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FM Claims Access to WhatsApp Messages Led to Seizure of Crypto Worth Rs. 90 Crore
This week in Parliament, Finance Minister Nirmala Sitharaman stated that encrypted communication channels are being misused for financial crimes like money laundering and tax evasion. She revealed that authorities were able to seize over Rs. 90 crores in crypto assets from a syndicate thanks to access to WhatsApp messages.
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Crypto Trading Booms in India's Smaller Cities as Job Growth and Incomes Disappoint
Many young Indians are dabbling in crypto trading to supplement their regular income in the world's most populous country where jobs and pay increases have lagged world-beating economic growth. Nearly two-thirds of its 1.4 billion people are below the age of 35, according to a government report.
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Income Tax Bill 2025 Clarifies Virtual Digital Asset Definition, Includes NFTs: Key Details
The Income Tax Bill 2025 classifies any cryptographically generated code, number, or token representing inherent value as part of the country's VDA ecosystem.
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RBI Governor Says Crypto Discussion Paper Will Clarify India’s Stance on Virtual Assets; Industry Reacts
RBI Governor Sanjay Malhotra stated that the upcoming crypto discussion paper, being prepared under the Finance Ministry’s oversight, will provide clarity on the future of crypto assets in India. However, he did not specify a timeline for its release.
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Budget 2025: Crypto Industry Seeks Digital Asset Innovation, Simple Tax Structure and More
The Union Budget for 2025 is set to be announced on February 1. Apart from reiterating the need for a revision in crypto tax rates, Indian crypto firms have asked the government to prioritise steps that keep the country in competition with other regions, especially with regard to emerging technologies.
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French Investigators Open Fraud Probe Against Crypto Platform Binance
French authorities have launched a judicial investigation into Binance for money laundering, tax fraud, and other charges. Binance, the world's largest cryptocurrency exchange, denies the allegations. The Paris public prosecutor's office's economic and financial crime section (JUNALCO) stated the probe involves money laundering related to drug traf...
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IMF Urges Kenya to Align Crypto Regulations with Global Standards
In a recently released 43-page Technical Assistance Report, the IMF has advised Kenya to align its crypto guidelines with global policies. The report outlines key areas for enhancing safety and regulation in the country's crypto sector.
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Russia Approves Tax Bill on Cryptocurrency Transactions Amid BTC Boom: Details
Recently, the Federation Council, the Upper House of the Russian Parliament, approved a new bill that outlines the taxation framework for cryptocurrencies. This bill classifies virtual digital currencies as property.
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Crypto Taxes Generated $78 Million in Kenya, Authorities Target Over $460 Million
Between 2023 and 2024, the Kenya Revenue Authority collected taxes from 384 digital asset dealers. Over the next five years, the KRA aims to raise KES 60 billion (roughly $464 million) from participants in Kenya’s Web3 ecosystem.
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Bitcoin Price Nears $90,000 After US President-Elect Donald Trump's Victory: What's Fuelling the Optimism Around Crypto
Bitcoin created its third all-time high in the past week, surging past $89,900 (roughly Rs. 75.9 lakh) in the last 24 hours, amid an ongoing surge spurred by Donald Trump's victory in the recently concluded US Presidential elections. Here's why investors are optimistic about US President-elect Donald Trump's return to the White House in January ...
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UAE Scraps Value Added Tax on Crypto Transactions, Binance Foresees Rapid Growth in Web3 Businesses
The UAE has exempted some crypto transactions from value added taxes (VAT). This essentially means that the five percent VAT that the UAE previously levied on crypto transfers and conversions now stands cancelled. This move is being implemented retrospectively covering crypto transactions from as far back as January 1, 2018.
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Japan Crypto Review May Open Door to Lower Taxes, Dedicated ETFs
Japan's Financial Services Agency in coming months will assess whether the current approach of regulating crypto under the payments act is adequate, an official at the agency said, asking not to be identified in line with the institution’s rules.
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Sweden Classifies Some Crypto Exchanges as ‘Professional Money Launderers’
Sweden has classified some crypto exchange service providers as professional money launderers claiming that crypto exchanges are often used by criminals to launder proceedings from all types of crimes via cryptocurrency. Sweden blames crypto exchanges for playing a crucial role in maintaining the criminal economy while also harbouring underground b...
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Japan’s Financial Regulator May Cut Crypto Tax, Encourage Investors to Engage with VDAs
In Japan, crypto-generated earnings are currently taxed between 15 and 55 percent. However, authorities are considering reducing this tax rate to a flat 30 percent for corporate investors and 20 percent for individual investors in FY 2025.
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IMF Says Crypto Industry's Carbon Footprint Rising; Officials Mull Tax Surge to Curb Emissions
IMF officials have raised concerns about the crypto sector's carbon emissions and are considering whether a tax increase on crypto mining could help reduce its carbon footprint. In a blog post, the officials suggested that an 85 percent tax hike on power usage by crypto miners could potentially cut the sector's annual emissions by an estimated 100 ...
