The Congress on Friday asked whether the US' Federal Bureau of Investigation (FBI) is in India to investigate an alleged "Bitcoin scam" which the party had accused the BJP government in Karnataka of covering up last year.
Congress' chief spokesperson Randeep Surjewala alleged that the layers of the alleged "Bitcoin Scam" are finally being unearthed.
"Let India's HM (Home Minister Amit Shah) & CM (Basavaraj) Bommai answer– Is FBI in India to investigate India's biggest Bitcoin Scam Coverup under Karnataka BJP Govt? If so, release details of the investigation & suspects, including political people?" How many Bitcoins were stolen and of what value, and who in Karnataka is involved, Surjewala asked.
He also asked Shah and Bommai to answer if the stolen bitcoins were transferred from the wallet of alleged hacker Sri Krishna.
"Whether the 'Whale Alerts' reflecting the transfer of the 14,682 stolen Bitfinex bitcoins valued at Rs. 5,240 crores on the two dates- 1st December 2020 & 14th April, 2021, when Sri Krishna was in custody- has any correlation?" he asked in a series of tweets.
"What is the role and responsibility of the Chief Minister, Shri Basavaraj Bommai (who was the Home Minister in charge at the relevant time) and others in the State Government? "Why was Interpol not informed? Why did the BJP Government wait for over five months up till 24th April 2021 to write to Interpol and that also after the release of Sri Krishna on 17th April, 2021?" he asked.
Surjewala also questioned whether the NIA/SFIO/ED were not informed by the Karnataka BJP Government.
At a press conference last year, AICC general secretary in-charge Karnataka Surjewala had alleged that the size of the Bitcoin scam could be much bigger because just on two days on December 1, 2020 and April 14, 2021 illegal transactions worth Rs 5240 crore took place.
He had posed a series of questions to Prime Minister Narendra Modi and asked what was the role of Karnataka Chief Minister Bommai, who was the state's home minister when the alleged scam took place.  Accusing the Congress of playing politics on the alleged bitcoin scam issue, Chief Minister Bommai had last year asked the opposition party to give documents, if any, to investigating agencies.

Congress asks Amit Shah: is FBI in India to investigate India's Bitcoin scam 

((SURJEWALLA-CUT OUT GFX&nbsp;TEXT-- Is FBI in India to investigate India's biggest Bitcoin Scam Coverup?)) This question posed by the Congress to the Narendra&nbsp;Modi&nbsp;govt has put spotlight back on the bitcon&nbsp;scam that unfolded in BJP-ruled&nbsp;Karnataka.&nbsp; 
Congress' chief spokesperson Randeep Surjewala alleged that the layers of the alleged "Bitcoin Scam" are finally being unearthed. In a series of tweets he asked... ((CUT OUT GFX&nbsp;OF TWEET WITH TEXT&nbsp;Is FBI in India to investigate India's biggest Bitcoin Scam Coverup under Karnataka BJP Govt? If so, release details of the investigation &amp; suspects, including political people?" How many Bitcoins were stolen and of what value, and who in Karnataka is involved)) --- home minister Amit&nbsp;Shah and Karnataka&nbsp;CM Basavaraj&nbsp;Bommai to spell out the details of investigation in to what he called the biggest bitcoin&nbsp;scam coverup&nbsp;under the BJP&nbsp;government in Karnataka.&nbsp;
He also asked Shah and Bommai to answer if the stolen bitcoins were transferred from the wallet of alleged hacker Sri Krishna.
 The Congress leader asked about the alleged&nbsp;role and responsibility of the Chief Minister,&nbsp;Bommai&nbsp;who was the Home Minister in charge when the scam unfolded why did the BJP&nbsp;government wait for over five months to write to Interpol.
At a press conference last year, AICC general secretary in-charge Karnataka Surjewala had alleged that the size of the Bitcoin scam could be much bigger because just on two days on December 1, 2020 and April 14, 2021 illegal transactions worth Rs 5240 crore took place.
Accusing the Congress of playing politics on the alleged bitcoin scam issue, Chief Minister Bommai had last year asked the opposition party to give documents, if any, to investigating agencies.

Accusing the Congress of playing politics on the alleged bitcoin scam issue, Chief Minister Bommai had last year asked the opposition party to give documents, if any, to investigating agencies.

The Congress on Friday asked whether the US' Federal Bureau of Investigation (FBI) is in India to investigate an alleged "Bitcoin scam" which the party had accused the BJP government in Karnataka of covering up last year.
Congress' chief spokesperson Randeep Surjewala alleged that the layers of the alleged "Bitcoin Scam" are finally being unearthed.
"Let India's HM (Home Minister Amit Shah) &amp; CM (Basavaraj) Bommai answer&ndash; Is FBI in India to investigate India's biggest Bitcoin Scam Coverup under Karnataka BJP Govt? If so, release details of the investigation &amp; suspects, including political people?" How many Bitcoins were stolen and of what value, and who in Karnataka is involved, Surjewala asked.
He also asked Shah and Bommai to answer if the stolen bitcoins were transferred from the wallet of alleged hacker Sri Krishna.
Also Watch|&nbsp;<a href="https://www.editorji.com/business-news/india-has-no-plans-to-recognise-bitcoin-as-a-currency-fm-sitharaman-1638186864855" target="_blank">India has no plans to recognise Bitcoin as a currency: FM Sitharaman</a>
"Whether the 'Whale Alerts' reflecting the transfer of the 14,682 stolen Bitfinex bitcoins valued at Rs. 5,240 crores on the two dates- 1st December 2020 &amp; 14th April, 2021, when Sri Krishna was in custody- has any correlation?" he asked in a series of tweets.
"What is the role and responsibility of the Chief Minister, Shri Basavaraj Bommai (who was the Home Minister in charge at the relevant time) and others in the State Government? "Why was Interpol not informed? Why did the BJP Government wait for over five months up till 24th April 2021 to write to Interpol and that also after the release of Sri Krishna on 17th April, 2021?" he asked.
Surjewala also questioned whether the NIA/SFIO/ED were not informed by the Karnataka BJP Government.
At a press conference last year, AICC general secretary in-charge Karnataka Surjewala had alleged that the size of the Bitcoin scam could be much bigger because just on two days on December 1, 2020 and April 14, 2021 illegal transactions worth Rs 5240 crore took place.
He had posed a series of questions to Prime Minister Narendra Modi and asked what was the role of Karnataka Chief Minister Bommai, who was the state's home minister when the alleged scam took place.&nbsp; Accusing the Congress of playing politics on the alleged bitcoin scam issue, Chief Minister Bommai had last year asked the opposition party to give documents, if any, to investigating agencies.

