Brazilian Nationals Get New Visa Crypto – Latest news headlines

Hong Kong-based digital asset exchange has begun issuing Visa crypto cards for its users in Brazil. Users applying for and receiving the cards will not be charged any monthly, annual, or ATM withdrawal fees, the company has said. Unlike normal Visa credit cards that offer a line of credit, these crypto Visa cards are prepaid in nature and need to be recharged using fiat or cryptocurrencies. These cards can convert all the tokens of the decentralised finance (DeFi) protocol stored in them into the respective market’s currency, which can then be used for purchases and ATM withdrawals.

“The Visa Card offers up to 8 percent back on spending, LoungeKey airport lounge access, and 100 percent subscription rebates for Spotify, Netflix, and Amazon Prime,” the asset exchange company wrote in a blog post announcing the expansion.

Brazilian nationals will have to clear an approval process after having applied for the card. As soon as the clearance comes through, users will be issued a virtual card that would be usable before the physical card arrives.

The crypto Visa card that is currently available in the US, Europe, the UK, Canada, and Singapore, is entering Brazil perhaps amid crypto adoption picking pace there.

In October, Brazilian cab-hailing major 99 enabled the sale and purchase of Bitcoin via its digital wallet app 99Pay.

In Fact, earlier this week, Brazilian parliamentarian Luizão Goulart proposed a bill to legalise cryptocurrency as a form of payment for workers in the public and private sectors.

If the bill does get cleared, Brazil could become only the second country to approve Bitcoin as legal tender, after El Salvador went through with the process in September.

Earlier this week, the overall valuation of the crypto market reached the $3 trillion (roughly Rs. 2,22,79,296 crore) mark, as per market research tracker, CoinGecko.

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Latest News Today – Crypto Exchange Binance Hit By Criminal Complaint From

Trading volumes at the exchange in June were $662 billion

Thailand’s financial watchdog filed a criminal complaint against cryptocurrency exchange Binance on Friday for operating a digital asset business without a licence, the latest in a string of crackdowns on the platform by regulators globally. Thailand’s Securities and Exchange Commission (SEC) said in a statement that Binance had been operating a digital asset business “in the category of a digital asset exchange” without a licence. In Thailand, only licensed firms are allowed to provide services related to digital asset trading, the SEC said

The Commission had warned Binance over its activities in a letter in April but received no response, it said, leading it to then file a criminal complaint with the Thai police. A Binance spokesperson declined to comment specifically on the Thai complaint, saying it takes a collaborative approach to working with regulators and takes its compliance obligations seriously.

Britain’s financial watchdog last week barred the company, one of the world’s biggest exchanges, from carrying out regulated activities in the country. Japan’s regulator said last week Binance was operating in the country illegally, while Germany’s watchdog said in April it risked being fined for offering tokens connected to stocks. In May, Bloomberg reported Binance was under investigation by the U.S

Justice Department and Internal Revenue Service. The complaint filed in Thailand by the SEC is the start of a criminal procedure, with a police investigation possibly leading to a recommendation to a public attorney who has authority for prosecution, the Commission said

The offence carries a penalty of two to five years imprisonment, a fine of 200,000-500,000 baht ($6,200-15,500), and a further daily fine of up to 10,000 baht for every day the contravention continues, it added. Trading volumes at the exchange in June were $662 billion, up almost ten-fold from July 2020, according to data from CryptoCompare

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Latest News Today – As Crypto Market Crash Continues, Is Buying the Dip the

The cryptocurrency market has always been speculative and volatile, but the recent, steep crash after a massive bull run has led many to become extremely cautious while investing in the digital assets. At the same time, others are doubling down and advising people to “buy the dip” and hold their tokens for maximum gains. But one Reddit user has compiled a list from January 2018 to show that only 12 digital assets from the top 100 in 2017 ever regained their previous all-time highs. The user advised investors to “do research” when deciding what to hold for the long term.

The user, who identified as ‘shineyumbreon’, listed the names of the digital currencies that regained their peak value. The list included Bitcoin (price in India), Ether (price in India), Binance Coin, and Dogecoin (price in India); with a rider for the last one being that its value increased because of Tesla CEO Elon Musk’s push.

“As for the others, not only did they never reach previous all-time highs, they didn’t even get close. Except for a couple of exceptions, every single project is still at least 60 per cent down from the all-time highs,” the user posted on Reddit.

Citing his own example, he said he was among those who “got burnt” in 2017 because he blindly followed someone’s advice and held all his coins. Recently, he added, when he saw more and more people telling new investors to “simply hold through this” crash, he decided to show them a “different perspective to holding”.

“It only works if you’re holding the correct projects. In 2017, you had 11 per cent chance of buying correct projects if you only picked ones from the top 100,” the user explained in his post, adding that people investing in cryptocurrencies should “do serious research” when picking the right coins to hold through what potentially looks like an upcoming bear market.

The post has been upvoted 93 per cent and received more than 100 comments, with most users saying the crypto they are holding is on the list posted by ‘shineyumbreon’.

