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On Friday, Bitcoin fell to a 2 month low, below $20,000 mark. 

Crypto meltdown: Over $70 billion wiped off crypto market in 24 hours

On Friday, Bitcoin fell to a 2 month low, below $20,000 mark. As per reports, the cryptocurrency market saw more than $70 billion wiped off in 24 hours&nbsp;

The meltdown in the cryptocurrency market was triggered by a sell-off in the U.S following the collapse of a crypto-focussed lender, Silvergate Capital.&nbsp;
On Friday, Bitcoin fell below the $20,000 mark hitting a two-month low. As per a report by CNBC, the cryptocurrency market saw more than $70 billion wiped off in 24 hours.&nbsp;
&ldquo;There is just little reason to buy bitcoin now as the market is saturated with negative developments, not just specifically for the crypto industry, but also for the wider financial market as well,&rdquo; Yuya Hasegawa, an analyst at Japanese crypto firm Bitbank, told CNBC.&nbsp; On Wednesday, Silvergate Capital said it was planning to wind down operations and liquidate voluntarily. This development also reflects how the collapse of major cryptocurrency exchange FTX continues to have an impact on the industry. FTX was a big customer of Silvergate.&nbsp;
Meanwhile, U.S. Federal Reserve Chairman Jerome Powell's recent comments have opened the door to more rate hikes and at a faster pace than earlier anticipated. The high interest rates have particularly been impacting the cryptocurrency market and Powell's comments are another contributing factor to the crypto meltdown.&nbsp;
&nbsp;

October alone saw £629m stolen- the most recorded in a single month

Crypto hacking: 2022 was the biggest year ever, North Korea has the most hackers

Crypto hacking: 2022 was the biggest year ever, this country has the most hackers

October alone saw &pound;629m stolen- the most recorded in a single month

2022 was indeed a challenging year for crypto industry after bankrupt cryptocurrency exchange FTX had around $1.4 billion in cash as of the end of 2022. But this is not all, a new report &nbsp;by US-based blockchain analytics firm, Chainalysis says that 2022 was the biggest year ever for the Crypto hacking.&nbsp; 
<h3>Crypto hacking</h3>
 According to reports, October 2022 alone saw &pound;629m stolen- the most recorded in a single month. It further said that North Korea-backed hackers stole $1.7bn (&pound;1.4bn) of crypto in 2022, says blockchain analysis firm Chainalysis.&nbsp; The annual report by Chainalysis, a blockchain analysis firm which sees its data used by governments, banks, and businesses worldwide, says the activity was largely driven by hackers based in North Korea. Experts have said the country, facing heavy sanctions, is turning to crypto theft to fund its nuclear arsenal.

The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India

Budget 2023: Crypto industry expectations from FM Nirmala Sitharaman

The industry hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India

Crypto trading volumes in India took a big hit, crashing as much as 90% after the introduction of 30% crypto tax in the last budget. In this scenario, the industry has listed a slew of expectations from the union budget.&nbsp;
The crypto industry is hoping that FM Sitharaman announces a proper regulatory framework for homegrown crypto exchanges. Also on the wishlist is more clarity on the impending Crypto Bill, as well as some relief on crypto taxation (which stands at 30 per cent currently).&nbsp; Tarusha Mittal, Co-founder and COO, UniFarm and Dapps, says, &ldquo;the government should frame strong regulations for the sector in light of the FTX crisis [which wiped out billions of dollars in global investor money] especially for centralized bodies dealing with crypto.&rdquo;
The sector also hopes that the government would allow crypto investors to offset and carry forward their losses to create a level-playing field for virtual digital assets (VDAs) in India. Crypto bosses further expect the TDS exemption limit to be raised &ldquo;to a reasonable level&rdquo;.

Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

Ex-crypto boss Bankman-Fried pleads not guilty to fraud

Bankman-Fried pleaded not guilty to all eight counts against him -- five of which carry a maximum sentence of 20 years in prison each

FTX co-founder Sam Bankman-Fried pleaded not guilty Tuesday to US criminal fraud charges over the spectacular collapse of his crypto exchange.
The 30-year-old former digital currency billionaire, who is out on bail, entered the plea in federal court in Manhattan before New York judge Lewis Kaplan.
FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
The United States has charged Bankman-Fried with conspiracy, wire fraud, money laundering and election finance violations.

Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds

FTX founder Sam Bankman-Fried arrested in Bahamas

Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds

Disgraced cryptocurrency tycoon Sam Bankman-Fried was arrested Monday in the Bahamas at the request of the United States, according to US officials seeking to charge him after the spectacular collapse of his FTX platform.
The arrest comes on the eve of Bankman-Fried's scheduled appearance at a US Congress hearing in which he was to testify under oath about the crypto exchange's overnight demise.
The 30-year-old had in recent weeks defied legal advice and multiplied media appearances offering his version of his company's sudden failure, usually by video link from the Bahamas where his company is headquartered.
Last month FTX filed for bankruptcy in the US, leaving many users unable to withdraw their funds.

On November 11, Bankman-Fried resigned as FTX filed for bankruptcy protection

Former FTX CEO Sam Bankman-Fried apologizes, says didn't 'try to commit fraud'

On November 11, Bankman-Fried resigned as FTX filed for bankruptcy protection

Former FTX Chief Executive Sam Bankman-Fried apologized Wednesday for a "lot of mistakes" in the abrupt collapse of the cryptocurrency firm and said he did not knowingly behave fraudulently.
"I didn't ever try to commit fraud on anyone," Bankman-Fried told the Dealbook conference hosted by CNBC and The New York Times.
"I'm deeply sorry about what happened," Bankman-Fried said. "Clearly I made a lot of mistakes or things I would be able to give anything to be able to do over again."
On November 11, Bankman-Fried resigned as FTX filed for bankruptcy protection while facing a large financing shortfall and a deluge of withdrawals from panicked customers. The firm at its peak had been worth some $32 billion.
At the time, FTX had taken some $10 billion in customer funds without authorization, according to the Wall Street Journal.

Crypto lenders fallout continue; BlockFi files for bankruptcy 

Crypto collapse continues

BlockFi listed its assets and liabilities as being between $1 billion and $10 billion

Major cryptocurrency lender BlockFi has becomes that latest lender to filed for bankruptcy, following the implosion of putative acquirer FTX.
In a court filing, New Jersey-based BlockFi said it owed money to more than 100,000 creditors. It listed crypto exchange FTX as its second-largest creditor, with $275m owed on a loan extended earlier this year. The company also said in a separate filing it plans to lay off two-thirds of its 292 employees.
The filing in a New Jersey court comes as crypto prices have plummeted. The price of bitcoin , the most popular digital currency by far, is down more than 70% from a 2021 peak.&nbsp;
New Jersey-based BlockFi, founded by fintech executive-turned-crypto entrepreneur Zac Prince, said in a bankruptcy filing that its substantial exposure to FTX created a liquidity crisis. FTX, founded by Sam Bankman-Fried, filed for protection in the United States this month after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami

Sam Bankman-Fried's downfall sends shockwaves through crypto world

The downfall of Sam Bankman-Fried

As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami

Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the saviour of crypto, the newest force in Democratic politics and potentially the world&rsquo;s first trillionaire.
Now the comments about the 30-year-old Bankman-Fried aren&rsquo;t so kind after FTX filed for bankruptcy protection, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankman-Fried himself could face civil or criminal charges. Bankman-Fried founded FTX in 2019, and it grew rapidly &mdash; it was recently valued at $32 billion. The son of Stanford University professors, who was known to play the video game &ldquo;League of Legends&rdquo; during meetings, Bankman-Fried attracted investments from the highest echelons of Silicon Valley.
Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. The investigations likely center on the possibility that the firm may have used customers&rsquo; deposits to fund bets at Bankman-Fried&rsquo;s hedge fund, Alameda Research, a violation of U.S. securities law.

According to the RBI, cryptocurrencies have specifically been developed to bypass the regulated financial system and this should be reason enough to treat them with caution

World is facing crypto meltdown; what about Indian investors?