Crypto tax in India: Made a killing investing in Bitcoin, Ethereum or Shiba Inu? Well, now, there are taxing times as the Government of India will levy a 30% tax on all your crypto gains from April 1, 2022.
As per Finance Minister Nirmala Sitharaman's Union Budget 2022 announcement, gain on digital assets including cryptocurrencies like Bitcoin, Ethereum, Shiba Inu, etc will be taxed flat at 30%.
Also, there will be a 1% TDS and gift tax under certain conditions that shall be paid by the receiver of the digital asset as a gift. The provisions related to 1% TDS will come into effect from July 1, 2022.
Infrastructure costs incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as a deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary has said. Also, loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA, Chaudhary said.
Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes.
The 30% tax plus applicable cesses and surcharge of 15% on income above Rs 50 lakh will have to be paid on income from cryptocurrencies, Revenue Secretary Tarun Bajaj had said in February.

Crypto like bitcoin, ethereum, shiba inu, doge coin to be taxed at 30% in India | Explained

Crypto tax in India

Crypto&nbsp;investments will attract a 15% surcharge over 30% tax if income goes beyond Rs 50 lakh&nbsp;in a year.

Crypto tax in India: Made a killing investing in Bitcoin, Ethereum&nbsp;or Shiba&nbsp;Inu? Well, now, there are taxing times as the Government of India will levy a 30% tax on all your crypto&nbsp;gains from April 1, 2022.
As per Finance Minister&nbsp;Nirmala&nbsp;Sitharaman's Union Budget 2022 announcement, gain on digital assets including cryptocurrencies like Bitcoin, Ethereum, Shiba&nbsp;Inu, etc&nbsp;will be taxed flat at 30%.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-heist-top-5-blockchain-thefts-of-all-time-1648633725093" target="_blank">Crypto heist: top 5 blockchain thefts of all time</a>
Also, there will be a 1% TDS and gift tax under certain conditions that shall&nbsp;be paid by the receiver of the digital asset as a gift.&nbsp;The provisions related to 1% TDS will come into effect from July 1, 2022.
Infrastructure costs incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as a deduction under the Income Tax Act, Minister of State for Finance Pankaj Chaudhary has said.&nbsp;Also, loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA, Chaudhary said.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/personal-finance/big-tax-changes-from-april-1-here-are-the-latest-updates-1648713680377" target="_blank">Big tax changes from April 1: Here are the latest updates</a>
Income tax return forms from next year will have a separate column for making disclosures on gains made from cryptocurrencies and paying taxes.
The 30% tax plus applicable cesses and surcharge of 15% on income above Rs 50 lakh will have to be paid on income from cryptocurrencies,&nbsp;Revenue Secretary Tarun Bajaj&nbsp;had said in February.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1637728858155" target="_blank">Crypto Bill: A look at how the world is regulating cryptocurrencies</a>

The latest news on April 4 from the world of business, crypto, markets. From a mega merger to a super app, From soaring markets to burning fuel prices here are the details: 
Merger MondayHDFC to merge into HDFC Bank, stocks see biggest intraday gain since 2009. Merged entity likely to be third biggest company on Dalal Street as India’s top housing financier merges with India's largest private bank. Merger ration set at 42:25 for HDFC shareholders. Nifty @ 18,000Bank Nifty surges with HDFC twins takes Nifty back to 18,000 for the first time since Jan 2022 & Sensex reclaims 60,000. Barring realty, all indices traded firm, with bank and financial services leading.Fuel Price Hikes 12th hike in under a month for petrol, diesel prices as the gauge went up again by 40 paise across the country. The total hike now amounts of Rs 8.4/litre. CNG prices also hiked sharply by Rs 2.5 per unit in Delhi. Crypto CornerUS market regulator, the Securities and Exchange Commission (SEC) – urged local companies that provide crypto services to disclose the associated risks with such operations to clients. The agency warned investors to be utterly cautious when delving into the asset class as they could experience a financial loss.'Neu' Pitch From Tata Salt-to-software conglomerate Tata Group is planning to launch is much-awaited super-app on 7 April. The House of Tata has been advertising the app on the IPL pitch ahead of it's launch. The company has already made the app available on the Play Store for android users, but it will be operational on April 7
 

Business News Live: Top 5 market headlines on April 4

The latest news on April 4 from the world of business, crypto, markets. From a mega merger to a super app, From soaring markets to burning fuel prices here are the details: 

Mega Monday Merger: HDFC&nbsp;twins to become one, bulls rejoice

The latest news on April 4 from the world of business, crypto, markets. From a mega merger to a super app, From soaring markets to burning fuel prices here are the details:&nbsp;
<h3>Merger Monday</h3>
HDFC&nbsp;to merge into HDFC&nbsp;Bank<a href="HDFC%20and HDFC Bank announce mega merger; details here" target="_blank">,</a> stocks see biggest intraday gain since 2009. Merged entity likely to be third biggest company on Dalal Street as&nbsp;India&rsquo;s top housing financier merges with India's largest private bank. Merger ration set at 42:25 for HDFC&nbsp;shareholders.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/hdfc-hdfc-bank-merger-what-this-mega-move-means-for-shareholders-customers-1649050027709" target="_blank">HDFC, HDFC Bank merger: What this mega move means for shareholders, customers</a>
<h3>Nifty @ 18,000</h3>
Bank Nifty surges with HDFC&nbsp;twins takes Nifty back to 18,000 for the first time since Jan 2022 &amp;&nbsp;Sensex reclaims 60,000.&nbsp;Barring realty, all indices traded firm, with bank and financial services leading.
<h3>Fuel Price Hikes&nbsp;</h3>
12th hike in under a month for petrol, diesel prices as the gauge went up again by 40 paise across the country. The total hike now amounts of Rs 8.4/litre. CNG prices also hiked sharply by Rs 2.5 per unit in Delhi.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/petrol-diesel-price-12th-hike-on-monday-latest-rates-in-delhi-mumbai-1649038931649" target="_blank">Petrol &amp; diesel price: 12th hike on Monday; latest rates in Delhi, Mumbai</a> Crypto&nbsp;Corner
US market regulator, the Securities and Exchange Commission (SEC) &ndash; urged local companies that provide crypto services to disclose the associated risks with such operations to clients. The agency warned investors to be utterly cautious when delving into the asset class as they could experience a financial loss.
<h3>'Neu' Pitch From Tata&nbsp;Group</h3>
Salt-to-software conglomerate Tata Group is planning to launch is much-awaited super-app on 7 April. The House of Tata&nbsp;has been advertising the app on the IPL pitch ahead of it's launch.&nbsp;The company has already made the app available on the Play Store for android users, but it will be operational on April 7
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/sri-lanka-crisis-why-dynasty-politics-and-rajpaksas-are-being-blamed-1649048985285" target="_blank">Sri Lanka crisis: Why dynasty politics and Rajpaksas are being blamed</a>

