Moreover, trying to invest in a Bitcoin ETF through a US-based brokerage house won’t be the most efficient route to get exposure to the best Bitcoin prices, as it will have a lot of tax implications
Industry players, however, are not convinced of the bear market ending anytime soon.
This is the second shock for the crypto industry globally in less than a week, following the closure of Silvergate Bank which held funds of several global exchanges.
A bunch of crypto tax compliance firms have sprouted to help with India’s hairy crypto tax laws. But like the crypto, their survival may also be in question.
With Ethereum moving to Proof of Stake, energy consumption to execute transactions will be cut by 99.95 percent. This is expected to encourage large companies to enter the space without worries of impacting ESG compliance.
Around 8,000 internet-connected hot wallets lost Solana-based tokens worth over $7 million
The exchanges are pinning their hopes on systematic investment plans, loans, and futures trading to attract retail investors with longer-term horizons.
Here’s what’s brewing inside Indian crypto firms after the Blockchain and Crypto Assets Council was dismantled by the Internet and Mobile Association of India, its parent lobby
The guidelines by the Advertising Standards Council of India (ASCI) mandates a disclaimer stating that investments in crypto and NFT products are highly risky.
The fintech firm to tie up with crypto exchanges to help their customers adhere to the new tax norms and will also help investors get assistance from experts.
Finance Minister Nirmala Sitharaman announced a 30 percent tax rate and 1 percent TDS for gains made from virtual assets and transfers in the Budget.
Cryptocurrencies saw a massive fall on January 21 after the US Federal Reserve's decision to hike rates by March spooked global markets.
Right now, the tax department has internally interpreted crypto currencies as a digital asset. However, there is no official categorisation of digital assets under GST laws, they say.
To avail this facility, an app user needs to deposit or purchase Bitcoin in the Unocoin Wallet along with a pre-secured FASTag sticker.
Crypto exchange heads expect no concerns if cryptocurrencies are classified in the upcoming bill as an asset class and not as a currency. Any concerns can be addressed through dialogue, they added.
Unocoin is providing its users with a diversified option of brands across sectors like travel, restaurants, lifestyle companies, clothes, accessories, hotels, and much more to use their Bitcoins as an alternative cash commodity.
CoinSwitch was founded in 2017 as a global aggregator of cryptocurrencies and in June 2020 it launched its Indian cryptocurrency exchange CoinSwitch Kuber.
The Regulation of Official Digital Currency Bill, 2021 is likely to be introduced in the Budget Session of Parliament. The bill, if passed, will prohibit the use of cryptocurrency as legal tender and currency.
The Supreme Court ruling might have come a bit too late for an industry which had been gripped with fear, uncertainty and lack of clarity from the regulators.
In a bid to bypass RBI's April 6 diktat to banks on freezing the accounts of cryptocurrency exchanges, Unocoin had recently unveiled a bitcoin ATM in Bengaluru
The ATM kiosk was installed last week aiming to bypass the Reserve Bank of India ban on banks from dealing with cryptocurrency firms
Using the ATM, Unicoin users can deposit and withdraw cash in legal currency from their respective Unocoin account. The company said it will open more such kiosks in Mumbai and Delhi in a couple of weeks
Restrictions aimed at straitjacketing virtual currencies have had the reverse impact. Despite a correction in the price of most cryptocurrencies, transactions have gone up substantially in both volume and value after the RBI’s April circular
Startups like Unocoin, Coinsecure and Zebpay have expressed their reservations with the order and going by the statements they considering to mount a legal challenge in the Supreme Court
Unocoin partners with Shapeshift to allow its users to convert blockchain based assets like Ethereum, Zcash into bitcoin.