Bitcoin trading above Rs 30.88 lakh

Cryptocurrencies traded in the green early on March 14. The global crypto market cap is $2.00 trillion, a 2.74 percent increase over the last day. The total crypto market volume over the last 24 hours is $106.81 billion, which makes a 8.83 percent increase. The total volume in DeFi is currently $13.43 billion, 12.57 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $88.49 billion, which is 82.84 percent of the total crypto market 24-hour volume. Bitcoin's price is currently Rs 33.88 lakh, with a dominance of 41.89 percent. This is a 0.14 percent increase over the day, as per CoinMarketCap data. Read more here

FinMin proposes amendments to Fin Bill; seeks to tighten norms for cryptocurrency taxation

The government, on March 24, proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word 'other' from the section relating to set off of losses from gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA. According to the Finance Bill, 2022, a VDA could be a code or number or token which can be transferred, stored or traded electronically. The VDAs will include prevailing cryptocurrencies and non-fungible tokens (NFTs) which has gained fad over the past couple of years. Budget 2022 has brought in clarity concerning the levy of income tax on crypto assets. From April 1, a 30 per cent I-T plus cess and surcharges, will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions. Read details here.

Bank of England sketches out first regulatory approach to crypto

The Bank of England, on March 24, began sketching out Britain's first regulatory framework for crypto-assets, saying that although the sector remained small, its rapid growth could pose risks to financial stability in future if left unregulated. Crypto-assets have come under the regulatory spotlight amid concerns they could be used to circumvent financial sanctions imposed on Russia since its invasion of Ukraine. "While crypto-assets are unlikely to provide a feasible way to circumvent sanctions at scale currently, the possibility of such behaviour underscores the importance of ensuring innovation in crypto-assets is accompanied by effective public policy frameworks to... maintain broader trust and integrity in the financial system," the BoE's Financial Policy Committee (FPC) said in a statement. To bring crypto-assets under the full scope of UK securities rules, the FPC said it "would likely require the expansion of the role of existing macro and microprudential, conduct, and market integrity regulators, and close coordination amongst them". It added that direct risks to financial stability from crypto were currently limited, but if the recent pace of growth is maintained, there would be risks in future. (Reuters)

How OnJuno found the right crypto product for the US market

In 2017, Decentralised Finance, or DeFi, was not yet a buzzword in India, and cryptocurrencies were being viewed suspiciously as the country's regulators were mulling if they should be banned or okayed, even as Bitcoin rallied. Around the time, three Indian entrepreneurs -- Varun Deshpande, Ratnesh Ray, and Siddharth Verma – founded Nuo Network, a decentralised crypto-lending platform, aimed at emerging economies. This was the second startup founded by the trio after their previous platform, BeeWise, built for commerce apps, was acquired by Aditya Birla Money. Cut to 2021, cryptocurrencies are still struggling to find complete acceptance in India. The industry is dealing with a 30 percent tax rate, with no clear regulations in sight. Some entrepreneurs are moving to Dubai, others are contemplating whether India can, in fact, be a favourable market for their businesses amidst the current policy scenario. During these years of uncertainty, Deshpande, Ray, and Verma decided to close down Nuo Network and start up again to cater to the US market, a safer haven for cryptocurrencies. They came back in a new avatar – OnJuno. Full story here.