CRYPTO REMITTANCES
Client services for client state: Trump's reset with Pak is marked by a transactional, short-horizon foreign policy
Pakistan has been extremely useful to the US. Its defence minister Khawaja Asif asserted that they had been fighting America’s dirty wars for 30-odd years. From a strategic perspective, it’s well-known that the US has been helping Pakistan to keep India ‘occupied’, while they get a geographic toehold near Iran and China.
Filing ITR for FY2024-25? Mistakes in HRA claims, capital gains tax calculation are among 7 errors to avoid
Taxpayers stand to benefit from a 45-day extension for filing returns due to significant ITR form changes in Budget 2024. However, errors can crop up despite online filing improvements, ranging from incorrect forms to misreporting income. Avoiding these mistakes, like neglecting AIS/Form 26AS reconciliation or HRA claim errors, is crucial to prevent penalties and ensure accurate tax computation.
Banks' 'blind faith' in valuer's word comes under test: Cross-border payments in for more scrutiny
A recent ruling questions banks' reliance on CA certificates for cross-border payments, potentially increasing scrutiny of outward remittances. The appellate tribunal SAFEMA criticized HDFC Bank for blindly accepting a valuation report in a JP Morgan deal. This decision could force banks to more rigorously examine financial documents, impacting individuals, businesses, and professionals involved in foreign exchange transactions.
From Sceptics to Believers: Propelling Cryptocurrency Acceptance in India
India, home to over 100 million crypto users, is at a crossroads between scepticism and leadership in the global cryptocurrency space. To drive nationwide acceptance, experts call for a clear regulatory framework, crypto literacy, real-world use cases, institutional partnerships, and a compliance-first approach. Proactive efforts can position India as a global leader in the evolving digital finance ecosystem.
Is the GENIUS Act an answer to Stablecoin regulation in the US? All about first-of-its-kind cryptocurrency legislation
The US Senate has advanced the GENIUS Act, a bipartisan bill aimed at regulating stablecoins, with a 66-32 vote. This significant step towards formal oversight of the digital asset space establishes a regulatory framework for stablecoin issuers. The legislation seeks to balance consumer protection and innovation in the rapidly growing stablecoin market, now approaching $250 billion.
Pakistan strikes deal with Trump family-backed crypto venture
Despite being newly established, the PCC hosted a high-profile delegation from the WLF, led by co-chairman Zachary Witkoff, son of Steve Witkoff, a known associate of Donald Trump. The delegation, which included other WLF executives, was welcomed by senior officials of the Pakistani government.
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AE Coin set to transform UAE's financial landscape with Dirham-backed stablecoin
The UAE is set to launch AE Coin, a fully regulated, dirham-backed stablecoin under Central Bank oversight. Aimed at enhancing financial inclusion and digital payments, AE Coin supports the UAE's blockchain-driven economic goals, backed by key institutions to ensure transparency, security, and global investor confidence.
Trump-backed crypto venture partners with Pakistan Crypto Council to boost blockchain adoption
Pakistan Crypto Council and World Liberty Financial signed key agreements to boost crypto investment and innovation in Pakistan. Supported by top officials, the partnership aims to advance blockchain, stablecoins, and decentralised finance. The move positions Pakistan as a rising player in digital finance, ahead of expected crypto legalisation policies.
WhiteBIT expands horizons: Launch of cryptocurrency exchange in Australia strengthens global market position
WhiteBIT, Europe's leading cryptocurrency exchange by traffic, has launched its platform in Australia, registering with AUSTRAC. This move aims to tap into the growing Australian demand for digital assets, offering fast and secure transactions with a range of trading tools. WhiteBIT is focused on expanding its product line and adhering to regulatory standards.
Canada Revenue Agency (CRA) cracks down on tax audits: Are you at risk for HST, Crypto, or Foreign asset scrutiny?
Canada Revenue Agency (CRA) audits are increasing, focusing on key areas like HST builder audits, foreign exchange gains, offshore assets, cryptocurrency transactions, and the platform economy. With nearly 96,000 audits conducted last year, taxpayers need to stay compliant to avoid hefty penalties. The CRA is targeting real estate transactions, digital income sources, and undeclared foreign assets. If you’re earning from crypto, gig work, or investments, the CRA is watching. Understanding tax rules and reporting accurately can save you from trouble. Read on to learn how to stay ahead of CRA audits this tax season.
Why India needs a strategic cryptocurrency reserve, before it’s too late
You’re at a dinner gathering. You know, the kind where arguments break out over everything from politics to sports. Then someone, usually the "finance guy" of the group, leans in and says, "If only we had bought Bitcoin 10 years ago."
