India | Crypto

Binance and WazirX face scrutiny as India investigates cross-border wallet flows and security risks. Globally, investigative agencies have been acting against illicit crypto funding. India’s Financial Intelligence Unit (FIU-IND) is investigating the global cryptocurrency exchange Binance and the Indian exchange WazirX, focusing on potential loopholes in cross-border digital asset transfers. The investigation is driven by concerns about unregulated wallet transactions linked to accounts from Pakistan. Authorities are particularly worried about activities near sensitive areas like Jammu and Kashmir, where such transfers could be used for illegal funding or money laundering. They are also investigating the funds sent from India to addresses located outside the country. Read more

Hashed Emergent’s Vishal Achanta told Cointelegraph that COINS Act aims to turn India from a “regulatory minefield” into a destination of choice for the crypto community. Web3 venture firm Hashed Emergent and policy advisory group Black Dot have released a model crypto law aimed at clarifying India’s regulatory framework for digital assets. Announced Monday, the Crypto-systems Oversight, Innovation and Strategy (COINS) Act offers a legislative blueprint to support a clearer, industry-led policy environment for crypto in India. The model law is non-binding and does not carry any legal effect unless formally introduced and passed by the Indian parliament.  Still, the framework offers policymakers a blueprint for crypto-related digital rights, including self-custody, protocol access and financial privacy. It also addresses key legal pain points in the country such as punitive taxation, regulatory uncertainty and the absence of a dedicated crypto regulator.  The model law recommends the creation of a new regulato...

As the US and others explore Bitcoin reserves, India faces a pivotal choice: Can BTC boost macro resilience and digital leadership? The global push for Bitcoin as a reserve asset is gaining speed, with the US leading the way by establishing a Strategic Bitcoin Reserve in January 2025. By March, an executive order was signed to begin structuring the reserve, signaling a shift in policy direction. The Strategic Bitcoin Reserve in the US will be funded by Bitcoin (BTC) confiscated from criminal activities and company bankruptcies. The Department of Justice (DOJ) and the US Marshals Service will manage these assets. This action demonstrates a strategic decision to treat Bitcoin as a long-term store of value, similar to digital gold, rather than a short-term asset.  Read more

A 30% tax on crypto profits in India is only part of the story. Traders face even bigger hurdles under the current tax regime. India’s Union Budget 2025 has made no changes in the existing tax rules for cryptocurrencies, maintaining the provisions of the Finance Act 2022 for virtual digital assets (VDAs) like Bitcoin (BTC) and Ether (ETH).  Under Section 115BBH of the Income Tax Act, profits from selling VDAs are taxed at a flat rate of 30%. You can deduct only the purchase cost, with no allowance for other expenses or losses. Read more

India and US negotiators have begun their latest round of trade talks in New Delhi, focusing on cutting farm and auto tariffs, quota-based concessions and a possible average 10% rate. Officials have said an announcement could come by late June as both sides work to meet Trump’s July 9 deadline. The post India U.S. Tariff Pact Races Toward 10% Deal Before Trump’s July 9 Deadline appeared first on Cryptonews.

The Reserve Bank of India is actively negotiating with central banks from 18 countries to explore cross-border payments using the digital rupee, aiming to boost foreign trade and reduce dependence on US dollar reserves. Domestically, challenges persist, including limited awareness, infrastructure and accessibility issues, security concerns and resistance to change The post India’s Central Bank to Introduce Features for Digital Rupee Pilot and Test Cross-Border Payment: Report appeared first on Cryptonews.

India’s central bank is scaling up its digital rupee pilots with new features like programmability and offline payments, aiming for broader financial inclusion. The Reserve Bank of India (RBI) is set to broaden the reach of its digital rupee pilots by introducing new use cases and features for both its retail and wholesale central bank digital currencies (CBDCs), according to the central bank’s Annual Report for 2024–25. The central bank said it aims to explore programmability and offline capabilities for the digital rupee, features that may increase its applicability in areas with limited internet access and tailor payments for specific use cases such as government subsidies or corporate spending controls. Currently, both versions of the CBDC are undergoing pilot testing. The retail CBDC pilot is being conducted with select customers and merchants through participating banks, while the wholesale pilot is targeting use in the interbank market. Read more

Bitcoin hovers at $107K amid BRICS de-dollarization, India's crypto tax cuts, and Block's BTC payments—setting the stage for a major breakout. The post Bitcoin Price Prediction: BTC Climbs to $107K as BRICS, India, and Block Fuel a Global Crypto Shakeup appeared first on Cryptonews.

India’s Supreme Court questioned the government’s failure to regulate cryptocurrencies despite taxing them, warning that Bitcoin and similar assets pose economic risks. India’s Supreme Court questioned the government’s lack of regulatory clarity on cryptocurrencies despite imposing taxes on digital assets like Bitcoin. According to the Indian legal news outlet LawChakra, the country’s Supreme Court expressed concern over the increasing use of Bitcoin (BTC) and other cryptocurrencies, which remain largely unregulated. “This is a whole parallel economy running with such coins, and it is a danger to the economy of the country,” Justice Surya Kant reportedly said during a recent hearing related to an ongoing investigation into a Bitcoin transaction. Read more

All the Coinbase customer service agents whom cybercriminals allegedly bribed to gain access to user data were based in India, according to Philip Martin. Coinbase has reportedly fired a group of customer support agents following their alleged involvement in social engineering attacks on users. The contracted agents were based in India. According to a May 15 Fortune interview, Coinbase's chief security officer, Philip Martin, said the company flagged customer support contractors who allowed scammers access to user data, suggesting they could be Indian nationals. The CSO’s comments came after some crypto users reeled from attempted phishing attacks using their Coinbase data, which the exchange estimated could cost them between $180 million and $400 million in remediation and reimbursement. Qiao Wang, a core contributor to Alliance DAO, said in a May 15 X post that he may have been a victim of one of these attacks. He said a scammer notified him his Coinbase account had been compromised, asked him to verify his...