Frequently asked questions on Financial Intelligence Unit – India (FIU-IND) Reporting on FINGate 2.0 Portal Here are the frequently asked questions related to Financial Intelligence Unit – India reporting on the FINGate 2.0 Portal: What Is FIU-IND Reporting? FIU-IND Reporting is a platform used by different entities registered under various laws to share information and data with direct …
Big Blow to Crypto Industry as WazirX Falls Victim to $235 Million Hack Mumbai-based crypto exchange WazirX has reportedly lost approximately $230 million due to a hack. The breach was identified by Lookchain, a third-party blockchain explorer, which revealed that more than 200 cryptocurrencies were stolen. These included: 43 billion SHIB tokens Over 15,200 Ethereum …
What Possible action can be take by Indian regulators on using offshore platforms? It is needed to understand the implications of specific notices issued by the FIU or other regulatory bodies, it’s essential to closely monitor developments in the regulatory environment and consult with legal experts or industry professionals familiar with Indian cryptocurrency regulations. It’s …
How are Digital Currency different from Virtual Digital Assets? Even if it is a crypto, a currency is only a currency if it is issued by a central bank. Conversely, anything outside of that is referred to as cryptocurrency by everyone, although it is not a currency. These are known as Virtual Digital Assets. Indian …
WHAT ARE THE CHALLENGES IN CRYPTOCURRENCY? Indian economy is having regulatory uncertainty and lacking in respect to cryptocurrency accounting and taxation. The Indian government, with its holistic approach, is ignoring the blockchain cryptocurrency which can indeed be the century’s biggest revolution, due to their differential fundamentals. To consider cryptocurrency regulation in India, RBI made extensive …
India’s Requirement for Proper Regulation of NFT’s & Crypto Market The world is moving away from traditional currencies and toward electronic versions, particularly virtual currency. Non-fungible tokens, often known as NFTs, are a modern technology-based token that are prominent in today’s markets. NFTs are digital assets with a distinct identity that are interchangeable with other …
Digital Currency & Virtual Digital Assets What are means of Virtual Digital Assets? Finance bill 2022 defined the term “virtual digital asset” by entering a new clause (47A) under the income tax According to proposed new clause under the definition of a a virtual digital asset is proposed to mean any information or code or No or …
Prime Minister Narendra Modi chairs crucial meeting over cryptocurrency According to the Press Trust of India, which cited anonymous government sources, Prime Minister Narendra Modi chaired a critical discussion on the future of cryptocurrencies and related concerns on November 13, 2021. According to official sources, Prime Minister Narendra Modi held a High-Level meeting on the …
Guidance on major concerns in crypto is asset protection, tax exemption & financial privacy which needed guidance: TAXATION ASPECTS OF BITCOIN Many economists have gained interest regarding the taxation of Bitcoin as it becomes quite challenging to take out the related data and thereby, formulate a policy for its taxation. In India, as well, the …
Introduction Firstly, an investor needs to have a source to buy cryptocurrencies. This can either be done through cryptocurrency exchanges or other service providers like PayPal. In order to explore management tools read about choosing the right cryptocurrency exchange here. After selecting the appropriate exchange, the investor will also require a cryptocurrency wallet to …