Forex remittances worth Rs 50,000 crore under ED scanner
Delhi-based entity made illegal sale of cryptocurrencies, sent proceeds to Hong Kong and Canada. Bank officials too being probed for leaking info, helping accused. The agency has carried out searches on residences of one of the suspects, Manideep Mago, and his company, Birfa IT Services.
The evolution of money and the pivotal role of fiat-to-crypto onramps
The emergence of cryptocurrency in the early 21st century has given rise to fiat-to-crypto onramp solutions which have played a critical role in wider adoption of cryptocurrencies, such as Bitcoin and USDT, allowing people to enter the crypto world using their native fiat currency.
View: Priorities of India's G20 presidency for the financial sector
While rapid digitalisation of the financial sector in recent years has helped in realising benefits in terms of improved financial inclusion and consumer convenience, and achieving cost efficiencies, it has the potential to pose risks to financial stability. Recognising these contrasting impacts, prior to the G20 finance ministers and central bank governments meeting on February 23-25 in Bengaluru, the Indian G20 presidency has prioritised working on regulatory reforms to make the digital financial system more efficient, secure, stable and people-centric.
MENA region emerges as world's fastest-growing crypto adopter -study
While the Middle East and North Africa region is one of the smallest crypto markets, its growth to $566 billion received in cryptocurrency between July 2021 and June 2022 shows adoption is rising rapidly
Over 7% Indians owned cryptocurrency in 2021: UN trade body
UNCTAD highlighted that the use of cryptocurrencies globally, including the developing countries, has increased exponentially during the COVID-19 pandemic.
ED investigating WazirX for allowing Rs 2,790 crore of remittance to unknown wallets
The investigation has revealed that the Indian cryptocurrency exchange Wazirx, operated by Zanmai Labs Private Limited in India, was using the walled infrastructure of Cayman Island-based exchange BINANCE, Chaudhary said in a written reply.
Want to invest in cryptos during bear market? Have a look at these segments
Bharat Vivek, Co-founder and COO, Kassio, said investors can look at yield-based crypto products, which give users a fixed per cent interest earning on their crypto holdings. Such products will gain more popularity going ahead, he said.
View: Will cryptos be goods or money under GST framework?
Given that cryptocurrencies can arguably meet the criterion of being 'moveable property', they could well qualify as 'goods' under the Central Goods and Services Tax (CGST) Act, 2017. To fall under the category of 'money', cryptos need to fall under one of these items: Indian legal tender, foreign currency, and electronic remittance.
Indians sent $2 billion abroad in September, some for a few cryptos more
As per analysts' speculation, there is a possibility that the remitted money under any permissible LRS head, could be subsequently used for any purpose including the purchase of cryptos.
Many Indian expats turn to crypto to remit money
Industry trackers say that the way Indians are warming up to crypto assets as well as decentralised finance, remittances through crypto assets is only set to grow, especially because transferring smaller amounts can be expensive through the traditional services.
Facebook's India problem; Groww valuation triples to $3B
A series of damning reports on Friday and Saturday, based on internal company documents, showed that Facebook is aware its platforms are used to spread inflammatory content in India but has done little to combat the problem.
Many Indian expats turn to crypto to remit money
Industry trackers say that the way Indians are warming up to crypto assets as well as decentralised finance, remittances through crypto assets is only set to grow, especially because transferring smaller amounts can be expensive through the traditional services.
Crypto exchanges see a spurt in remittances from the Middle East, US
In most cases remittances are being done through less volatile crypto assets that are pegged to other currencies
Crypto-tech industry to grow to $241 million in India by 2030: Nasscom
The crypto-tech market in India has the potential to create over 800,000 jobs and an economic value-add of $184 billion by 2030 in the form of investments and cost savings, according to the ‘Crypto Industry in India’ report.
Remittance costs key to take-up of Salvadoran Bitcoin plan: Development bank
President Nayib Bukele's congressional allies have already approved legislation giving the cryptocurrency official currency status alongside the U.S. dollar, a first in the world. The move takes effect in September.
ICICI Bank shuts the LRS door for crypto traders
India's largest private sector bank ICICI is telling customers remitting funds to invest abroad to give a declaration that the money will not be used to buy Bitcoin or other cryptocurrencies.
Remittance firms slow to add Bitcoin, despite El Salvador move
In a move that could be a harbinger of crypto becoming a more popular way to send money across borders, El Salvador on Wednesday became the first country to adopt bitcoin as a parallel legal tender.
Is India about to miss the bus in leveraging cryptocurrency?
A move by the country in favour of cryptos would attract global attention and support from the world’s financiers and technologists can put the country on the forefront of the rapidly evolving industry.
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