According to the RBI, cryptocurrencies have specifically been developed to bypass the regulated financial system and this should be reason enough to treat them with caution

While Cryptocurrency markets worldwide have been battered with billions of dollars being wiped out but India managed to stay relatively unscathed thanks to a cautious approach of the government and the RBI.
While the Reserve Bank of India (RBI) has refused to recognise cryptocurrencies and repeatedly issued warnings against trading in them, the government fired the tax bullet to wean off demand.
In India, the RBI has been resolutely opposing virtual currency from day one while the government initially was toying with the idea of regulating such instruments by bringing a law.
Industry estimates put exposure of Indian investors to crypto assets at only 3 per cent.
Industry experts said the high rate of tax and increased compliance requirement due to TDS has dampened investor mood and crypto exchanges have seen a decline in trade volume.

Cryptocurrency is a new challenge against terrorism: Home Minister Amit Shah

Amit Shah on Cryptocurrency & terrorism

Terrorists are constantly finding new ways to carry out violence, radicalise youth and raise financial resources, shah said.

At a time when crypto market is already facing crisis with the total market capitalization of digital assets has fallen this month below $800 billion, a level not seen since early 2021, Union Minister is warning an increase in the use of virtual assets like cryptocurrency.&nbsp;
"Additionally, there is an increase in the use of virtual assets like cryptocurrency. We need to understand the patterns of these darknet activities and find their solutions," Shah said.
The Home Minister was addressing the third 'No Money for Terror' Ministerial Conference and stressed on the need to build efficient operational systems against virtual asset channels. He said that despite fortifying the security architecture and financial systems, the terror groups are still successful in radicalizing youth and also raising funding for it.
Asserting that terrorism is, undoubtedly, the most serious threat to global peace and security, he said, "But I believe that financing of terrorism is more dangerous than terrorism itself because the 'means and methods' of terrorism are nurtured from such funding." "Furthermore, the financing of terrorism weakens the economy of countries of the world," he said addressing delegates at the conference hosted by the Ministry of Home Affairs here.

Price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021

Three out of four bitcoin investors have lost money: study

Is Bitcoin Mania Over? 

Price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021

Roughly three-quarters of people who have bought bitcoin have lost money according to a study published as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence.
Economists at the Bank of International Settlements, an institution widely considered as the central banks of central banks, analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022.
"Overall, back of the envelope calculations suggest that around three-quarters of users have lost money on their bitcoin investments," they said in their study.
During the period studied, the price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021. It is now trading at around $16,500.
The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period.

The collapse of the world's second largest crypto exchange shook confidence in the already troubled cryptocurrency market

Collapsed Crypto exchange FTX owes $3.1bn to its 50 top creditors

Collapsed Crypto exchange FTX owes $3.1bn to its creditors

The collapse of the world's second largest crypto exchange shook confidence in the already troubled cryptocurrency market

Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion.
The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.
FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.
The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses.

Ether collapsed more than 30% over the past two days and is close to falling below $1,000

Crypto Crisis: Binance backs out of buyout, FTX faces bankruptcy

Ether collapsed more than 30% over the past two days and is close to falling below $1,000

Just 24 hours after announcing the 'rescue' of its rival FTX, Binance has done a U-turn and backed out of its buyout of the crypto exchange leaving FTX cashless and on the brink of complete chaos.&nbsp;
&ldquo;In the beginning, our hope was to be able to support FTX&rsquo;s customers to provide liquidity,&rdquo; Binance said in a tweet. &ldquo;But the issues are beyond our control or ability to help.&rdquo;
The big question is, what changed in 24 hours? Binance pointed towards the threat of regulation and investigation in its statement &ldquo;As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,&rdquo;&nbsp;
So the threat of a crackdown is pointing to an inevitable collapse for FTX and its crypto FTT. Reports indicate that founder CEO Sam Bankman-Fried told FTX.com investors that the company now faces a $6 billion liquidity shortage. The digital token FTT is also in free fall as it had already lost 80% of its value between Monday and Tuesday, falling to $5 and wiping out more than $2 billion in a day.
This is facing a contagion impact on the entire crypto ecosystem. Cryptocurrencies have plummeted as FTX gears to face its fate. Bitcoin extended its loss falling 15% in Wednesday's trade after facing a 13% drop on Tuesday. The popular coin is trading below $16,000 for the first time since November 2020. Ether collapsed more than 30% over the past two days and is close to falling below $1,000.

