India’s 30% crypto tax came into law on March 31 and was effective April 1, despite warnings from several stakeholders about its possible ill impact on the budding crypto industry. As predicted, within just a couple of weeks of the new crypto tax law coming into effect, trading volume across major crypto exchanges dropped as much as 90%. The decline in trading activity was attributed to traders either moving their funds away from centralized crypto exchanges or adopting a holding strategy over trading. Many crypto exchanges were hoping that a crypto tax would at least offer some form of recognition …

In her address to the International Monetary Fund, Indian Finance Minister Nirmala Sitharaman called for a global cryptocurrency framework to keep a check on the use of cryptocurrencies for illicit activities. LIVE NOW: A panel discussion on the policy challenges and opportunities of #DigitalMoney to the international monetary system. #CBDC https://t.co/JznM8apoGt — IMFLive (@IMFLive) April 18, 2022 Sithraman’s comments came on Monday during the “Money at a Crossroad” panel discussion of the International Monetary Fund (IMF) and the World Bank in Washington. The panel discussion also featured Kristalina Georgieva, managing director at the IMF, Roberto Campos Neto, president of the …

Crypto exchange CoinDCX became India’s first crypto business to complete a Series D funding round, raising $135 million in support of various Web3 and crypto initiatives in the country. The latest funding round resulted in CoinDCX doubling its valuation to $2.15 billion, which was led by Pantera and Steadview and saw participation from prominent investors including Kingsway, DraperDragon and Republic. Speaking to Cointelegraph, CoinDCX CEO Sumit Gupta highlighted CoinDCX’s commitment to spreading awareness on crypto, blockchain and Web3: “With this funding, we will double our efforts to grow, with a focus on educating corporate and retail investors on the true …

Fresh data on Indian crypto exchanges' trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India's new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects. A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph shows that trading volume on top Indian crypto exchanges has declined as high as 70% in the past 10 days. The trading volume on WazirX, the leading crypto exchange in India, declined from $47.8 million on April 1 to …

The largest US-based crypto exchange Coinbase has stopped payment services through United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent. The UPI is the payment portal governed by the National Payment Corporation of India (NPCI), which facilitates buy orders on Coinbase’s India services. The exchange has already updated its payment method information on its website for Indian users, which urges users to try Immediate Payment Service (IMP) to place sell orders. The NPCI is a special division of the Reserve Bank of India (RBI), under the Ministry of …

Metaverse events at ancient and historical sites could soon shape up to be an alternate future for tourism. Owners of physical castles and villas who have drafted up augmented reality blueprints of their properties think their ambitious plans to attract visitors in the metaverse will work, as virtual events can help them pay the hefty maintenance bills for their aging properties and also offer a chance to change historical narratives. The metaverse tourism model was expedited by downturns in tourism brought about by COVID-19, but the industry may have already been heading that way. Currently, major metaverse platforms are clunky, …

Coinbase Ventures, an investment arm of American crypto exchange Coinbase, shared a plan to invest $1 million in various Indian cryptocurrency and Web3 initiatives via an in-person pitching event. In a blog post drafted while he was in India, Coinbase CEO Brian Armstrong revealed that the venture firm intends to tap into India’s software talent with the crypto and Web3 technologies and help accelerate India’s economic and financial inclusion goals. Calling India’s cryptopreneurs! Coinbase Ventures is partnering with @BuidlersTribe to host an in-person pitch day in Bangalore in April. $1M+ is up for grabs, including $25k bonus grants provided by …

The number of cryptocurrency owners has massively increased last year, with nearly half of all owners worldwide buying crypto for the first time in 2021, according to a new report. Gemini, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has polled about 30,000 respondents in 20 countries between November 2021 and February 2022 to provide a picture of a rapidly expanding crypto ecosystem. The company released the survey findings as part of its “2022 Global State of Crypto” report shared with Cointelegraph on Monday. According to Gemini’s findings, crypto adoption skyrocketed in 2021 in countries like India, Brazil and …

The Indian Finance Bill 2022 with new 30% crypto tax rules was approved by the Rajya Sabha, the upper house of the Indian parliament, to make it a law today that will come into effect starting on April 1. The approval of the bill by the upper house of the parliament comes within a week of the lower house (Lok Sabha) approval. The Finance Bill was introduced during the budget session 2022-23 of the parliament in January. The Finance Bill amended tax rules to impose a 30% crypto tax on digital asset holdings and transfers. Apart from that, traders cannot …

The Government of Maharashtra, one of India's state governments, has started issuing caste certificates over the Polygon blockchain to citizens residing in Etapalli village, Gadchiroli district, as a part of the Digital India campaign. In partnership with LegitDoc, a blockchain-based application, the Maharashtra state government is in the process of rolling out 65,000 caste certificates to aid the process of delivering governmental schemes and benefits. As cited by Indian Administrative Service (IAS) officer Shubham Gupta in an article co-authored by LegitDoc CEO Neil Martis, the caste certificate issuance via neutral web3 platforms aims to target 1.1 million economically challenged residents …

It was relatively quiet in the digital asset policy department last week, as regulators and lawmakers in most key jurisdictions retreated to their offices to do the necessary homework. In the U.S., federal agencies got on with the various reports that President Joe Biden’s recent executive orders directed them to produce. Over in the United Kingdom, both the central bank and the Financial Conduct Authority also dropped position papers on crypto-related issues. After thorough deliberation, Thailand’s financial authorities spoke out against using crypto as a means of payment, while rumors of potential legal tender adoption of crypto emerged and died …

A tax framework on cryptocurrencies introduced by India’s Finance Minister Nirmala Sitharaman will become law in the country after being passed as an amendment to the Finance Bill. India’s lower house of parliament, the Lok Sabha, passed the 2022 Finance Bill on Friday, which included 39 amendments proposed by Sitharaman. The amendment on crypto established a 30% tax targeting digital asset and nonfungible token transactions, which did not allow for deductions from trading losses while calculating income. In addition, taxpayers in India will have an additional 1% tax deducted at source, or TDS. As per the new amendment proposed in …