Page 7 - Cryptocurrency

Trump's 2024 income tops $600 mn, driven by crypto, resorts, brand deals

US President Donald Trump's 2024 financial disclosure reveals massive earnings from crypto ventures, golf resorts, and overseas licensing deals, even as multimillion-dollar legal debts loom

Unaccounted income invested in Virtual Digital Assets on CBDT radar

The Central Board Direct Taxes (CBDT) is investigating tax evasion and laundering of unaccounted income by high-risk persons through investment in crypto currency. Such entities and individuals which are engaged in Virtual Digital Asset (VDA) transactions and have failed to comply with the Income-tax Act, 1961 have been identified for verification, sources said. As per the Section 115BBH of Income Tax Act, 1961 inserted by the Finance Act, 2022 a flat tax rate of 30 per cent (plus applicable surcharge and cess) on income from VDA transfer is applicable. The provision does not allow deduction of any expenses except cost of acquisition. Further, set-off of loss from VDA investment or trading is not allowed to be set off against any other income or for carry forward to subsequent years. Sources pointed out that data analytics has shown that a significant number of persons have violated provisions of Income Tax Act by not filing Schedule VDA of ITR and offering tax on the income earned

CBDT sends emails over undisclosed crypto income in latest NUDGE drive

CBDT emails thousands of taxpayers urging them to review and update ITRs for under-reported crypto income as part of a NUDGE campaign targeting VDA discrepancies

CoinDCX spot trading volumes jump 32% in May, BTC remains most traded token

CoinDCX owns a total of $606.61 million in assets, reaffirming its strong reserve position

Crypto's new trend: Publicly traded companies buying bunches of bitcoin

It's one of crypto's hottest trends: publicly traded companies buying bitcoin and then buying even more. President Donald Trump's media company just announced a plan to raise USD 2.5 billion to buy bitcoin, joining a growing number of so-called bitcoin treasury companies as the world's most popular crypto-currency hits all-time highs. The companies buy bitcoin for different reasons: Some hold it as a hedge against inflation or to signal support for the crypto-currency industry, while some firms have made using debt and stock sales to buy bitcoin their primary business strategy. The world at large has no idea what's happening and they're in for a big shock, Dylan LeClair, an executive at the Japan-based Metaplanet, which recently went from being a budget hotel firm to a bitcoin treasury company, said at a recent crypto conference. This is a one-way train, nothing is going to stop this. The massive increases in some firms' stock price may seem to validate LeClair's bravado, but there

Switzerland to exchange crypto info with India, 73 other countries

Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies. India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians. While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries. While there are no official estimates, it is suspected that a large number of ..

RBI Guv flags crypto concerns, says it may hamper financial stability

RBI Governor Sanjay Malhotra on Friday said the central bank is concerned about cryptocurrencies as it can hamper financial stability. Malhotra was replying to a question during a media interaction post the RBI monetary policy about the developments in the backdrop of the Supreme Court's observation on crypto currency last month. "There is no new development as far as crypto is concerned. A committee of the government is looking after this. Of course, as you are aware, we are concerned about crypto because that can hamper financial stability and monetary policy," Malhotra said. The Supreme Court has last month asked the Centre to formulate a "clear cut" policy on regulating cryptocurrency, while underlining its impact on the economy. A Supreme Court bench termed the Bitcoin trade as an illicit trade more or less like "hawala" business. India is currently working on a discussion paper for cryptocurrencies and an inter-ministerial group (IMG), comprising officials from RBI, Sebi and

Singapore court rejects restructuring plan of WazirX parent Zettai

Zettai's failure to disclose a Panama-based subsidiary led Singapore High Court to reject its crypto restructuring plan, delaying payout of seized digital assets

Supreme Court calls crypto laws obsolete, urges govt to act on regulation

In earlier hearings, the Supreme Court likened unregulated Bitcoin trade to hawala, warning that the absence of clear rules creates opportunities for misuse and poses serious financial risks

Pakistan plans bitcoin reserve but govt says crypto still banned at home

Within a day of unveiling a state-backed bitcoin reserve plan in the US, Pakistani officials said cryptocurrency remains illegal under current regulations and no legal change has been made

