

The Indian ministry of finance has formed a panel to examine how income from crypto investments can be taxed, according to a report by Inc42. Fast facts The panel will evaluate whether crypto income can be taxed as capital gains or if it requires the formation of a new category. The committee is required to […]

India may not be ready to follow El Salvador’s lead, but don’t rule out cryptocurrency, finance minister says

Nirmala Sitharaman says ‘a futuristic thing can’t be shut out’ as the country considers crypto regulation, including a possible blanket ban.

Banks blocking transactions? No problem. Indians find ways to continue trading crypto

As major banks distance themselves from crypto business, alternative trading methods like peer-to-peer transfers are gaining popularity among investors

Upbit passes Korea crypto race post; P2P transactions surge in India

Upbit passes Korea crypto race post meanwhile P2P transactions surge in India

India’s largest public bank bars payments to crypto exchanges

Most banks distance themselves from virtual asset platforms as the country’s central bank lobbies for a ban.

CrossTower says it wants to collaborate, not compete, with Indian exchanges

CrossTower became the second international crypto exchange to enter the Indian market last week after Binance made its entry by acquiring WazirX in 2019.

CoinSwitch Kuber says it’s now the largest Indian exchange with over 10 million customers

The platform reports more users than WazirX and CoinDCX, and aims to make crypto trading as easy as ordering food online.

The world of crypto opens up life-changing earning opportunities for Indian tweens and teens

Gajesh Naik and Laya Mathikshara, two Indian 13-year-olds, are getting global recognition — and making astronomical sums — through their ventures in crypto and NFTs.

So, no ban? India’s crypto bill will treat virtual currencies as commodities in the asset class

The veil of uncertainty that has shrouded crypto regulatory discussions seems to be lifting, but how the government will regulate and tax digital money remains to be seen.

India crypto exchanges allow bank deposits; FTT token on a roll

India crypto exchanges allow bank deposits while FTT token on a roll

Bollywood megastar Amitabh Bachchan is launching his own NFT collection

Prominent Indian actor Amitabh Bachchan will release his own non-fungible token collection later this year. Fast facts The NFTs will be rolled out on BeyondLife.club, a joint venture between Indian film production company Rhiti Entertainment and Guardian Link, a decentralized legitimacy protocol for NFT exchanges. BeyondLife.club allows users to buy NFTs with credit cards or […]