Cryptocurrency prices crash sharply; Bitcoin falls to 2 year low 

Cryptocurrency prices crash sharply; Bitcoin falls to 2-year-low 

While BTC fell below $17,000, Solana fell the hardest at about 40 per cent

Seems like the whole week has been bad for Crypto market as prices&nbsp; remained under pressure after crypto exchange Binance said it was pulling out of a deal to purchase failing rival FTX Trading.&nbsp;
The world&rsquo;s largest cryptocurrency, Bitcoin tumbled over 10%, falling as low as $15,603.3- its weakest level since mid-2020. The token traded around $16,138.5, and has lost over 20% of its value this week.&nbsp;
Not only this, Ethereum (ETH) also &nbsp;also tumbled by more than 10% to $1,166. Dogecoin, a meme coin, which was the best performing currency for the past few days, fell 20.14 per cent.&nbsp;
The global crypto market cap slipped below the $1 trillion mark, as it was almost down over 12% in the last 24 hours to $844 billion, as per CoinGecko.

Crypto exchanges are facing not just a funding winter but also severe regulatory crackdowns worldwide

Crypto Corner: Binance buys rival FTX, rescue takeover explained 

Crypto exchanges are facing not just a funding winter but also severe regulatory crackdowns worldwide

The crypto kings were warring and the battle ended with Binance, the largest crypto exchange by volume,agreeing to buyout its biggest rival FTX. &nbsp;But this crypto takeover had many twists and turns with many pointing to Binance for being the reason its rival was forced into a liquidity crisis.&nbsp;
Crypto exchange FTX &nbsp;backed by billionaire Sam Bankman-Fried also known by his initials SBF, was valued at a whopping $32 billion earlier this year. SBF&rsquo;s net worth was estimated at $17 billion mostly due to his stake in the company. So where did the fortunes turn?
Memes and rumours flooded social media over the weekend that FTX, the world&rsquo;s second largest crypto exchange was at the brink of insolvency after a leaked balance sheet of sister concern Alameda showed huge holdings of its own crypto FTT and large leverage levels.&nbsp;
To add fuel to the fire, rival crypto giant Binance chief Changpeng Zhao (who was one of FTT&rsquo;s initial investors, incidentally) tweeted that Binance would begin liquidating all of its FTT &ldquo;due to recent revelations.&rdquo;
This led to panic among investors and finally FTX founder and CEO SBF took to the microblogging site and stated &ldquo;A competitor is trying to go after us with false rumours. FTX is fine. Assets are fine.&rdquo;
But clearly it was not all fine as within 48 hours, crippled under a crypto and cash crunch SBF not only admitted to the crisis but thanked those he indicated caused it just a few day ago. &ldquo;A huge thank you to CZ, Binance, and all of our supporters,&rdquo; said Bankman-Fried, CEO of FTX.com, on Twitter. &ldquo;Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we&rsquo;ve asked Binance to come in.&rdquo;
Binance Boss Zhao confirming the deal stated on Twitter &ldquo;To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch,&rdquo;&nbsp;
Crypto exchanges are facing not just a funding winter but also severe regulatory crackdowns worldwide. While Sam Bankman-Fried was summoned to testify before the US Congress, Binance which operates without a headquarters after moving out of china is now facing regulatory hurdles in over seven countries worldwide.

Binance, the world's largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain blockchain network.
A reddit post by Binance discussing the incident said that the company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.
“The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly," CEO Changpeng Zhao said in a tweet.
Zhao the issue took place on the BSC Token Hub, a cross-chain bridge that allows for the transfer of both digital assets and data between block chains.
Binance believes that $100 million to $110 million in funds were taken.
Binance said in a blog post on Friday that it was working on locking down any areas of vulnerabity.
“A new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend future possible attacks," the post read.
Binance also said that there would be an increase in community validators as it moves towards further decentralisation.
Its BNB Smart Chain currently has 26 active validators.
Last year Binance said that it was time for global regulators to establish rules for crypto markets.
The company acknowledged at the time that crypto platforms have an obligation to protect users and to implement processes to prevent financial crimes, along with the responsibility to work with regulators and policymakers to set standards to keep users safe.
Binance is just the latest crypto company to experience a targeted hack. In August Nomad was struck, with media reports saying it was for nearly $200 million.
The Nomad hack was also an exploitation of cross-chain bridge intended to allow the transfer of assets and information. Harmony lost about $100 million in a hack in June.