Vance urges crypto industry to engage in politics, touts govt's record

US Vice-President J D Vance on Wednesday praised the cryptocurrency industry and urged it to remain active in US politics and policymaking, highlighting the Trump administration's close ties to a deep-pocketed industry that's become a powerful force in Washington. Speaking at a bitcoin conference in Las Vegas, Vance urged the crypto executives and enthusiasts to keep pressure on Congress to pass pro-crypto legislation supported by the White House. We have a once-in-a-generation opportunity to unleash innovation and use it to improve the lives of countless American citizens, Vance said in his address. But if we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendly jurisdiction. Vance's speech comes after Trump promised to make the US the crypto capital of the planet when he addressed the same bitcoin conference in Nashville last year in the middle of the presidential campaign. The crypto industry, which felt unfairly attac

French crypto chiefs step up security after string of violent kidnappings

All targeted people with ties to the cryptocurrency world - in most cases, family members of crypto entrepreneurs or influencers

Bitcoin steady at $108k as market awaits move; Ethereum eyes $3,000

Market analysts called the current consolidation healthy and said it indicates investors are waiting for clearer breakout or breakdown signals

Crypto market update: Here's how Bitcoin, Ethereum, others are faring today

Market analysts believe that Bitcoin has recovered after macro concerns about US-European trade tariffs made it retest support around $106,500

Some US banks explore venturing into crypto with joint stablecoin

However, the newspaper said that the bank consortium discussions are in early, conceptual stages and could change

Donald Trump's crypto dinner raises questions about personal profit

President Donald Trump rewarded top investors in one of his cryptocurrency projects with a swanky dinner on Thursday night, an event that showed the ascendance of an emerging financial industry and also the president's willingness to mix public office with personal profit. Some 220 of the biggest investors in the $TRUMP meme coin were invited to Trump's luxury golf club in Northern Virginia, where they dined on filet mignon and halibut. According to participants' posts on social media, Trump spoke for about half an hour before dancing to the song YMCA. Despite the White House insisting that Trump would be attending the event in his personal time, he stood behind a lectern with the presidential seal as he touted an industry that's generating profits for his family business. After feeling unfairly targeted under President Joe Biden, the crypto industry has quickly become a powerful political force, donating huge sums to help Trump and friendly lawmakers. The U.S. Senate is advancing

Bitcoin tops $111,000 for first time as US optimism lifts cryptocurrencies

A wave of optimism is buoying Bitcoin after the advancement of a key stablecoin bill in the US senate fueled hopes of greater regulatory clarity for crypto operators

Crypto industry once saw Trump as ally, now fears his profit-first approach

It seems like a triumph for a cryptocurrency industry that has long sought mainstream acceptance: Top investors in one of President Donald Trump's crypto projects invited to dine with him at his luxury golf club in Northern Virginia on the heels of the Senate advancing key pro-crypto legislation and while bitcoin prices soar. But Thursday night's dinner for the 220 biggest investors in the $TRUMP meme coin has raised uncomfortable questions about potentially shadowy buyers using the anonymity of the internet to buy access to the president. While Democrats charge that Trump is using the power of the presidency to boost profits for his family business, even some pro-Trump crypto enthusiasts worry that the president's push into meme coins isn't helping their efforts to establish the credibility, stability and legitimacy they had thought his administration would bring to their businesses. After feeling unfairly targeted by the Biden administration, the industry has quickly become a ...

AI hyped but better grounded than crypto, says Red Hat CTO Chris Wright

Chris Wright compares AI trajectory to early days of cloud tech; Red Hat to focus on enabling flexible infrastructure for AI workloads across platforms

US Senate advances Bill to regulate stablecoins, a type of cryptocurrency

The Senate has voted to move forward with legislation to regulate a form of cryptocurrency called stablecoins, two weeks after Democrats blocked the measure. Monday's 66-32 procedural vote keeps one of President Donald Trump's top legislative priorities on track for passage and highlights the growing political strength of the cryptocurrency industry, which spent heavily in last year's election and has amassed a large war chest for next year's midterms. Several Democrats reversed and voted to move forward with the legislation after negotiations with Republicans in recent days. The fate of the legislation, which would regulate how stablecoin issuers operate in the U.S, had been uncertain in recent weeks despite early bipartisan support. Senate Democrats blocked it earlier this month in part over concerns about how Trump and his family were benefiting from private crypto endeavors, including a newly launched stablecoin. Republicans won support from Democrats after strengthening ...