Join Our Telegram channel to stay up to date on breaking news coverage According to a Tuesday blog post by WazirX, an Indian cryptocurrency exchange,...

In this issueBinance and GOPAX: Seoul matesJobs and inflation: Crypto conundrumChinese liquor NFTs: Bottoms upFrom the editor’s deskDear Reader,In Chinese culture, one never cleans...

Binance, the world’s largest cryptocurrency exchange, has stopped providing wallet services to Indian crypto exchange WazirX, asking it to withdraw any remaining assets held...

Some 90% of user assets at WazirX, India’s largest crypto exchange by volume, are held in wallets at Binance while the remaining 10% are...

Nischal Shetty, the co-founder of Indian cryptocurrency exchange WazirX, is seeking a $20 million to $30 million funding round for his blockchain startup Shardeum...

Nischal Shetty, founder and CEO of the popular Indian crypto exchange WazirX, has appealed to the government to re-examine the proposed crypto tax law to build a favorable crypto ecosystem in the country. Does India’s Crypto Tax Need More Work? In a recent Twitter thread posted today, the CEO of WazirX, Nischal Shetty has appealed to the Indian government on implementing favorable laws for the next generation of crypto enthusiasts who are building and contributing to the upcoming blockchain and cryptocurrency ecosystem. Shetty believes that the proposed crypto tax should be at par with India’s highest population between the ages of 18-25 who are into crypto but not under the taxable income bracket. Concerning the TDS, Nischal feels that a 1% slab will make it virtually impossible for day traders, or high-frequency traders as investors could get their entire capital locked in it if they trade for only a few hundred times. Government has also extra work of refunding all such TDS as well, according to him. The WazirX Boss further pointed out the latest tax rules could even encourage “brain drain” as the lack of clarity makes it difficult for law enforcement as well as entrepreneurs to function effectively. Day 32 India needs to implement favourable laws for Crypto entrepreneurs & investors We risk losing #BUIDL talent & future gains from Crypto Issues: 1) 30% income tax irrespective of income slab2) 1% TDS on every trade 3) No clarity for crypto entrepreneurs#BuildForCrypto — Nischal (Shardeum) ⚡️ (@NischalShetty) March 5, 2022 30% Crypto Tax Bracket Highest in the Country Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a crypto tax proposal of 30% on gains made from crypto tradings from April 1. The proposal also includes a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133). Reportedly, the 30% crypto tax bracket is the highest in the country and nearly double the corporate tax rate of 16%. The announcement saw a mixed reaction from the Indian crypto community with some calling it a welcome step towards recognizing the unregulated crypto market, while others called it regressive.

The post Nischal Shetty Appeals Indian Govt to Rethink Proposed Crypto Tax appeared first on Cryptoknowmics-Crypto News and Media Platform.

This week’s Finovate Global takes a look at developments in the Indian fintech industry. Leading off is news that Indian neobank Niyo has secured $100 million in Series C funding. The round was led by Accel and Lightrock India and also featured investment from Beams Fintech Fund, Prime Venture Partners, and JS Capital, among others. Read more...

The post Fintech in India: Neobanks, Crypto Exchanges, and Google Pay Loans appeared first on Finovate.

After months of all kinds of rumors, a little bit of clarity is finally coming out of India regarding cryptocurrency regulation. The Indian government has announced a plan to tax income from cryptocurrency and non-fungible token (NFT) transactions by 30%. The country’s finance minister Nirmala Sitharaman also proposed a 1% tax deduction on payments related […]

The post India Introduces 30% Tax On All Crypto Income appeared first on Coin Bureau.

Currently, many Metaverse projects have a billion dollars market cap. Everyone from the tech industry is talking about Metaverse and its applications in our life. Many big investment funds such as Softbank, Grayscale Investments have invested in Metaverse projects.  There has been a far greater demand for Stablecoins this year. USDC, USDT were the most traded pairs in terms of volume. Billions of Stablecoins are traded daily by traders.  Day 1181 ‘Analysts’ are now predicting metaverse will be worth $Ts ‘Analysts’ are now predicting stablecoin adoption is inevitable Early adopters know that Crypto is here to usher in an era of decentralization All we need to do is BUIDL together 🚀#IndiaWantsCrypto — Nischal (WazirX) ⚡️ (@NischalShetty) January 25, 2022 If predictions of analysts become true then we will see Stablecoins play a much larger role in the financial world. If Metaverse becomes a trillion-dollar industry, then it is without a doubt that people will be spending most of their time in the virtual world. The digital economy might surpass the current traditional economy.

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WazirX CEO and founder Nischal Shetty in his most recent tweet shared that most ‘intellectual’ figures angry at crypto are angry because common people/anons are making money. If crypto/NFT/web3 was an innovation with no financial component then all these people including web2 enthusiasts would have applauded. Money seems to be ‘their’ domain. Most ‘intellectual’ figures angry at Crypto are angry because common people/anons are making money If Crypto/NFT/Web3 was an innovation with no financial component then all these people including Web2 enthusiasts would have applauded Money seems to be ‘their’ domain#BUIDL 🚀 — Nischal (WazirX) ⚡️ (@NischalShetty) January 14, 2022

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