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
Shaktikanta Das, governor of India’s Reserve Bank (RBI), has emphasized the potential usefulness of the country’s digital rupee and restated his support for Central Bank Digital Currency (CBDC). Further, he reiterated his prior position on digital assets by praising the innovation and suggesting it may be used to circumvent certain
The Indian Enforcement Directorate (ED) has arrested four individuals in connection with a massive $47.6 million scam involving the Fiewin app. It lured users into online gambling and gaming with deceptive promises. Binance’s Financial Intelligence Unit (FIU) played a crucial role in tracing the funds associated with this fraudulent network.
A joint assessment by regional bodies, including the Financial Action Task Force (FATF), has urged India to enhance its regulation of virtual assets. The FATF’s recent report on India’s efforts to combat money laundering and terrorist financing reveals significant risks associated with domestic illegal activities, primarily fraud, cyber fraud, corruption,
The cryptocurrency community is still reeling from the shock of the Indian crypto exchange WazirX hack that happened on July 18, 2024. With a staggering loss of around $230 million, this incident has become the largest cryptocurrency hack of the year. As the company works towards recovery, WazirX hackers have
The WazirX exploit has been the talk of the community for the past two months. Having become the largest cryptocurrency hack in 2024, all eyes are set on the platform’s plans and actions for recovery. Meanwhile, the WazirX hack drew new attention in the market as exploiters made their first
Zettai Pte Ltd, the parent company of crypto exchange WazirX, held a town hall meeting today to address the ongoing restructuring process following a major $230 million (₹2000 crore) crypto hack. The company has announced that “it will take up to six months to complete this restructuring, during which users
