The post Ten Cryptocurrencies to Watch Out for in 2022 first appeared on Corp India News.
]]>Cryptocurrencies have exploded in popularity, and this market is currently the most lucrative one, and thus, many investors have started trading in this, taking advantage of unpredictable swings in their prices. But, it can be difficult for those who haven’t entered this market yet to decide how to enter it with such high prices. In addition, knowing which cryptocurrency to buy can be challenging as there are thousands of well-established tokens in the crypto markets. To help you out with this, we have come up with a list of top cryptocurrencies to watch out for in 2022 in this article.
1. Bitcoin
Bitcoin is undoubtedly the king of cryptocurrencies ruling the entire market for years. Often regarded as volatile due to many abrupt price drops, Bitcoin is still worth adding for those who can afford it because it consistently rises to higher levels than its previous peaks. Moreover, as per the experts, Bitcoin is a smart bet for long term holding thanks to its global appeal and high liquidity. Bitcoin runs on a blockchain like the other cryptocurrencies, a network of thousands of computers that verifies transactions in real-time without interference from intermediaries.
2. Ethereum (ETH)
Ethereum (ETH) is the second-largest digital token in the world behind Bitcoin, with a market capitalization of about $500 billion. Further, many financial experts believe it has a higher potential than bitcoin because of its widespread use with decentralized apps. In addition, it uses an open-source, public blockchain, enabling the end-user to run a custom code with its innovative contract feature. This platform potentially revolutionizes many industries by offering dApp developers, which is a medium to build their projects and implement smart contracts. Over the past few years, its constant growth has intrigued investors to purchase and trade more.
3. Lucky Block (LBLOCK)
Another top pick for 2022 to keep an eye on is Lucky Block (LBLOCK), which seeks to revolutionize the lottery industry. This platform uses blockchain technology to improve standard lottery systems. Users can purchase lotto tickets using the platform’s native token LBLOCK, and the entire process is digitized and fair. Another fantastic feature of the Lucky Block roadmap is that there will be no jurisdictional restrictions on who can play its lottery games. Using Lucky Block, one can make pay-outs much faster and execute multiple prize draws every day. This revolutionary cryptocurrency currently has a total market capitalization of more than $200 million with its high popularity.
4. Shiba Inu (SHIB)
Shiba Inu (SHIB) is another new cryptocurrency that shot to fame in the past year with some of the enormous gains ever seen in the market. It is also one of the best-performing and most inexpensive crypto assets. Crypto investors keep high hopes for SHIB as the token has already exploded to a multi-billion dollar top-20 digital asset by market capitalization. Moreover, they consider it one of the most promising cryptocurrencies with hype on social media.
5. Stellar (XLM)
Stellar is another worthy choice for those who want to buy cryptocurrency this year. Its native cryptocurrency is the Lumen (XLM), and the network allows fast payments to be sent anywhere with low fees, regardless of the currency worldwide. In addition, it is designed with an open network for storing and moving money, allowing people to create, trade, and send digital money. This year, it is one of the best choices as it significantly alters the traditional banking system.
6. Cardano (ADA)
Cardano is lauded as an environment-friendly and more sustainable cryptocurrency. It aims to avoid the mining process’s energy-intensive parts, and its open-source blockchain network does have excellent prospects. Additionally, its system is designed by experts with a technology called Ouroboros, a peer-reviewed blockchain protocol. Thus it gives a safer option giving it a superiority over other blockchain networks. It also allows owners to stake coins and create their validator nodes.
7. Decentraland (MANA)
The next one up on the list is Decentraland. It has its cryptocurrency token, called MANA. Decentraland offers a 3D virtual world hosted on the blockchain. Users can create their characters, communicate with other players, buy land, and build real estate with the MetaVerse-Esque gaming platform. All game items are structured as NFTs, and one can monetize in-game exploits through the marketplace. Its value has increased in leaps and bounds over the past year. This cryptocurrency is expected to expand with stellar price gains with the expansion of Metaverse in 2022.
8. Binance Bitcoin
Binance coin (BNB), backed by the world’s largest exchange, is amongst the best cryptocurrencies for trading in 2022 with its increasing popularity. Most crypto exchanges accept BNB, and it is the third most valuable cryptocurrency in the world. In addition, BNB lets users of Binance reduce trading commissions through two independent blockchain networks, Binance Chain and the Binance Smart Chain. Because of this, the overall circulating supply is reduced, increasing the value of the token.
9. Dogecoin
Dogecoin (DOGE) was created as a meme or parody of cryptocurrency. Nonetheless, it is still very famous for its constant price jumps. Moreover, many crypto investors are betting on DOGE with Tesla CEO Elon Musk’s constant tweets and TV appearances mentioning Dogecoin in 2021.
10. Solana (SOL)
Last but not least, the final cryptocurrency with great potential is Solana (SOL), approaching as a significant rival to Ethereum. Thanks to its smart contracts technology, it has experienced a tremendous surge in 2022. In addition, SOL has an efficient blockchain and a unique hybrid of proof-of-stake and proof-of-history mechanisms. Thus, it processes transactions quickly and securely.
This article has summarized numerous cryptocurrencies that have exceptional price potential. Yet, cryptocurrencies are highly unregulated and risky, and there may not be any regulatory alternative for any loss from such transactions. Therefore, for investing in such a market, you should conduct thorough research and even take guidance from a professional financial expert for decision making. Nevertheless, after more than a decade of growth and maturation, the cryptocurrency market offers various benefits if strategized well. Hence determine your investment goals for 2022 and see how cryptocurrency could fit into them.
The post Ten Cryptocurrencies to Watch Out for in 2022 first appeared on Corp India News.
