Blockchain & crypto news from India
The IAMAI (Internet and Mobile Association of India) has made it clear to dismantle the BACC (Blockchain and Crypto Assets Council), which was created to represent cryptocurrency exchanges before authorities such as RBI (Reserve Bank of India) and other main government departments. As per two sources, IAMAI decided to distance itself from crypto.
In a letter, the Blockchain and Crypto Assets Council has requested a meeting with the inter-bank retail settlements and payments body to understand and discuss the issues around the cryptocurrency trade. BACC has also asked NPCI that many of the cryptocurrency exchanges strictly adhere to NPCI protocols and KYC and asked it to restore the…
The CBDT (Central Board of Direct Taxes) has shared clear guidelines on the newly introduced TDS on crypto transfers which will be applicable from July 1. The guideline was published on 22nd June evening, and in this blog and we’ll break it down for Blockmagic readers. The Income Tax department has published much-needed guidelines to throw…
In the annual report for the year 2021-22, the Reserve Bank of India has said it was proceeding to take the path of a “graded approach” towards the preliminary intro of the Central Bank Digital Currency. It said that the structure of the central digital coin requires to be in line with the goals of…
Blockmagic: Please share with us your early struggles and what inspired you to start this business. Akshay: Sure, so me and my partner Hafez Rahman were working in a different organization. We also had prior work experience, and in the core time of corona, a lot of people started losing jobs. I and Hafez have…
The crypto space like other derivatives markets is faced with volatility. Great development has been made as regard decentralized finance (Defi); crypto savvy individuals can earn passively. With massive trends on cross-chain transactions, liquidity mining, governance token, integration of traditional finance (TradFi) into Defi, among others, the crypto space shows more reason while banning isn’t…
On 1st February, while announcing the Budget 2022, Finance Minister Nirmala Sitharaman announced something unexpected. Sitharaman said income from the virtual or digital assets (cryptocurrency) will be taxed at @30%. In addition, @1% TDS (tax deducted at source) will also be levied by the government on these investments. The 30% taxation is retributive tax, harshly…
Very few today understand what NFTs or how they work, but this free market for digital art and collectibles has gobsmacked big celebrities and organizations in the world, including the famed auction houses. The humble, struggling artist on the streets of Kolkata or Mumbai, on the other hand, can now dream of making hundreds or…
Uncertainties around cryptocurrencies in India won’t be fading away anytime soon. Known as the Crypto Bill, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, was not listed among the 23 bills in the tentative list of government legislative and financial business to be tabled during the Monsoon Session in the Lok Sabha of…
From today onwards, crypto firms in India must report all cryptocurrency transactions to the Indian government. Effective from today, the new disclosure rule states that any company dealing in cryptocurrency will have to reveal their complete crypto holdings to the government. All this has to be disclosed as a part of their financial statements. A…