April 1 latest business news as we kick off the new fiscal year, the market braces for a volatile ride with Russian stand-off continuing and foreign flows staying on the sideline as price hikes stake centre stage. Here are the top news for the dayOil Wars: Russia to shut, US opens floodgatesKremlin Chief signs a decree asking EU to pay for gas in Rubles or Moscow will shut the pipeline. Price of natural gas spikes but oil prices plunge as Biden&nbsp;ups the game and&nbsp; announces a mega release of crude from of the Strategic Petroleum Reserve.The Fuel FeedPetrol, Diesel prices take a breather as Aviation Fuel, Commercial LPG&nbsp;prices and prices of domestically produced gas see sharp increase. Fuel for airlines hit record high after seventh hike, price of domestically produced gas is doubled.&nbsp;CNG, Pipe Gas price pressureGovt has given the nod for domestic gas producers to double their price to customers, who are largely CNG, PNG providers and the fertilizer industry.&nbsp;Crypto CornerTax on digital assets kicks off today, 30% flat tax on gains from virtual assets with setting off provided on any losses. No write-off for hardware/software bought for digital asset trading either.&nbsp;What a year...already!!Gautam Adani&nbsp;has gathered the most wealth globally in this year so far outpacing not just Mukesh&nbsp;Ambani but even Warren Buffet. The 11th richest man in the world got richer by $21 billion in the first three months of the year.&nbsp;

Business News Live: Editorji brings you the top 5 market headlines on April 1

Start of the new fiscal year brings a host of changes in prices and taxes.

April 1 latest business news as we kick off the new fiscal year, the market braces for a volatile ride with Russian stand-off continuing and foreign flows staying on the sideline as price hikes stake centre stage. Here are the top news for the day Oil Wars: Russia to shut, US opens floodgates Kremlin Chief signs a decree asking EU to pay for gas in Rubles or Moscow will shut the pipeline. Price of natural gas spikes but oil prices plunge as Biden&nbsp;ups the game and&nbsp; announces a mega release of crude from of the Strategic Petroleum Reserve. The Fuel Feed Petrol, Diesel prices take a breather as Aviation Fuel, Commercial LPG&nbsp;prices and prices of domestically produced gas see sharp increase. Fuel for airlines hit record high after seventh hike, price of domestically produced gas is doubled.&nbsp; CNG, Pipe Gas price pressure Govt has given the nod for domestic gas producers to double their price to customers, who are largely CNG, PNG providers and the fertilizer industry.&nbsp; Crypto Corner Tax on digital assets kicks off today, 30% flat tax on gains from virtual assets with setting off provided on any losses. No write-off for hardware/software bought for digital asset trading either.&nbsp; What a year...already!! Gautam Adani&nbsp;has gathered the most wealth globally in this year so far outpacing not just Mukesh&nbsp;Ambani but even Warren Buffet. The 11th richest man in the world got richer by $21 billion in the first three months of the year.&nbsp;

Around $620 million were stolen by the hackers in one of the biggest crypto theft in the world from Ronin, a blockchain network connected to the popular Axie Infinity online game.
The Ronin hack comes after more than $300 million worth of cryptos were lost in the February attack on the Wormhole bridge. 
Like any system, cryptocurrency platforms and exchange mechanisms are vulnerable to cyberattacks. As per a report, a 51% or majority attack is where an attacker gains control of more than 50% of the hashing power of a blockchain. Once a hacker has that level of control over the blockchain, they can perform double-spends and reverse transactions.
Editorji lists down top 5 crypto heists of all time:
1. Ronin | $625 million: The makers of one of the most popular blockchain-based online games, Axie Infinity, said Tuesday that hackers were able to steal assets worth about $625 million from the gaming company and its players.
Also read/watch | Big crypto heist: $600 million stolen by hackers from online game
2. Poly Network | $611 million: Poly Network is a platform in the decentralized finance or 'DeFi' space and was hit by a major attack in August 2021. Hackers stole more than $600 million worth of digital tokens. However, the hacker didn’t runoff. Instead, they opened a dialogue with the organization that was targeted and gave back nearly all of the money.
3. Coincheck | $532 million: In 2018, the Coincheck crypto-exchange hack was the world’s largest crypto heist to date. The hack was eventually identified as having started with malware-infected laptops of Coincheck employees; the infection was attributed to Russian hacking gangs. The infection is most likely to have been instigated via a phishing email.
4. Mt Gox | $470 million: Back in 2014, the Japanese crypto-exchange, Mt Gox was the most successful exchange, handling over 70% of all crypto transactions. In early 2014, the exchange was the victim of a crypto heist that stole over $470 million worth of bitcoins.
5. Wormhole Bridge | $325 million: One of the most popular bridges which links the Ethereum and Solana blockchains, was hacked in February. The attack swiped $320 million or 120,000 Ethereum.

Crypto heist: Top 5 blockchain thefts of all time

Cryptocurrency platforms and exchanges are vulnerable to cyberattacks, editorji lists down top 5 crypto heists of all time

Top 5 crypto thefts of all time

In early 2014, the most&nbsp;successful exchange Mt Gox&nbsp;was the victim of a crypto heist that stole over $470 million worth of bitcoins.

