The government has collected about Rs 1,260 crore in taxes till now this fiscal after a new TDS regime was brought in for online gaming and trade in cryptocurrency, CBDT Chairperson Nitin Gupta said Friday. About Rs 1,080 crore in taxes (under the tax deduction at source head) has been collected from online gaming and around Rs 180 crore through TDS has been mopped up during 2023-24 fiscal from the taxation of virtual digital assets (crypto currency), he told PTI during a post Budget interview. The data is till January 31. The Finance Act 2023 inserted a new section, 194BA, in the Income-Tax Act, 1961, with effect from April 1, 2023, which mandates online gaming platforms to deduct income-tax (TDS) on the net winnings in the person's user account. Tax is required to be deducted at the time of withdrawal as well as at the end of the financial year. Similarly, from April 1, 2022, income from transfer of virtual digital assets or cryptocurrencies is taxable at 30 per cent. Such income
The Securities and Exchange Commission (SEC) last month approved spot bitcoin ETFs, in a watershed for the crypto industry
FTX has been negotiating for months with potential bidders and investors, but none were willing to put in enough money to rebuild the FTX exchange
Restructuring advisers will need to examine all of the millions of claims that have been filed against FTX to weed out those that are not legitimate, lawyer Andrew Dietderich said
Los Angeles is the city with the most crypto ATMs (1810 ATMs) in the world.
A 40-year-old Indian national extradited from the UK has pleaded guilty to operating a global dark web enterprise to sell "deadly and dangerous drugs to communities across America" and agreed to forfeit approximately USD 150 million in cryptocurrency. According to court documents, Banmeet Singh from Haldwani in Uttarakhand created vendor marketing sites on dark web marketplaces to sell controlled substances, including fentanyl, LSD, ecstasy, Xanax, Ketamine, and Tramadol, the US Department of Justice said in a press release. Customers ordered controlled substances from Singh using the vendor sites and by paying with cryptocurrency. Singh then personally shipped or arranged the shipment of the drugs from Europe to America through US mail or other shipping services, the release said on Friday. Banmeet Singh and traffickers like him think they can operate anonymously on the dark web and evade prosecution...Today's guilty plea, which includes forfeiture of approximately USD 150 million
Singapore-based Terraform labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100-$500 million
Investors deposited $371 million in the fund on Wednesday, pushing IBIT past the milestone, data compiled by Bloomberg show
"It is a good day for EU citizens and businesses, but bad day for oligarchs and terrorists," said Eero Heinaluoma, one of lawmakers who took part
The batch of almost a dozen ETFs, including from investment titans BlackRock Inc. and Fidelity Investments, began trading on Jan. 11
The Financial Intelligence Unit (FIU) under the finance ministry issued the show cause notices to VDA platforms like Binance, the largest cryptocurrency exchange, and Kucoin last month
India should consider a regulatory sandbox approach to deal with issues related to crypto products and services, economic think tank GTRI said in its report on Sunday. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing. The Global Trade Research Initiative (GTRI) said that in the light of crypto's acceptance in the regular financial system in the US, it remains to be seen how India's crypto policy evolves in coming months. With the new US action, with ramifications on global capital flows, price of gold, foreign trade, it may not be possible to live with no regulation, it said. "India may consider adopting regulatory sandbox approaches, allowing for controlled testing of innovative crypto-related products and services. It may need to balance innovation with risk management and adapt advancements in blockchain
WazirX and Mudrex estimated that roughly 70% of their fresh inflows came from Binance, while CoinDCX put the figure at around 40%
US decision to allow spot bitcoin ETFs marks the latest win for this asset class
The crypto market witnessed many highs and lows during the week. Bitcoin touched its highest level in 22 months and soon wiped off the gains
US regulator's decision will create 'new era' of crypto asset adoption, they say
After the announcement, Bitcoin briefly touched $47,600, the highest since December 2021, before cooling down to $46,600 for the first time since April 2022
'I don't think the world or emerging markets can take a cryptomania like the Tulipmania, said the RBI Governor at Mint's BFSI Summit
The approvals mark a rare capitulation by the SEC following opposition that lasted for more than a decade, ever since Tyler and Cameron Winklevoss first proposed a Bitcoin ETF in 2013.
BlackRock's iShares Bitcoin Trust would charge 0.25%, compared with the 0.30% fee set earlier. ARK 21Shares Bitcoin ETF lowered its fee to 0.21% from 0.25%