In a concerning cybersecurity breach, the official X (formerly Twitter) account of CoinSwitch, one of India’s leading crypto exchanges, was hacked on Wednesday during Asia’s noon hours. The attackers used the compromised account to promote a fraudulent Solana-based token, SWITCH, falsely claiming it as CoinSwitch’s native token set for trading
The crypto market has once again been swooned by WazirX’s latest update. The July 2024 hacked exchange is yet to set its fund recovery scheme into motion. Since the hack last year, the exchange has announced several steps and updates, but the lack of fund recovery has caused investors to
India’s New Crypto Tax Rules Bring Heavy Penalties India has begun strict new tax guidelines on the profits obtained from cryptocurrencies. Undisclosed gains will attract up to 70% penalties. This amendment is under Section 158B of the Income Tax Act as announced by Finance Minister Nirmala Sitharaman in the Union
Crypto Taxation is known to hold an element of obscurity from both taxpayers’ and national governments’ perspectives. This obscurity arises due to the lack of a definite approach to the process. The past year saw multitudes of nations navigating the sphere and producing Taxation laws as part of regulating the
India Should Act on Crypto Regulations Donald Trump is expected to announce new crypto rules soon. Sumit Gupta, CEO of CoinDCX, believes India must act quickly too. He warns that delays could cause India to lose innovation, talent, and value from crypto transactions. Gupta said high taxes and unclear policies
Indian Railways is offering NFT-based train tickets to the visitors of MahaKumbh Mela 2025 in association with Chaincode Consulting. Minted on the Polygon blockchain, these tickets bring the travel experience to life for millions who attend the most important Hindu pilgrimages. The MahaKumbh Mela, which takes place every 144 years
As many countries, including the United States, show growing support for cryptocurrency, India’s Ministry of Finance recently discussed its views on Decentralized Finance (DeFi), highlighting both its promise and the challenges it poses. In response to a question in the Rajya Sabha, Pankaj Chaudhary, Minister of State for Finance, acknowledged
India is losing significant revenue due to its current crypto taxes policies, as revealed in a report by the Esya Centre. The country missed out on ₹6,000 crore in taxes as crypto traders moved to foreign platforms. If the policies remain unchanged, India could lose an additional ₹17,700 crore over
The cryptocurrency sector faces regulatory discrimination on a daily basis and combating them isn’t a novelty. However, certain huge shifts may take us by surprise at first sight. For instance, in July, the US SEC’s approval of the spot ETH ETFs was entirely unexpected until a week before the approval.
A Singapore court recently granted a four-month moratorium to Indian crypto exchange WazirX, giving the company time to restructure its operations without facing legal challenges. Meanwhile, on October 18, the Delhi High Court heard a petition from investor Jaivir Bains, who urged action against WazirX for merging funds after a