Around $620 million were stolen by the hackers in one of the biggest crypto&nbsp;theft in the world from&nbsp;Ronin, a blockchain&nbsp;network connected to&nbsp;the popular Axie Infinity online game.
The Ronin hack comes after more than $300 million worth of&nbsp;cryptos were lost in the February attack on the Wormhole bridge.&nbsp;
Like any system, cryptocurrency platforms and exchange mechanisms are vulnerable to cyberattacks. As per a report,&nbsp;a 51% or majority attack is where an attacker gains control of more than 50% of the hashing power of a blockchain. Once a hacker has that level of control over the blockchain, they can perform double-spends and reverse transactions.
Editorji&nbsp;lists down top 5 crypto&nbsp;heists of all time:
1. Ronin&nbsp;| $625 million:&nbsp;The makers of one of the most popular blockchain-based online games,&nbsp;Axie Infinity, said Tuesday that hackers were able to steal assets worth about $625 million from the gaming company and its players.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/big-crypto-heist-600-million-stolen-by-hackers-from-online-game-1648609982715" target="_blank">Big crypto heist: $600 million stolen by hackers from online game</a>
2. Poly Network | $611 million:&nbsp;Poly Network is a platform in the decentralized finance or 'DeFi' space and was hit by a&nbsp;major attack in August 2021. Hackers stole more than $600 million worth of digital tokens. However, the hacker didn&rsquo;t runoff. Instead, they opened a dialogue with the organization that was targeted and gave back nearly all of the money.
3. Coincheck&nbsp;| $532 million: In 2018, the Coincheck crypto-exchange hack was the world&rsquo;s largest crypto heist to date. The hack was eventually identified as having started with malware-infected laptops of Coincheck employees; the infection was attributed to Russian hacking gangs. The infection is most likely to have been instigated via a phishing email.
4. Mt Gox&nbsp;| $470 million:&nbsp;Back in 2014, the Japanese crypto-exchange, Mt Gox was the most successful exchange, handling over 70% of all crypto transactions. In early 2014, the exchange was the victim of a crypto heist that stole over $470 million worth of bitcoins.
5.&nbsp;Wormhole Bridge | $325 million: One of the most popular bridges which links the Ethereum and Solana blockchains, was hacked in February. The attack swiped $320 million or 120,000 Ethereum.

In the second biggest crypto attack, the makers of one of the most popular blockchain-based online games said Tuesday that hackers were able to steal assets worth about $625 million from the gaming company and its playersWho was hacked?Ronin, a blockchain service run by the owners of online game Axie Infinity which boasts of over 2 million daily users and has daily sales volume in millions. Modus OperandiThe hackers took control of the network and sent 173,600 ethersto an anonymous ethereum wallet. They withdrew  about $25.5 million of USD coin, which is  digital currency pegged to the value of the dollar.What next?In its blog, Ronin said it’s in touch with major cryptocurrency exchanges and with blockchain tracer to monitor the move of the stolen funds. Ronin also said it’s working with law enforcementAny recourse for the victims?It’s not clear who was behind the hack as ethereum can easily be tracked as it is sent between digital wallets. In some recent thefts, hackers have agreed to return assets in return for a percentage of the value of the assets.

Big crypto heist: $600 million stolen by hackers from online game

Ronin, a blockchain service run by the owners of online game Axie Infinity which boasts of over 2 million daily users and has daily sales volume in millions. 

<ul>
<li>Second biggest crypto&nbsp;theft, $625 million stolen from gaming network </li>
<li>Owners of online game&nbsp;Axie Infinity hacked, 2 million users daily access network</li>
<li>Hackers took control of the network and took 173,600 ethers</li>
<li>Ronin: In touch with&nbsp;blockchain tracer to monitor the movement of funds&nbsp;</li>
<li>Ethereum&nbsp;easy to track between digital wallets, hackers yet to come forward</li>
</ul>

The computer code of many bridges are not audited, allowing for hackers to exploit vulnerabilities.&nbsp;

In the second biggest crypto&nbsp;attack, the makers of one of the most popular blockchain-based online games said Tuesday that hackers were able to steal assets worth about $625 million from the gaming company and its players
Also read/ watch | <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-tax-gst-could-soon-be-implemented-on-digital-assets-1648527366750">GST on crypto&nbsp;soon?</a> Who was hacked? Ronin, a blockchain service run by the owners of online game&nbsp;Axie Infinity which boasts of over 2 million daily users&nbsp;and has daily sales volume in millions.&nbsp; Also read/ watch |&nbsp;<a title="Ola to be probed by government, burning issues go viral" href="https://www.editorji.com/business-news/ola-to-be-probed-by-government-burning-issues-go-viral-1648541798342" target="_blank">Ola to be probed by government, burning issues go viral</a> &nbsp; Modus&nbsp;Operandi The hackers took control of the network and sent 173,600 ethers to an anonymous ethereum wallet. They withdrew&nbsp;&nbsp;about $25.5 million of USD coin, which is&nbsp; digital currency pegged to the value of the dollar. What next? In its blog, Ronin said it&rsquo;s in touch with major cryptocurrency exchanges and with blockchain tracer to monitor the move of the stolen funds. Ronin also said it&rsquo;s working with law enforcement Any recourse for the victims? It&rsquo;s not clear who was behind the hack as&nbsp;ethereum can easily be tracked as it is sent between digital wallets. In some recent thefts, hackers have&nbsp;agreed to return assets in return for a percentage&nbsp;of the value of the assets.

Raging fuel prices to mixed signals from global markets Editorji brings you the latest in business and market news on March 30: Fuel On Fire Fuel prices up for the eighth time in nine days with prices rising over 80 paise across the country. Diesel prices in Mumbai cross the 100 mark, while Petrol in the city of joy soars past Rs 110/lt. Market Mood & Russia War Russia: To 'drastically reduce military activity' in Kyiv & Chernihiv. The statement put the global markets at ease as US markets rallied overnight, crude prices hover above the $105/bbl mark.Mega Crypto HeistHackers stole about $600 million from a blockchain network connected to the popular Axie Infinity online game in one of the biggest crypto attacks to date.Biyani Defaults on LoanFuture Enterprises Ltd (FEL) said it has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan. The group's leading company Future Retail Ltd defaulted on payment of Rs 3,494.56 crore to banks in January.Ambani vs AmazonThe BCCI has issued media rights tender for the 2023-27 IPL seasons and an e-auction will take place from June 12. There is likely to be a bidding war between Star, Sony-Zee, Ambani backed TV18/Viacom18 and Amazon with the digital space putting up aggressive bids. 

