India

“KYC norms are no longer a best practice but a legal obligation,” one tech lawyer said about India’s latest directive for the crypto industry

“The onus of deducting TDS has been on crypto exchanges or on the user (if using P2P or other means), but until now there was no penalty for non-deduction,” CoinSwitch’s CEO said

The central bank of India reckons cryptocurrencies pose a threat to financial stability and it’s pushing a CBDC as one potential fix

Blockworks joined crypto developers, Web3 venture capitalists and aspiring entrepreneurs caught up in Bengaluru at an event hosted by CoinDCX

The move highlights discord over behavior of WazirX developer Zanmai Labs, which claims Binance acquired its exchange

Binance CEO’s comments follow an investigation by India’s financial crimes regulator, accusing WazirX of evading authority oversight

India’s “first and only sustainable unicorn born out of India” has picked up considerable funding at a time when others firms face layoffs

Volumes on WazirX, ZebPay, CoinDCX, BitBNS have tumbled between 10% to 70% in the last seven days, data from CoinGecko shows

Companies are opting to relocate to destinations with friendlier tax codes, including Dubai and Singapore

CoinSwitch CEO Ashish Singhal told Blockworks prohibitive taxes are likely to unsettle investors

Investors in India can get exposure to cryptoassets through Grayscale’s investment products on Vested Finance

A16z-backed Indian crypto exchange launches the first rupee-based crypto benchmark index, which lists eight of the top assets by market cap

India is expected to release a consultation paper on cryptocurrency regulation with input coming via the World Bank and the IMF

Blockworks Exclusive: The startup, which runs on the Polygon blockchain, rolled out its own crypto wallet earlier this year

One tweet prompted Twitter users to click on a dubious link aimed at “holders of Azuki” and other NFTs in a “BEANZ” airdrop

Some fear India’s crypto tax, which took effect on Thursday, will cause the nascent industry’s companies to relocate offshore

The deputy governor of India’s central bank said cryptocurrency had no place in his country’s economy and likened them to a Ponzi scheme

Indians will not be allowed to deduct expenses or allowances when calculating crypto income except the cost of acquiring them

Research firm estimates that by 2032, Web3 will add $1.1 trillion of economic value to India’s GDP.

The Indian billionaire chairman and managing director of Reliance Industries, endorsed blockchain technology and DeFi at a recent event as India’s parliament debates a crypto bill.

Indian broadcaster NDTV obtained a draft of a bill being circulated throughout Cabinet, which suggests the Securities and Exchange Board of India will create an extensive regulatory framework for crypto in the country.

Local media reports conclude the government will regulate crypto as a commodity, and prohibit its use as a payment mechanism, while building infrastructure for KYC/AML around fiat gateways.

Analysis of new India crypto bill shows that the government isn’t leaning towards a blanket ban, but rather creating a regulatory framework.

The Cosmos ecosystem continues to mature and now helps secure more than $130 billion in assets; SCRT, OSMO, and ATOM lead the rally.

In simple terms, decentralized autonomous organizations (DAOs) are governing technologies that allow people to coordinate and self-govern on a secure blockchain network, the company said.