Articles for Crypto Transactions

Cashing in on the bitcoin rally? Don’t forget your advance tax and reporting obligations
1 month, 1 week ago

Cashing in on the bitcoin rally? Don’t forget your advance tax and reporting obligations

Live Mint  

Bitcoin is in the news again, and its meteoric rise has set Indian traders abuzz, pushing the cryptocurrency to a record-breaking $89,828—up a remarkable 112% this year. With a 1% TDS deducted on sales of these virtual digital assets, transactions appear on Form 26AS, making unreported crypto income a potential tax pitfall. Gains from virtual digital assets must be included …

Indian Income Tax Pay Reported Mint Itr Gains
India's Financial Intelligence Unit Registers Over Two Dozen Crypto Service Providers
1 year ago

India's Financial Intelligence Unit Registers Over Two Dozen Crypto Service Providers

ABP News  

In a notable development for the Indian cryptocurrency sector, over two dozen digital currency service providers have registered with India's Financial Intelligence Unit. Here are some key case studies and developments: Enforcement Directorate's Proactive Measures India's Enforcement Directorate has been actively investigating several money laundering cases through cryptocurrencies. Regulatory Framework Strengthening India has subjected cryptocurrency trading to anti-money laundering laws, …

India Financial Money Laundering Money Cryptocurrency Service Cryptocurrencies
Chase UK will soon bar its customers from making crypto transactions due to an uptick in scams
1 year, 2 months ago

Chase UK will soon bar its customers from making crypto transactions due to an uptick in scams

Associated Press  

NEW YORK — Chase UK, JP Morgan’s British digital bank, says it will bar customers from making cryptocurrency transactions starting next month — citing an uptick in scams and fraud. From Oct. 16 onward, Chase customers will no longer be able to make crypto transactions using their debit card or through an outgoing bank transfer, the bank said Tuesday. “If …

Fraud Scams Crypto Bank Rpc Crypto Transactions Chase Uk
Ethereum Shanghai upgrade Shanghai Fork The Merge Stakes Unlocking Blockchain Network
1 year, 9 months ago

Ethereum Shanghai upgrade Shanghai Fork The Merge Stakes Unlocking Blockchain Network

ABP News  

After the successful completion of the Merge of the Ethereum main-net in September 2022, the Ethereum blockchain is expected to witness the Shanghai Upgrade sometime on April 12 this year. The Ethereum Shanghai upgrade, also known as 'Ethereum Shanghai Fork', is a series of changes and upgrade in the Ethereum blockchain network, scheduled to take place sometime in March or …

Blockchain Crypto Network Shanghai Read Merge Upgrade
European Union Reaches Agreement To Track Crypto Transactions Over 1,000 Euros
2 years ago

European Union Reaches Agreement To Track Crypto Transactions Over 1,000 Euros

ABP News  

The European Union countries have agreed to set a new limit on cash purchases in order to ensure stronger control of cryptocurrency transactions in the region. The EU has also agreed to establish that crypto transactions of over 1,000 Euros will be made to undergo proper scrutiny as well as checks and balances. All these will be applicable to the …

Europe Euros Read Transactions Crypto Dirty Money Crypto Transactions Cash Transactions
Finally, clarity coming soon on GST on crypto
2 years, 1 month ago

Finally, clarity coming soon on GST on crypto

Live Mint  

NEW DELHI : Clarity on applying goods and services tax on crypto or virtual digital assets appears to be around the corner, with the Central Board of Indirect Taxes and Customs working on an agenda paper on the topic. “CBIC has been asked to prepare an agenda paper on GST on crypto assets… While currently GST is being levied on …

Industry Tax Services Crypto Assets Rate Jain
Why India Needs A 'Green' Blockchain And What Needs To Be Done To Facilitate It
2 years, 2 months ago

Why India Needs A 'Green' Blockchain And What Needs To Be Done To Facilitate It

ABP News  

The recent Merge — where the Ethereum network officially switched over to a less-energy-consuming proof-of-stake model from a proof-of-work mechanism — has brought ‘green’ blockchain or sustainable blockchains under the spotlight. Poorvi Sachar, Head of Operations, Tezos India, told ABP Live, “In a country like India whose primary source of energy is fossil fuels, the use of ‘green’ blockchain technology …

India Energy Electricity Crypto Power Mining Bitcoin
Yellen calls for crypto regulation to reduce risks, fraud
2 years, 8 months ago

Yellen calls for crypto regulation to reduce risks, fraud

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen says more government regulation is needed to police the proliferation of cryptocurrency and ward off fraudulent or illicit transactions. It was Yellen’s first speech about cryptocurrency since President Joe Biden signed an executive order on digital assets in March. Biden’s cryptocurrency executive order urges the Federal Reserve to explore whether the central bank should …

Cryptocurrency Crypto Treasury Digital Assets Yellen Reduce Risks
Taxing cryptocurrency transactions
2 years, 11 months ago

Taxing cryptocurrency transactions

The Hindu  

Notwithstanding the eventual introduction of the Cryptocurrency and Regulation of Official Digital Currency Bill in Parliament, cryptocurrencies continue to proliferate. Although the Income Tax Act, 1961 does not specifically mention cryptocurrencies, it does cast a wide enough net to bring crypto transactions under its ambit. Even if one argues that crypto transactions do not fall under the above heads, Section …

Tax Information Cryptocurrency Crypto Income Cryptocurrencies Capital Gains
Government yet to take a view on regulating crypto advertisements: Sitharaman
3 years ago

Government yet to take a view on regulating crypto advertisements: Sitharaman

Live Mint  

The government is studying the guidelines of the However, Sitharaman did not say if the government plans to ban or regulate cryptocurrencies through the bill, which she said will be introduced once the Cabinet gives its clearance. “The Advertising Standards Council of India which governs all She was asked by Bharatiya Janata Party member of Parliament Sushil Kumar Modi if …

Tax Cryptocurrency Crypto Sitharaman Cryptocurrency Transactions
'Another NSEL Scam Is Brewing': Plea Before Bombay High Court Seeks Regulation Of Cryptocurrency Market In India
3 years, 1 month ago

'Another NSEL Scam Is Brewing': Plea Before Bombay High Court Seeks Regulation Of Cryptocurrency Market In India

Live Law  

A lawyer has filed a public interest litigation before the Bombay High Court, seeking directions to the Union of India for formulating a comprehensive mechanism to rectify the risks involved in the largely unregulated cryptocurrency market in India, including appropriate legislation and guidelines. The petitioner has approached the High Court to issue directions to the respondent state for formulating law/ …

India Trade Court Money Laundering Cryptocurrency Trading Coins