Business News Live: Top market headlines on March 30

Raging fuel prices to mixed signals from global markets Editorji brings you the latest in business and market news on March 30: 

Top market headlines on March 30 

The latest from global markets to domestic economy and stocks in action

Raging fuel prices to mixed signals from global markets Editorji&nbsp;brings you the latest in business and market news on March 30:&nbsp; <a href="https://www.editorji.com/business-news/fuel-price-hike-by-80-paise-again-1648604558197">Fuel On Fire&nbsp;</a> Fuel prices up for the eighth time in nine days with prices rising over 80 paise&nbsp;across the country. Diesel prices in Mumbai&nbsp;cross the 100 mark, while Petrol in the city of joy soars past Rs 110/lt.&nbsp; Market Mood &amp; Russia War&nbsp; Russia: To 'drastically reduce military activity' in Kyiv &amp; Chernihiv. The statement put the global markets at ease as US markets rallied overnight, crude prices hover above the $105/bbl mark. <a href="https://www.editorji.com/business-news/cryptocurrency/big-crypto-heist-600-million-stolen-by-hackers-from-online-game-1648609982715">Mega Crypto&nbsp;Heist</a> Hackers stole about $600 million from a blockchain network connected to the popular Axie Infinity online game in one of the biggest crypto attacks to date. Biyani&nbsp;Defaults on Loan Future Enterprises Ltd (FEL) said it has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan.&nbsp;The group's leading company Future Retail Ltd defaulted on payment of Rs 3,494.56 crore to banks in January. Ambani&nbsp;vs Amazon The BCCI has issued media rights tender for the 2023-27 IPL seasons and an e-auction will take place from June 12. There is likely to be a bidding war between Star, Sony-Zee, Ambani&nbsp;backed TV18/Viacom18 and Amazon with the digital space putting up aggressive bids.&nbsp;

After 30% tax and 1% TDS, the crypto industry could now be slapped with GST (goods and service tax).
The Government of India is reportedly working on classification of crypto as goods or services under the GST law. This will help the Government in levying tax on the entire value of transactions. 
As per the current rules, 18% tax is levied on the service provided by crypto exchanges categorised as financial services. 
News agency PTI recently reported that GST officers were viewing crypto as similar to lottery, casinos, betting, gambling and horse racing, which have 28% GST on the entire value plus 3% more in case of gold. 
Also read/watch | UAE & India Economic Partnership kickstarts in May, expect trade boost: Piyush Goyal
An official was quoted as saying that clarity was required on whether to impose GST on entire value in case of cryptos and whether they can be classified as goods or services. The report further quoted an official as saying the GST rate in entire crypto transactions could be in the range of 0.1% to 1%.
The government on Monday said Rs 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest. Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay were among the exchanges that were involved in GST evasion cases.

Crypto tax: GST could soon be implemented on digital assets

The Government of India is reportedly working on classification of crypto as goods or services under the GST law. 

GST on crypto

As per the current rules, 18% tax is levied on the service provided by crypto exchanges categorised as financial services.&nbsp;

After 30% tax and 1% TDS, the crypto&nbsp;industry could now be slapped with GST&nbsp;(goods and service tax).
The Government of India is reportedly working on classification of crypto as goods or services under the GST law. This will help the Government in levying tax on the entire value of transactions.&nbsp; Read/Watch Also: <a href="https://www.editorji.com/business-news/cryptocurrency/big-crypto-heist-600-million-stolen-by-hackers-from-online-game-1648609982715">Huge crypto&nbsp;hack, $600 mn stolen</a>
As per the current rules, 18% tax is levied on the service provided by crypto exchanges categorised as financial services.&nbsp;
News agency PTI recently&nbsp;reported&nbsp;that GST officers were viewing crypto as similar to lottery, casinos, betting, gambling and horse racing, which have 28% GST on the entire value plus 3% more in case of gold.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/uae-india-economic-partnership-kickstarts-in-may-expect-trade-boost-piyush-goyal-1648522765416" target="_blank">UAE &amp; India Economic Partnership kickstarts in May, expect trade boost: Piyush Goyal</a>
An official was quoted as saying that clarity was required on whether to impose GST on entire value in case of cryptos and whether they can be classified as goods or services.&nbsp;The report further quoted an official as saying the GST rate in entire crypto transactions could be in the range of 0.1% to 1%.
The government on Monday said Rs 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest.&nbsp;Zanmai Labs (WAZIRX), Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay were among the exchanges that were involved in GST evasion cases.

Russia could soon start accepting Bitcoin as payment for its oil and gas exports.
Russia recently said it could sell gas to the West for rubles and gold, however, to "friendly" countries such as China or Turkey it would accept the buyer's national currency or bitcoins.
Also read/watch | India buys Russia oil at 'huge discount', imports quadrupled
The chair of Russia’s Duma committee on energy said that when it comes to “friendly” countries such as China or Turkey, Russia is willing to be more flexible with payment options.
Chair Pavel Zavalny said that the national fiat currency of the buyer — as well as bitcoin — were being considered as alternative ways to pay for Russia’s energy exports.
Also read/watch | Russia rejects Dollars & Euro, Putin demands Rubles for gas
Putin ordered the central bank to develop a mechanism to make ruble payments for natural gas within a week at a meeting with his government.
Gas prices surged more 30% while ruble gained 7% against the dollar as Putin is set to force European companies to directly prop up his currency which has been whipsawed after the sanctions.
Bitcoin is up close to 4% over the last 24 hours to about $44,000.
Also read/watch | Bitcoin is up close to 4% over the last 24 hours to about $44,000.

Russia’s new pitch: Bitcoin for oil & gas, set to reject dollars & euro amid 

As the sanctions intensify, Russia is said to be accepting bitcoin soon from the friendly nations for its oil and gas exports.