“This is a great post. Hodl strategies only work with a few serious crypto projects,” said a Reddit user named ‘ellersh7623′.

“I’m going to save this list for the next bull run! This should be pinned to the top of CryptoCurrency,” said RamHead04.

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Latest News Today – How to Show Crypto Earnings While Filing Returns On

Crypto investors are now not sure how they should file their ITR in absence of a clear guideline

The government recently extended the deadline for filing income tax returns for the financial year 2020-21 to September 30. According to the Income Tax Act, a person, who has an annual income of more than Rs 2.5 lakh or who has received a payment on which tax was deducted at source, needs to file an ITR, disclosing all earnings. But cryptocurrency investors are now not sure how they should file their ITR in absence of a clear guideline to classify earnings from the virtual currencies.

After the Supreme Court lifted RBI’s ban on cryptocurrencies, many Indians began investing in this speculative market with an aim to make a windfall during bull runs of Bitcoin, Dogecoin and others in the recent past. Some of them must have earned handsomely, but how these earnings can be disclosed is now becoming a task for them.

According to Section 2(14) of the Income-Tax Act, 1961, a capital asset is any kind of property held by a person, whether or not connected to his business or profession. So, taxation experts believe, gains from cryptocurrencies too are taxable.

If they are, then these gains can be classified as either capital gains or business income. This classification will decide which tax return form an assessee should file and how much tax will be levied on the income. Income from cryptocurrencies can also be highlighted under ‘Income from Other Sources’ while filing the ITR.

The calculation of tax levied on cryptocurrencies will take into account the period of holding. If investors hold cryptocurrencies for 36 months or more, the gains could be taxable as long-term capital gains, and less than 36 months, it would be short-term capital gains.

Short-term capital gains are taxable according to the slab rates applicable to a taxpayer, but long-term capital gains are taxed at a flat rate of 20 per cent. For individuals who have capital gains or business income from cryptocurrencies, ITR-2 and ITR-3 should be the relevant forms for filing tax returns.

However, a lack of clarification on crypto taxation may result in disputes and it’s better to consult your tax advisor before you disclose your crypto earnings on ITR forms.

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Latest News Today – Bitcoin, Ethereum Plunge As Sell-Off Smashes Crypto

Bitcoin dropped 54 per cent from a record high of $64,895 hit on April 14.

Bitcoin and ether tumbled on Wednesday to 3-1/2 month lows, on track to post their largest one-day loss since March last year, in the wake of China’s move a day ago to ban financial and payment institutions from providing cryptocurrency services. At one point during the meltdown, nearly $1 trillion was wiped off the cryptocurrency’s market capitalization. In late morning trading, the market cap was at $1.65 trillion, according to data tracker

Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from China sent it further down, It hit a 3-1/2-month low of $30,066.

The cryptocurrency has dropped 54 per cent from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018. “Bitcoin’s sharp price drop should come as no shock to the market,” said Gavin Smith, chief executive officer of crypto consortium Panxora.

“Any asset which has risen as much as bitcoin over the past year can be expected to have pullbacks as some investors withdraw profits, like we’re currently seeing. While often a brilliant investment opportunity, traders must remember that Bitcoin is still an emerging asset class and will continue to experience large price swings,” he added.

Bitcoin’s decline whacked other crypto assets, with Ether, the coin linked to the ethereum blockchain network, dropping to $1,850, its weakest level since late January. It was last down 26 per cent at $2,497. Since hitting a record high on May 12, ether has plummeted 57 per cent.

Meme-based dogecoin also tumbled – losing nearly 26 per cent to $0.35, according to Coingecko. Shares in the crypto exchange Coinbase dropped 7.4 per cent on Wednesday. Coinbase’s share price has nearly halved from the peak hit on the day of its direct listing in April.

Tesla Inc. also fell, down 3.8 per cent at $555.83. Cryptocurrency price declines last week were sparked by Musk’s reversal on Tesla accepting bitcoin as payment. His subsequent tweets caused further confusion over whether the carmaker had shed its holdings of the coin.

China’s announcement on Tuesday banning financial institutions and payment companies from providing services related to cryptocurrency transactions exacerbated selling. China also warned investors against speculative crypto trading.

“The crypto markets are currently processing a cascade of news that fuel the bear case for price development,” said Ulrik Lykke, executive director at crypto hedge fund ARK36. Some cryptowatchers, however, predicted more losses ahead, noting the fall below $40,000 represented a breach of a key technical barrier that could trigger more selling.

A “widespread deleveraging” was sweeping through cryptocurrency markets, said Saxo Bank’s chief investment officer, Steen Jakobsen, calling the selloff deeper and more widespread than earlier episodes.

Inflation Hedge?

Investors may also be exiting bitcoin for gold, analysts at JPMorgan said, citing positioning data compiled on basis of open interest in CME bitcoin futures contracts. This shows “the steepest and more sustained liquidation” in bitcoin futures since last October, they told clients, adding that it pointed to “continued retrenchment by institutional investors”.


