Cryptocurrency News Live: 1 Percent TDS On Crypto Investments Come Into Effect In India
Cryptocurrency News Live: Follow this page for the latest updates on major cryptocurrency and NFT news from India and around the world.
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Background
Cryptocurrency still remains a mystical subject for many keen investors in India. While cryptos are slowly gaining recognition from investors and regulators alike, with countries and leading brands adopting it as an official tender, there are still a sizeable number of people who wish to invest in crypto, but aren't able to closely track breaking and developing news in the sector, which will help them take note of price movements, major sell-offs, and announcements of new blockchain-based developments.
The ABP Live news blog is here to help. From major market losses to noteworthy declarations, follow this live blog to stay updated with all the latest happenings in the world of crypto.
While there are many cryptocurrencies to explore, Bitcoin (BTC) is the most popular as it is the world's oldest and most valued crypto coin. As of July 1, Bitcoin price stood at $19,415.54, as per CoinMarketCap data. At the time of writing, the global market cap of the crypto market stood at $870.93 billion, registering a 2.29 percent dip in the past 24 hours.
While cryptocurrency is unregulated in India, cryptocurrencies are clubbed under virtual digital assets (VDAs). Under the new tax regime that went into effect on April 1 this year, VDAs attract taxation of 30 percent on gains. On top of that, a TDS of 1 percent will be applied on top of that.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
Crypto Investments Face 1 Percent TDS In India, Industry Players Say 'Wait And Watch'
As the Reserve Bank of India (RBI) further tightens its stand on cryptocurrencies, the 1 percent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies came into effect from Friday. The 1 percent TDS will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, according to the Section 194S in the I-T Act (as per the Finance Act, 2022).
Crypto Assets To Be Traced By EU To Prevent Money Laundering, Terror Financing
The European Union (EU) lawmakers have passed a new legislation for tracing transfers of crypto assets like Bitcoin in the same way as traditional money transfers to prevent money laundering, terrorist financing, and other crimes. The negotiators reached a provisional deal on a new bill aiming to ensure that crypto transfers can always be traced and suspicious transactions blocked.
Chhattisgarh: Accounts Of Three Chinese Nationals Frozen By Binance In Crypto Fraud
Cryptocurrency trading wallet accounts registered in the name of three Chinese nationals, containing Rs 4 crore, were frozen by cryptocurrency exchange Binance, following a request by the police in Chhattisgarh's Rajnandgaon district in connection with a fraud, an official said on Friday.
Coinbase Provides Software To US Immigration And Customs Enforcement Agency To Help Track Crypto Transactions
Cryptocurrency exchange Coinbase has provided sophisticated tools to the US Immigration and Customs Enforcement (ICE) agency to help it track transactions across Bitcoin, Ether and other cryptocurrencies. According to a report in Intercept, Coinbase sold an analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36 million the next month.
Crypto Theft: North Korean Hackers Stole $100 Million From Harmony Blockchain Bridge
Cyber-security researchers have linked North Korea-backed notorious Lazarus Group with stealing $100 million worth digital tokens from Harmony, the crypto startup behind Horizon Blockchain Bridge. The Lazarus Group has perpetrated several large cryptocurrency thefts totalling over $2 billion, and has recently turned its attention to Decentralised Finance (DeFi) services such as cross-chain bridges, according to London-based blockchain analysis provider Elliptic.
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