Russia’s new pitch: Bitcoin for oil & gas

Putin&nbsp;is saying no to dollars and possibly a big yes to bitcoin. In what would be the biggest acceptance of the digital token&nbsp;Russia could soon start accepting Bitcoin&nbsp;as payment for its oil and gas exports.
Russia recently said it could sell gas to the West for rubles and gold, however, to "friendly" countries such as China or Turkey it would accept the buyer's national currency or bitcoins.
Putin&nbsp;is also considering making ruble mandatory for its gas payments from Europe. Meanwhile India continues to buy cheaper oil from Russia&nbsp; and a direct trade in rupee ruble is also on the cards as per reports.&nbsp;

&ldquo;If we can&rsquo;t store a currency, acquire it, pay with it, then why should we trade in it?&rdquo; Pavel Zavalny, head of the Energy Committee at the State Duma, the lower house of parliament, commented for Russian media

Russia could soon start accepting Bitcoin&nbsp;as payment for its oil and gas exports.
Russia recently said it could sell gas to the West for rubles and gold, however, to "friendly" countries such as China or Turkey it would accept the buyer's national currency or bitcoins.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/india-buys-russia-oil-at-huge-discount-imports-quadrupled-1648098725078" target="_blank">India buys Russia oil at 'huge discount', imports quadrupled</a>
The chair of Russia&rsquo;s Duma committee on energy said that when it comes to &ldquo;friendly&rdquo; countries such as China or Turkey, Russia is willing to be more flexible with payment options.
Chair Pavel Zavalny said that the national fiat currency of the buyer &mdash; as well as bitcoin &mdash; were being considered as alternative ways to pay for Russia&rsquo;s energy exports.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/russia-rejects-dollars-euro-putin-demands-rubles-for-gas-1648094181383" target="_blank">Russia rejects Dollars &amp; Euro, Putin demands Rubles for gas</a>
Putin ordered the central bank to develop a mechanism to make ruble payments for natural gas within a week at a meeting with his government.
Gas prices surged more 30% while ruble gained 7% against the dollar as Putin is set to force European companies to directly prop up his currency which has been whipsawed after the sanctions.
Bitcoin&nbsp;rallied to cross $44,000 mark on bets rising for a wider adoption.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/uk-cuts-taxes-slashes-fuel-tax-by-most-on-record-to-fight-cost-of-living-crisis-1648091894135" target="_blank">Bitcoin is up close to 4% over the last 24 hours to about $44,000.</a>

"Consumers face the very real possibility of losing all their invested money if they buy these assets," the European Union's securities, banking and insurance watchdogs said in a joint statement
The regulators warned that users 'investing'  in 17,000 different crypto assets, including bitcoin and ether, which account for 60% of the market are not fully aware of the risks.As investors have no recourse due to the lack of regulation, the EU watchdogs urged consumers  to be particularly wary of promised fast or high returns, especially those that look too good to be true. 

Crypto warning to users, Be ready to lose all your money says EU regulators

"Consumers face the very real possibility of losing all their invested money if they buy these assets," the European Union's securities, banking and insurance watchdogs said in a joint statement



Crypto warning to users, Be ready to lose all your money 

"Consumers face the very real possibility of losing all their invested money if they buy these assets," the three EU authorities said in a statement.

"Consumers face the very real possibility of losing all their invested money if they buy these assets," the European Union's securities, banking and insurance watchdogs said in a joint statement
Also watch|&nbsp;<a title="Instagram, Facebook sued over 'dodgy' crypto, scam investment ads" href="https://www.editorji.com/business-news/cryptocurrency/instagram-facebook-sued-over-dodgy-crypto-scam-investment-ads-1647575586356">Instagram, Facebook sued over 'dodgy' crypto, scam investment ads</a>
The regulators warned that users 'investing'&nbsp; in 17,000 different crypto assets, including bitcoin and ether, which account for 60% of the market are not fully aware of the risks. As investors have no recourse due to the lack of regulation, the EU watchdogs urged consumers&nbsp; to be particularly wary of promised fast or high returns, especially those that look too good to be true.&nbsp;

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Bitcoin, the dominant cryptocurrency, fell below the $35,000-level as the global markets see harsh selling amid risk aversion by investors. 
Bitcoin was trading near $34,084 on Monday morning, as per the data from CoinGecko.
The largest cryptocurrency has halved from its peak price of $67,802.30 in November 2021.
Financial markets across the globe are facing the heat as the central banks start to increase rates amid rising inflation.
Ethereum was also down over 10 percent in the last week as it was trading at $2,500.
The total market value of cryptocurrencies, which crosses $3 trillion in November 2021, has now slumped to $1.67 trillion.

Bitcoin price dips below $35,000; crypto market cap almost halved from peaks

Bitcoin, the largest cryptocurrency, dropped to trade a bit above $34,000-level as the global financial markets take a hit amid rising rates and inflation fears.

Bitcoin below $35,000

Financial markets across the globe are facing the heat as the central banks start to increase rates amid rising inflation.

Bitcoin, the dominant cryptocurrency, fell below the $35,000-level as the global markets see harsh selling amid risk aversion by investors.&nbsp;
Bitcoin&nbsp;was trading near $34,084 on Monday morning, as per the data from CoinGecko.
The largest&nbsp;cryptocurrency has halved from its peak price of $67,802.30 in November 2021.
Financial markets across the globe are facing the heat as the central banks start to increase rates amid rising inflation.
Ethereum&nbsp;was also down over 10 percent in the last week as it was trading at $2,500.
The total market value of cryptocurrencies, which crosses $3 trillion in November 2021, has now slumped to $1.67 trillion.

RBI has a backer in the European Central Bank President when it comes to their stand against crypto. ECB President Christine Lagarde said said crypto-currencies are “based on nothing” as she renewed her call for regulation."I have said all along the crypto assets are highly speculative, very risky assets," Lagarde told Dutch television show College Tour. “My very humble assessment is that it is worth nothing. It is based on nothing, there is no underlying asset to act as an anchor of safety.”As trillions of investments have gotten wiped out from the crypto collapse, Lagarde warned that many have no understanding of the risks, and will lose it all and  pressed strongly for strict regulations. Tether, the multibillion dollar “stablecoin” that functions as the largest bank in the cryptocurrency economy, has paid out $10bn  in withdrawals since the crypto crash started in early May as most digital tokens have halved in value from their recent bull run. 

Crypto is worth nothing! Europe's central bank chief warns 

Crypto is worth nothing! Europe's central bank chief seeks strict regulation

Crypto is worth nothing! 