]]>The post Crypto Transactions may attract GST for Indian and foreign Exchanges first appeared on Corp India News.
]]>As per the report, the tax department is currently scrutinising how exchanges that allow trading in India manage their cryptocurrency float and whether there is any element or any transaction where GST could apply.
Why is the government eager to levy tax on exchanges?
Only the big crypto exchanges in India have actual cryptocurrencies on their books. In contrast, most others buy from foreign entities that primarily hold a large chunk of cryptocurrencies.
Hence, such crypto exchanges that depend on foreign entities get these digital assets transferred to their accounts before offering them to traders and investors.
Some other exchanges tend to match trades between buyer and seller, while either the buyer or seller is based outside of India.
Lastly, many crypto exchanges that fall short of assets exchange crypto assets individually and record such transactions as transfers.
Therefore, the tax department is considering putting such transactions under GST.
“Various exchanges have different mechanisms to procure cryptocurrencies that are traded in India. So the government could look to define all the transactions even involving exchanges that could attract GST,” said Gaurav Mehta, founder of Catax, a cryptocurrency tax consultancy firm.
In a similar pattern, in 2017, the government had investigated top executives and promotors of crypto exchanges on their business model. The authorities wanted to understand how to tax the revenues from the exchanges.
This development also comes when there is regulatory ambiguity around cryptocurrency. The government had levied a 30 per cent tax on gains from selling cryptocurrencies and one per cent TDS on every transaction.
Hence, the government has been scrutinising whether to regulate these digital currencies and develop a regulatory framework over the past years.
The post Crypto Transactions may attract GST for Indian and foreign Exchanges first appeared on Corp India News.
]]>The post Top Crypto bourses to stay away from IPL first appeared on Corp India News.
]]>By then, it was very difficult for IPL governing council and BCCI to find sponsors for the event as most the industries and companies were facing huge losses due to pandemic. The event, instead of April 2020, it started in August 2020 and the Cricket betting app, Dream 11 replaced the Chinese brand, Vivo and became the Title Sponsor. Even in IPL 2021, none of the Indian brand showed interest in being Title Sponsor and the Chinese mobile brand, Vivo was brought in back.
However, during both the IPL seasons in pandemic era, it was observed, that all the major cryptocurrency exchanges of India spent heavily on ads during IPL live matches. It’s important to note that in 2021, CoinDCX, WazirX, and CoinSwitch Kuber as well as other top crypto trading platforms, had collectively spent approximately Rs 90 crore on TV advertising for the IPL and T-20 World Cup. Out of these, a whopping Rs 40 crore was spent by Crypto exchanges in IPL 2021. India.
But this year, the scene is going to be different. The top cryptocurrency exchanges in India such as CoinDCX, WazirX, CoinSwitch Kuber, and many more, have collectively decided to not advertise in the forthcoming 15th edition of the Indian Premier League (IPL), three people familiar with the development said.
Nischal Shetty went on to say that the decision to not advertise during IPL was taken by the Blockchain and Crypto Assets Council (BACC), which has currently more than two dozen crypto exchanges and crypto-related companies as members. BACC is a part of the Internet and Mobile Association of India (IAMAI).
Cryptocurrencies such as Bitcoin and Ethereum have gained a lot of traction in the last one year as a result of massive ad spending during sports events like the IPL and cricket World Cup. These advertisements have successfully increased the visibility and awareness of cryptocurrency as an asset class. According to Ashish Singhal, CEO and Co-founder, CoinSwitch Kuber, the platform’s registrations increased fourfold following the IPL campaign in 2021.
As the official title sponsor, CoinDCX has sponsored the inaugural ICC World Test Championship Final as well as several T20 cricket series, including the India-Sri Lanka T20I series. On the other hand, CoinSwitch Kuber is an associate sponsor for IPL on Disney+ Hotstar and is on SonyLiv for cricket tournaments.
The post Top Crypto bourses to stay away from IPL first appeared on Corp India News.
]]>The post Crypto users will be charged 30% taxes on Digital Assets from April first appeared on Corp India News.
]]>As per the founder of WazirX, with almost ten million users, India’s Crypto market amounted to $100 billion in trading volume in 2021. Hence, the new tax regime will yield $100 million additional income tax year for the government.
30% tax on ‘Digital Assets’
Indian Government categorically listed cryptocurrencies as ‘Virtual Digital Assets’ and made a provision of 30 per cent tax on the profit earned from same. So if a crypto user sells a cryptocurrency, making a profit of Rs 100, he will have to pay Rs 30 as taxes.
Crypto-currencies in possession will not be taxed until sold at a profit. Hence, the rise in crypto prices will not affect until sold and will be counted as income from the relevant year. Additionally, crypto-based prizes and gifts will also be liable for 30 per cent tax.
1% TDS on every transaction
Moreover, the government has mandated one per cent tax deducted at source (TDS) on every crypto-transaction, whether at profit or loss, to be deducted by whichever crypto-exchange is used for the trade.
So if a user sells who sells crypto worth Rs 100 at Rs 90, he will be charged 90 paise as TDS. However, the amount deducted as TDS will be refunded on filing yearly tax returns.
Other provisions
Crypto traders who earn income solely on trading crypto-assets can show their earnings as business income, but they will not be able to claim deductions on business expenses.
Also, the government will not allow crypto-users from showing crypto profits as capital gains plus surcharge.
What about Crypto Mining?
The government is contemplating over bringing cryptocurrency mining under goods and services tax (GST) while it also wants to make crypto trade on foreign crypto exchanges subject to GST.
The post Crypto users will be charged 30% taxes on Digital Assets from April first appeared on Corp India News.
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