As the Income Tax Department of India reportedly considers taxing crypto traders and crypto exchanges soon, experts believe investors should rest assured. According to ET Now’s report, the tax department, which operates under India’s Ministry of Finance, has signaled interest to tax crypto earnings through trade and exchanges. However, the sources claim that the move will not entitle cryptocurrencies to a valid asset class position. Speaking to Cointelegraph, Indian entrepreneur Nischal Shetty, CEO of WazirX crypto exchange, said that getting clarity on crypto-related Goods and Services Tax (GST) will help in identifying the asset class of cryptocurrencies: “It’s a no-brainer …

To celebrate the holiday season in India, cryptocurrency exchanges are looking to lure retail traders by launching aggressive marketing campaigns and giving away crypto. For this year’s Hindu holiday season, which kicked off on Sept. 10, crypto exchanges are encouraging citizens to choose Bitcoin as a gift instead of their traditional choice this time of year — gold. Sathvik Vishwanath, the co-founder of the popular crypto exchange Unocoin, told the Economic Times that if approached right, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.” The exchange …

A fintech firm from Pune, India has launched a blockchain-based registry system named RealX that allows Indian citizens to purchase fractional ownership in properties. A report from The Economic Times states that RealX has partnered with Tripvillas, a holiday home rental service, to blend ownership of holiday properties in accordance with usage and yield. Tripvillas will also be responsible for managing the basket of holiday properties intended for co-investment. According to RealX chief operating officer and co-founder Neera Inamdar, the COVID-19 pandemic was a key driver for the platform’s launch, as the real estate market’s instability concerned both property developers …

United States-based cryptocurrency exchange CrossTower is expanding operations to India despite the ongoing legal uncertainty over local crypto regulation. CrossTower has set up a local division in India and launched a cryptocurrency trading platform to capture the growing multi-billion-dollar market, Reuters reported Monday. CrossTower India has already onboarded 35 employees and is looking to expand its team to 100 people in the next six to nine months. With $7.6 million in daily trading at the time of writing, CrossTower expects its Indian exchange to contribute to its plans to expand further across the world. “India will play a pivotal role …

A former deputy governor of the Reserve Bank of India (RBI) has spoken out about the nation’s financial and crypto ecosystem and stated that digital assets need to be accepted. Speaking at the inaugural Hodl 2021 virtual conference organized by the Blockchain and Crypto Assets Council of the Internet and Mobile Association of India on Tuesday, Rama Subramaniam Gandhi said that crypto could be used for payments for economic activities, but he sees them more as an asset class. The regulatory situation in India remains unclear, with bills and legislation still being mulled by politicians. Earlier this month, the government …

India’s recent past has been tumultuous on the cryptocurrency front, yet the local industry is nonetheless rumored to be on the verge of producing another crypto unicorn. According to an unconfirmed report published Tuesday, sources allegedly familiar with the matter have claimed that crypto exchange CoinSwitch Kuber is in the “advanced stages of talks” for a fresh financing round that would see the platform valued at $2 billion. That’s close to twice the valuation of the country’s first crypto unicorn: Rival crypto exchange CoinDCX had raised $90 million in a Series C funding round this summer at a valuation of …

The Reserve Bank of India (RBI) could commence preliminary central bank digital currency (CBDC) trials before the end of the year. Speaking to CNBC on Thursday, RBI governor Shaktikanta Das said that the central bank was “being extremely careful” in its handling of a potential digital rupee, even as its counterparts around the world have been exploring their own sovereign digital currencies. According to Das, the RBI’s focus is on examining the potential impact of a digital rupee on India’s financial sector, with issues such a monetary policy control high on the agenda. On the technical side, the RBI governor …

Mumbai-based crypto exchange CoinDCX has reportedly joined the Advertising Standards Council of India (ASCI). In what seems like a response to the Delhi High Court’s notice regarding ad disclaimers from crypto exchanges, CoinDCX intends to use this partnership to improve advertising transparency and stay off the radar of the Indian regulators. ASCI is a non-governmental, self-regulatory organization that claims to favor consumer interests and protection. On Aug. 10, CoinDCX became the first crypto business in India to reach unicorn status. Citing the partnership with ASCI, CoinDCX CEO and co-founder Sumit Gupta envisions that the move “will boost confidence” among Indian …

Xiaomi India, the subcontinent’s branch of the major mobile phone manufacturer, is interested in the cryptocurrency industry but needs regulatory clarity from the government. The firm’s managing director, Manu Jain, said in an interview with The Economic Times, “We will want to wait for all the regulatory things. Of course, crypto is an area, which is extremely interesting, and is the biggest buzzword and is doing exceptionally well. But, we would want to understand more on the regulation side.” Jain’s latest remarks come after the company’s financial service business returned to growth in 2021, seeing a 35% year-on-year surge in …

Bitcoin (BTC) rewards company GoSats has launched a new cashback rewards card for customers in India, potentially setting the stage for wider mainstream adoption of digital assets in the world’s second-most populated country. The new product is being introduced in partnership with the National Payments Corporation of India, also known as NPCI, which is a not-for-profit organization dedicated to promoting digital payments and settlement systems across the country. The organization was founded in December 2008 and is an initiative of the Reserve Bank of India. The GoSats rewards card, which is accessible through mobile app and browser extension, allows users …

India’s regulatory uncertainties have not affected the investor’s sentiment toward crypto as the latest data from crypto exchanges suggests a rising influx of users. Binance-owned Indian crypto exchange WazirX reported 2,648% growth to date in user signups from smaller cities across India, also known as tier-II and tier-III cities, which can host up to 100,000 citizens. The Mumbai-based exchange reported: “Tier-II and tier-III cities have driven almost 55% of total user signups on WazirX in 2021.” The data also highlighted a rise in the number of female investors and enthusiasts across the country. Out of all the signups attributed to …

Mumbai-based crypto exchange CoinDCX has raised $90 million in a Series C funding round, becoming the first crypto business in India to reach unicorn status. According to an announcement, the funding round was led by B Capital Group and saw participation from returning investors including Block.one, Coinbase Ventures, Polychain and Jump Capital. Following the investment round, CoinDCX reached a valuation of $1.1 billion, placing the company among crypto giants such as Binance and Ripple. CoinDCX CEO Sumit Gupta said the firm will use the new funds on business initiatives, adding: “We will be joining hands or enter into partnerships with …