Tether, the multibillion dollar &ldquo;stablecoin&rdquo; has paid out $10bn&nbsp; in withdrawals since the crypto crash started in early May

RBI&nbsp;has a backer in the European Central Bank President when it comes to their stand against crypto. ECB&nbsp;President&nbsp;Christine Lagarde said&nbsp;crypto-currencies are &ldquo;based on nothing&rdquo; as she renewed her call for regulation. "I have said all along the crypto assets are highly speculative, very risky assets," Lagarde told the Dutch television show College Tour. &ldquo;My very humble assessment is that it is worth nothing. It is based on nothing, there is no underlying asset to act as an anchor of safety.&rdquo;
Also read/watch| <a title="PM Modi in Japan: Meets heads of Softbank, Suzuki, Uniqlo&nbsp;" href="https://www.editorji.com/business-news/pm-modi-in-japan-meets-heads-of-softbank-suzuki-uniqlo-1653297656956">PM Modi in Japan: Meets heads of Softbank, Suzuki, Uniqlo&nbsp;</a> As trillions of investments have gotten wiped out from the crypto&nbsp;collapse,&nbsp;Lagarde&nbsp;warned that many have no understanding of the risks, and will lose it all and pressed strongly for strict regulations.&nbsp; Tether, the multibillion-dollar&nbsp;&ldquo;stablecoin&rdquo; that functions as the largest bank in the cryptocurrency economy, has paid out $10bn in withdrawals since the crypto crash started in early May as most digital tokens have halved in value from their recent bull run.&nbsp;

In a bid to protect retail investors from the volatile crypto markets, the Securities & Exchange Board of India (SEBI) has reportedly suggested that prominent public figures such as celebrities and sportspeople should not endorse crypto products. The market regulator also wants companies putting up ads for crypto to display disclosure talking about the possible violation of laws. As per a report in Business Line SEBI communicated its view to the Parliamentary Standing Committee on Finance as it's opinion was sought on the matter. The move from SEBI comes months after key exchanges had already roped in frontline celebrities to push the digital tokens. In October last year, the crypto exchanges came out with a series of ad campaigns with celebrities to lure users. CoinSwitch Kuber brought Bollywood star on Ranveer Singh as its brand ambassador, CoinDCX roped in Ayushmann Khurrana for a similar role. India is not alone is tightening 'investment' regulation around crypto. Last year UK's Financial Conduct Authority (FCA) singled out Kim Kardashian for promoting an untested cryptocurrency on Instagram and pushing speculative trade in the same. 

Crypto latest news: SEBI wants to ban celebrity endoresment of crypto

The move from SEBI comes months after key exchanges had already roped in frontline celebrities to push the digital tokens. In October last year, the crypto exchanges came out with a series of ad campaigns with celebrities to lure users. CoinSwitch Kuber brought Bollywood star on Ranveer Singh as its brand ambassador, CoinDCX roped in Ayushmann Khurrana for a similar role. 

SEBI cracksdown on crypto

Advertising Standards Council of India (ASCI) recommended a set of guidelines for advertising crypto and crypto products.

In a bid to protect retail investors from the volatile crypto&nbsp;markets, the Securities &amp; Exchange Board of India (SEBI) has reportedly suggested that prominent public figures such as celebrities and sportspeople should not endorse crypto products. The market regulator also wants companies putting up ads for crypto&nbsp;to display disclosure talking about the possible violation of laws.&nbsp;
Also read/watch| <a title="Why Elon Musk tweeted a poop emoji to CEO Parag Agrawal" href="https://www.editorji.com/business-news/why-elon-musk-tweeted-a-poop-emoji-to-ceo-parag-agrawal-1652757611513">Why Elon Musk tweeted a poop emoji to CEO Parag Agrawal</a> As per a report in Business Line&nbsp;SEBI communicated its view to the Parliamentary Standing Committee on Finance as it's opinion was sought on the matter.&nbsp; The move from SEBI&nbsp;comes months after key exchanges had already roped in frontline celebrities to push the digital tokens.&nbsp;In October last year, the crypto exchanges came out with a series of ad campaigns with celebrities to lure users.&nbsp;CoinSwitch Kuber brought Bollywood star on&nbsp;Ranveer Singh as its brand ambassador, CoinDCX roped in Ayushmann Khurrana for a similar role.&nbsp;
Also read/watch| <a title="Indonesia over India? Here's why Tesla's choice for production hub may be changing" href="https://www.editorji.com/business-news/economy/indonesia-over-india-here-s-why-tesla-s-choice-for-production-hub-may-be-changing-1652683766453">Indonesia over India? Here's why Tesla's choice for production hub may be changing</a> India is not alone is tightening 'investment' regulation around crypto. Last year&nbsp;UK's Financial Conduct Authority (FCA) singled out&nbsp;Kim Kardashian&nbsp;for promoting an untested cryptocurrency on Instagram&nbsp;and pushing speculative trade in the same.&nbsp;

The price of the popular cryptocurrency Terra LUNA fell to almost zero on Thursday, from the highs of $119 it made in April. Right now, two coins -- Terra LUNA and Terra UST -- are the most talked about on the internet and social media platforms.
To understand the whole fiasco, we need to first understand the LUNA - UST exchange system.
Terra UST should trade at $1. If it trades above $1, traders can buy $1 worth of LUNA and exchange them for one Terra UST, for an instant profit. If it trades below $1, people can buy one Terra UST for less than a dollar and exchange it for $1 worth of LUNA, for an instant profit.
This adds selling pressure on LUNA and ultimately leads to its price falling down.
So, when the price of UST fell below $1 dollar this week, arbitrageurs stepped in and created a death spiral for LUNA.