Bitcoin below $40,000 on May 19
Photo Credit: Reuters

The crypto asset selloff at a time when inflation fears are rising hurts the idea of the asset class as an inflation hedge. Instead, more traditional hedges have been gaining ground, with gold up almost 6% this month.

The recent selloff in bitcoin and other digital currencies has sent market capitalisation of all cryptocurrencies to $1.7 trillion, down from the $2.5 trillion record hit earlier this month. 

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As govt eyes regulation, fate of Indian crypto owners hangs | Hyderabad News

HYDERABAD: With the Centre taking note of the rising investor interest in cryptocurrency and likely to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, the fate of nearly seven million cryptocurrency owners in India hangs in balance.
The proposed Bill could halt the juggernaut of cryptocurrency, which had gained traction in 2020, in India, fear industry experts. This especially as Union minister of state for finance and corporate affairs Anurag Thakur has already said the government will explore usage of Blockchain technology for ushering in a digital economy but reiterated government’s stance that it does not consider cryptocurrency as legal tender and will take measures to eliminate use of crypto-assets in financing illegitimate activities.

Kunal Pande, partner, KPMG India, said many countries have allowed use of cryptocurrencies while setting up mechanisms to monitor them. “The proposed Bill is a step towards ushering in a regulatory framework. However, it would be important to understand how the model proposed in the Bill coexists with other models being used across the world in this highly interconnected digital global economy,” he added.
He said variety of approaches have been taken by countries in realm of cryptocurrencies such as stablecoin, which are backed by assets and reduce volatility. “India can learn from these countries and consider allowing other models like asset-backed cryptocurrencies, decentralized cryptocurrencies with safeguards rather than banning it completely as it may lead to migration of Indian cryptocurrency users to such setups in other countries,” he added.
Sumit Gupta, CEO and co-founder of one of the largest cryptocurrency exchanges in India, CoinDCX, said globally, cryptocurrencies such as Bitcoin are considered a public cryptocurrency, owing to their public nature whereby participants can verify transactions in transparently. “Since the essence of cryptocurrency is to move towards a decentralized financial ecosystem, meaning no individual or organization can control it, banning them is practically impossible,” he said. He added RBI has indicated it may be exploring coming out with India’s own CBDC (Central Bank Digital Currency), like other countries, such as UK, Canada, Japan, Singapore, Hong Kong which are already at an advanced level of development while they explore possibility of use cases such as cross border payment option.
Rahul Pagidipati, CEO, ZebPay, said, “We think a ban is unlikely, but if it happens, we’ll do everything within the law to help our members manage their funds. Wealthy crypto owners probably will move their crypto to a foreign account or cold storage wallet. Regular folks may not be able to do.” He pointed out that they would actively pursue dialogue with the government to persuade them to replace any ban with positive regulation.
Mukul Shrivastava, partner forensic & integrity services, EY India, said banning cryptocurrency may not be a good idea. It is important to look at aspects like robust KYC norms, traceability or taxation with regards to cryptocurrency to boost confidence of users. He said in India, where many vulnerable citizens fall for fraudulent emails or calls, perils of cryptocurrency are high and adequate safeguards are important.

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Amend Income Tax, GST Laws To Accommodate Crypto | Sidnaz Blog

Budget 2021: A proper recognition for cryptocurrency can accelerate its contribution to the GDP

Budget 2021: Considering the ambiguity among investors pertaining to the tax applicability for the income earned from crypto trading, the upcoming budget should bring in amendments in the Income (I-T) Tax and GST laws to offer more clarity to investors, traders, and crypto organizations, stated Mr Sumit Gupta, CEO, and Co-Founder, CoinDCX, one of the country’s largest cryptocurrency exchange. In order to tackle anti-money laundering or AML and other funding concerns, the government should consider a formal direction to exchanges to follow the virtual assets guidelines of the financial action task force (FATF), he explained. 

As several companies related to cryptocurrency are setting up base in the country, the crypto industry seeks foundation and recognition. A proper recognition can accelerate its contribution to the gross domestic product (GDP) as well as the rate of employment. It may create a trust factor among retail investors and institutional players. My Gupta added that recognising crypto as a tradable commodity will be a significant relief.

Cryptocurrency has been emerging as one of the fastest-growing digital assets across the world it has witnessed steady traction in India after the Supreme Court lifted the banking ban. It has also generated massive interest from investors in the country.


Meanwhile, yesterday on January 21, cryptocurrency bitcoin slipped 10 per cent, to a 10-day low, retreating further from its peak record highs, as traders expressed concerns of tighter US regulation. The world’s most popular cryptocurrency was last up 4.14 per cent at $32,439.6. Bitcoin lost nearly a quarter since achieving a record $42,000 on January 8, 2021 continuing its broader bull run. the bull run was witnessed since October 2020 as investors’ sentiment weighed in on the virtual currency’s inflation hedging qualities and potential for quick gains.

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