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Crypto Regulation News Weekly Digest: Major Nations Commit to Crypto Tax Reporting Standard and EU Issues Draft Stablecoin Guidelines
14.11.2023
Nations and authorities advance crypto regulations across taxation, stablecoins, geo-blocking, and compliance this week. Image by motortion, Adobe Stock. Last week brought several noteworthy developments in the evolving crypto regulation scene across the globe. Major nations made efforts towards...
India's Controversial Crypto Tax Should Be Cut After Failing to Achieve Aims, Think Tank Urges
9.11.2023
India's most controversial crypto tax, the 1% TDS levy deducted at source, should be lowered to 0.01%, according to the findings of a new study
India’s Central Bank RBI Launches CBDC Pilot in Call Money Market
14.10.2023
India’s central bank, the Reserve Bank of India (RBI), has initiated a pilot for a second use case of its wholesale central bank digital currency (CBDC), focusing on the call money market. The Indian central bank reportedly plans to expand its e-rupee testing to cover the entire wholesale...
G20 Finance Leaders Release Joint Communique Adopting Crypto Regulation Roadmap
13.10.2023
G20 Finance Ministers and Central Bank Governors have issued a joint communique in Marrakech, Morocco announcing unanimous adoption of a comprehensive roadmap aimed at regulating crypto assets.
The joint communique was released during the fourth and final G20 FMCB meeting under India’s...
Indian Government Collects Over $12 Million From Crypto Taxes
11.10.2023
India’s Central Board of Direct Taxes (CBDT) has collected more than 100 crore INR ($12 million) from one percent TDS (Tax Deducted at Source) on crypto transactions in this financial year.
The Indian government had implemented one percent direct tax on all crypto transactions from July...
India to Push Crypto Regulation Talks at Final FMCBG Meet in Morocco
9.10.2023
Finance ministers and central bank governors are all set to meet for the final time under India’s G20 presidency on October 12 and 13 in Marrakesh, Morocco.
The roadmap for crypto regulations is expected to be one of the major key agendas during the meeting. India will seek to ensure that...
Mastermind Behind India's $24 Million Crypto Fraud Flees Country
6.10.2023
The mastermind behind a massive $24 million crypto fraud scheme in India has managed to evade Indian security agencies and escape from the country.
The criminal, identified as Subhash Sharma, fled the nation just as authorities were closing in on him, authorities confirmed to local media. ...
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India Planning to Launch Global Database of Crypto Exchanges by Next Year
3.10.2023
India is planning to introduce a comprehensive global database of cryptocurrency exchanges to help law enforcement agencies combat crypto-related crimes.
This initiative comes as part of India's push to align itself with international standards for regulating cryptocurrency assets.
As per...
Crypto Exchange Gemini Unveils $24 Million Investment Plan to Expand Presence in India
26.9.2023
Crypto exchange Gemini has unveiled plans to significantly expand its presence in India by investing INR 200 crore (approximately $24 million USD) over the next two years.
The move comes as Gemini inaugurates its office within the Cyber Hub at Campus Cyber Greens in Gurgaon.
Currently, Gemini...
India Struggles to Curb Rising Crypto Frauds, Victims Left in a Legal Abyss Amid Regulatory Ambiguity
25.9.2023
India is currently witnessing an alarming surge in cryptocurrency-related frauds, leaving investors in despair and criminals largely unchecked.
The absence of clear regulations in the cryptocurrency space can largely be attributed to the encouragement of these illicit activities. ...
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Indian Crypto Exchanges Expect Clear Regulations Following G20 Declaration
15.9.2023
The recent push by G20 members to establish a global framework to regulate crypto has sent a wave of optimism among Indian crypto firms and investors.
India’s intention to work with global consensus on regulating the crypto industry has come as good news for domestic crypto exchanges, which have...
India Tops Chainalysis' Global Crypto Adoption Index Despite Heavy Tax Regulations
13.9.2023
India has claimed the top spot in Chainalysis' 2023 Global Crypto Adoption Index despite stringent tax regulations in the country.
Chainalysis, a global blockchain surveillance firm, recently released an excerpt from its annual crypto adoption report, shedding light on how various countries...
India to Finalize Crypto Stance in Coming Months, Economic Affairs Secretary Says
12.9.2023
India’s economic affairs secretary says the Indian government will decide on the country’s crypto position “in the coming months.” He explained that the government will consider all the recommendations presented at the G20 summit regarding crypto regulation “very carefully...
India Will Decide on Its Crypto Stance in Coming Months
11.9.2023
India's individual position on crypto will be analyzed and decided on in the coming months after considering what global leaders agreed to as an acceptable framework for crypto rules as part of the Group of Twenty (G20) deliberations
G20 Leaders Decide on Swift Implementation of Crypto Asset Reporting Framework
11.9.2023
G20 leaders have called to swiftly implement the Crypto Asset Reporting Framework (CARF) while endorsing synthesis paper proposed by IMF and FSB.
The G20 summit held over the weekend under the presidency of India saw a consensus among member nations to adopt a global framework to regulate...
IMF and FSB Release ‘Policies for Crypto Assets’ at G20 Request
9.9.2023
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have published their synthesis paper titled “Policies for Crypto Assets,” which was developed at the request of the Indian G20 Presidency. The global organizations “have set out a roadmap to ensure effective...
Joint IMF and FSB Report Warns Against Total Crypto Bans
7.9.2023
A joint policy roadmap released by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) has cautioned against outright bans on cryptocurrencies.
The policy paper, commissioned by the G20 under India's leadership, has emphasized the need for comprehensive regulatory...
G20 Nations Actively Discussing Crypto Framework, Says Indian Finance Minister
6.9.2023
The G20 countries are actively discussing a global framework for crypto assets under India’s presidency, Finance Minister Nirmala Sitharaman has revealed. “India’s presidency has put on the table key issues related to regulating or understanding that there should be a framework...
India's Finance Minister Says Discussions Underway on Global Framework to Regulate Crypto Ahead of G20 Summit
5.9.2023
India’s Finance Minister Nirmala Sitharaman confirmed that discussions are underway on global crypto regulations ahead of the G20 summit.
India is all set to chair the upcoming G20 meeting between world’s most powerful countries later this week where crypto regulations is going to be one of...
India’s Prime Minister Calls for Global Crypto Framework With Focus on Unified Approach, Adoption, Democratization
28.8.2023
India’s Prime Minister Narendra Modi says crypto needs “a global framework and regulations.” He stressed: “The rapid pace of change of technology is a reality — there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach.”...