Terra USD and LUNA: The whole fiasco explained

Explained how the Terra money machine collapsed almost entirely as UST and LUNA slump deep in the sub-dollar doldrums

The UST stablecoin remains deep in the sub-dollar doldrums

The price of the popular cryptocurrency&nbsp;Terra&nbsp;LUNA fell to almost zero on Thursday, from the highs of $119 it made in April. Right now, two coins -- Terra LUNA and Terra UST&nbsp;-- are the most talked about on the internet&nbsp;and social media platforms.
To understand the whole fiasco, we need to first understand the&nbsp;LUNA - UST&nbsp;exchange system.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/crypto-markets-scripting-a-scary-story-coins-down-99-billionaires-lose-90-wealth-1652337306286" target="_blank">Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth</a>
Terra UST should trade at $1. If it trades above $1, traders&nbsp;can buy $1 worth of LUNA and exchange them for one Terra UST, for an instant profit. If it trades below $1, people can buy one Terra UST for less than a dollar and exchange it for $1 worth of LUNA, for an instant profit.
This adds selling pressure on LUNA and ultimately leads to its price falling down.
So, when the price of UST&nbsp;fell below $1 dollar this week, arbitrageurs stepped in and created a death spiral for LUNA.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753" target="_blank">Mass layoffs at American companies: Here is who is firing</a> The Terra money machine has collapsed almost entirely, LUNA, its sister token, has fallen almost 97% off its 2022 high. The near-complete failure of decentralized finance stands as an important lesson in the systemic risks of algorithmic stablecoins&nbsp;which have turned rather unstable.&nbsp;

Crypto investors and innovators are moving base to Dubai as crypto regulation continues to be vague in India and high taxes making business unviable and uncertain. 

Dubai crypto rush: What is making it the crypto capital?

The world's largest crypto exchange Binance received in-principal approval from Abu Dhabi Global Market, and its CEO, Changpeng Zhao, is eyeing Dubai for its global headquarters and his base.

A new authority named the Dubai Virtual Assets Regulatory Authority or&nbsp;VARA&nbsp;was created and its objectives include promoting Dubai as a hub for virtual assets, attracting investment in Dubai&rsquo;s virtual asset sector, and providing systems to protect investors in virtual assets.

India's poistion is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, said Polygon co-founder Sandeep Nailwal.
&nbsp;

Sandeep Nailwal, who co-founded Polygon in 2017, relocated to Dubai two years ago, and joining him now are the co-founders of crypto&nbsp;exchange WazirX&nbsp;as India continues to see what Nailwal&nbsp;termed a 'crypto&nbsp;brain drain'.
Even as the govt, as well as the central bank in the subcontinent, remain opposed to legitimising crypto&nbsp;assets, the Middle East seems to be gearing to welcome digital token innovators as Dubai looks to be the crypto&nbsp;capital of the world. In fact, just a month after FM Nirmala&nbsp;Sitharaman&nbsp;imposed high taxes on digital assets, without announcing any legal status for them, Dubai adopted its first virtual asset law and established a regulator.
A new authority named the Dubai Virtual Assets Regulatory Authority or&nbsp;VARA&nbsp;was created and its objectives include promoting Dubai as a hub for virtual assets, attracting investment in Dubai&rsquo;s virtual asset sector, and providing systems to protect investors in virtual assets.
This opened the floodgates and the biggies came calling. The world's largest crypto&nbsp;exchange&nbsp;Binance received in-principal approval from Abu Dhabi Global Market, even as its CEO, Changpeng Zhao, is eyeing Dubai for its global headquarters and his base.
Cryptocurrency exchange&nbsp;Bybit&nbsp;also has announced that it is shifting its headquarters from Singapore to Dubai on the same day that Singapore-based&nbsp;Crypto.com&nbsp;said it would establish a regional hub office there as well. The move comes as Singapore is tightening its regulatory grip on cryptocurrencies. The European affiliate of crypto trading platform FTX has also announced that its regional office will be in Dubai.
While the UAE is welcoming the world&rsquo;s largest crypto companies, it&rsquo;s also coming under&nbsp;increasing international scrutiny as it falters in combating money laundering. The focus increases on the emirate nation as it also becomes a 'favored' spot for rich Russians leaving Moscow amid the war and intensifying sanctions.

In another case of crypto recolation; Co-founders of India’s leading cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have reportedly shifted base to Dubai. Business Today reports that Shetty and Menon have relocated to the more 'tax friendly' Dubai with family though the Indian operations for WazirX continue to run smoothly. Nischal who has been quiet vocal on Twitter for the need of clarity and regulation for digital tokens and assets has been at loggerheads with the regulators on the ambiguity and high taxation that has hit the crypto traders and exchanges. Pressure and spotlight has been on before that on WazirX when in June 2021, the enforcement directorate (ED) had issued a show-cause notice to WazirX and its directors for contravention of the Foreign Exchange Management Act (FEMA) for transactions involving cryptocurrencies worth Rs 2,790.74 cr. But the WazirX founders are not the first to head to Dubai. Sandeep Nailwal, who co-founded Polygon — which operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system — in 2017, relocated to Dubai two years ago.


Cryptocurrency latest news: WazirX founders Nischal Shetty and Siddharth Menon shift to Dubai

Shetty and Menon have relocated to the more 'tax friendly' Dubai with family though the Indian operations for WazirX continue to run smoothly. 

Crypto latest news: WazirX founders shift to Dubai 

Ambiguity in regulation and high taxes have lead to significant exits from the crypto&nbsp;biz from India

In another case of crypto&nbsp;recolation;&nbsp;Co-founders of India&rsquo;s leading cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have reportedly shifted base to Dubai.&nbsp; Business Today reports that Shetty&nbsp;and Menon&nbsp;have relocated to the more 'tax friendly' Dubai with family though the Indian operations for WazirX&nbsp;continue to run smoothly.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-tax-at-30-in-india-explained-1649067356843" target="_blank">Crypto tax at 30% in India</a> Nischal&nbsp;who has been quiet vocal on Twitter for the need of clarity and regulation for digital tokens and assets has been at loggerheads with the regulators on the ambiguity and high taxation that has hit the crypto&nbsp;traders and exchanges.&nbsp; Pressure and spotlight has been on before that on WazirX&nbsp;when in June 2021, the enforcement directorate (ED) had issued a show-cause notice to WazirX and its directors for contravention of the Foreign Exchange Management Act (FEMA) for transactions involving cryptocurrencies worth Rs 2,790.74 cr.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/personal-finance/sbi-hikes-rates-loans-emis-get-more-expensive-1650259103266" target="_blank">SBI hikes rates, loans &amp; EMIs get more expensive</a> But the WazirX&nbsp;founders are not the first to head to Dubai.&nbsp;Sandeep Nailwal, who co-founded Polygon &mdash; which operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system &mdash; in 2017, relocated to Dubai two years ago.

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