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FM Claims Access to WhatsApp Messages Led to Seizure of Crypto Worth Rs. 90 Crore
This week in Parliament, Finance Minister Nirmala Sitharaman stated that encrypted communication channels are being misused for financial crimes like money laundering and tax evasion. She revealed that authorities were able to seize over Rs. 90 crores in crypto assets from a syndicate thanks to access to WhatsApp messages.
-
Crypto Trading Booms in India's Smaller Cities as Job Growth and Incomes Disappoint
Many young Indians are dabbling in crypto trading to supplement their regular income in the world's most populous country where jobs and pay increases have lagged world-beating economic growth. Nearly two-thirds of its 1.4 billion people are below the age of 35, according to a government report.
-
Income Tax Bill 2025 Clarifies Virtual Digital Asset Definition, Includes NFTs: Key Details
The Income Tax Bill 2025 classifies any cryptographically generated code, number, or token representing inherent value as part of the country's VDA ecosystem.
-
RBI Governor Says Crypto Discussion Paper Will Clarify India’s Stance on Virtual Assets; Industry Reacts
RBI Governor Sanjay Malhotra stated that the upcoming crypto discussion paper, being prepared under the Finance Ministry’s oversight, will provide clarity on the future of crypto assets in India. However, he did not specify a timeline for its release.
-
Budget 2025: Crypto Industry Seeks Digital Asset Innovation, Simple Tax Structure and More
The Union Budget for 2025 is set to be announced on February 1. Apart from reiterating the need for a revision in crypto tax rates, Indian crypto firms have asked the government to prioritise steps that keep the country in competition with other regions, especially with regard to emerging technologies.
-
French Investigators Open Fraud Probe Against Crypto Platform Binance
French authorities have launched a judicial investigation into Binance for money laundering, tax fraud, and other charges. Binance, the world's largest cryptocurrency exchange, denies the allegations. The Paris public prosecutor's office's economic and financial crime section (JUNALCO) stated the probe involves money laundering related to drug traf...
-
IMF Urges Kenya to Align Crypto Regulations with Global Standards
In a recently released 43-page Technical Assistance Report, the IMF has advised Kenya to align its crypto guidelines with global policies. The report outlines key areas for enhancing safety and regulation in the country's crypto sector.
-
Russia Approves Tax Bill on Cryptocurrency Transactions Amid BTC Boom: Details
Recently, the Federation Council, the Upper House of the Russian Parliament, approved a new bill that outlines the taxation framework for cryptocurrencies. This bill classifies virtual digital currencies as property.
-
Crypto Taxes Generated $78 Million in Kenya, Authorities Target Over $460 Million
Between 2023 and 2024, the Kenya Revenue Authority collected taxes from 384 digital asset dealers. Over the next five years, the KRA aims to raise KES 60 billion (roughly $464 million) from participants in Kenya’s Web3 ecosystem.
-
Bitcoin Price Nears $90,000 After US President-Elect Donald Trump's Victory: What's Fuelling the Optimism Around Crypto
Bitcoin created its third all-time high in the past week, surging past $89,900 (roughly Rs. 75.9 lakh) in the last 24 hours, amid an ongoing surge spurred by Donald Trump's victory in the recently concluded US Presidential elections. Here's why investors are optimistic about US President-elect Donald Trump's return to the White House in January ...
-
UAE Scraps Value Added Tax on Crypto Transactions, Binance Foresees Rapid Growth in Web3 Businesses
The UAE has exempted some crypto transactions from value added taxes (VAT). This essentially means that the five percent VAT that the UAE previously levied on crypto transfers and conversions now stands cancelled. This move is being implemented retrospectively covering crypto transactions from as far back as January 1, 2018.
-
Japan Crypto Review May Open Door to Lower Taxes, Dedicated ETFs
Japan's Financial Services Agency in coming months will assess whether the current approach of regulating crypto under the payments act is adequate, an official at the agency said, asking not to be identified in line with the institution’s rules.
-
Sweden Classifies Some Crypto Exchanges as ‘Professional Money Launderers’
Sweden has classified some crypto exchange service providers as professional money launderers claiming that crypto exchanges are often used by criminals to launder proceedings from all types of crimes via cryptocurrency. Sweden blames crypto exchanges for playing a crucial role in maintaining the criminal economy while also harbouring underground b...
-
Japan’s Financial Regulator May Cut Crypto Tax, Encourage Investors to Engage with VDAs
In Japan, crypto-generated earnings are currently taxed between 15 and 55 percent. However, authorities are considering reducing this tax rate to a flat 30 percent for corporate investors and 20 percent for individual investors in FY 2025.
-
IMF Says Crypto Industry's Carbon Footprint Rising; Officials Mull Tax Surge to Curb Emissions
IMF officials have raised concerns about the crypto sector's carbon emissions and are considering whether a tax increase on crypto mining could help reduce its carbon footprint. In a blog post, the officials suggested that an 85 percent tax hike on power usage by crypto miners could potentially cut the sector's annual emissions by an estimated 100 ...