World's largest cryptocurrency exchange loses over $100 million due to hacking

A reddit post by Binance discussing the incident said that the company temporarily suspended transactions and the transfer of funds

Binance, the world's largest cryptocurrency exchange, may have lost more than $100 million following a hack of its Binance Smart Chain blockchain network.
A reddit post by Binance discussing the incident said that the company temporarily suspended transactions and the transfer of funds after detecting an exploit between two blockchains, a method of digital theft that has been used recently in at least one other major hack.
&ldquo;The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly," CEO Changpeng Zhao said in a tweet.
Zhao the issue took place on the BSC Token Hub, a cross-chain bridge that allows for the transfer of both digital assets and data between block chains.
Binance believes that $100 million to $110 million in funds were taken.
Binance said in a blog post on Friday that it was working on locking down any areas of vulnerabity.
&ldquo;A new on-chain governance mechanism will be introduced on the BNB Chain to fight and defend future possible attacks," the post read.
Binance also said that there would be an increase in community validators as it moves towards further decentralisation.
Its BNB Smart Chain currently has 26 active validators.
Last year Binance said that it was time for global regulators to establish rules for crypto markets.
The company acknowledged at the time that crypto platforms have an obligation to protect users and to implement processes to prevent financial crimes, along with the responsibility to work with regulators and policymakers to set standards to keep users safe.
Binance is just the latest crypto company to experience a targeted hack. In August Nomad was struck, with media reports saying it was for nearly $200 million.
Also watch:<a href="https://www.editorji.com/business-news/crypto-crackdown-exchanges-under-scrutiny-for-massive-money-laundering-1660186036588"> Crypto Crackdown: Exchanges under scrutiny for massive money laundering</a>
The Nomad hack was also an exploitation of cross-chain bridge intended to allow the transfer of assets and information. Harmony lost about $100 million in a hack in June.

As the crypto market has been in the grip of a bear market because of the current global economic slowdown, Cryptocurrency exchange, WazirX laid off 40% of its employees.

WazirX lays off 40% of its employees amid crypto winter

WazirX daily trading volumes have been steadily declining from a one year high of 478 million on October 28, 2021 to 1.5 million on October 1, 2022

As the crypto market has been in the grip of a bear market because of the current global economic slowdown, Cryptocurrency exchange, WazirX laid off 40% of its employees.
According to reports, the Nischal Shetty-led company has laid off 50 to as many as 70 employees of the exchange's workforce of 150.&nbsp;
The company, in its statement, said, &ldquo;Our priority is to be financially stable and to continue serving our customers. To achieve this, we&rsquo;ve had to reduce our staff to weather the crypto winter.&rdquo;&nbsp;
This comes days after the Enforcement Directorate(<a href="https://www.editorji.com/india-news/politics/delhi-businessman-held-by-ed-in-alleged-excise-policy-scam-1664344354567">ED</a>) unfroze <a href="https://www.editorji.com/story/wazirx-starts-independence-week-contest-with-a-mega-rs-4-lakh-worth-crypto-giveaway-1628653784493">WazirX</a>&rsquo;s bank accounts, allowing the platform to resume banking operations. The platform&rsquo;s account was frozen by the regulator as a part of an ongoing probe into alleged fraud on instant loan applications, which provided short-term loans.
WazirX daily trading volumes have been steadily declining from a one-year high of 478 million on October 28, 2021, to 1.3 million on October 2, 2022.&nbsp;
Read More:- <a href="https://www.editorji.com/business-news/rbi-hikes-repo-rate-to-rein-in-inflation-lowers-gdp-forecast-1664518544931">RBI hikes repo rate to rein in inflation, lowers GDP forecast</a>

3,000,000,000,000 that's the marketcap of global cryptocurrency trade. As India looks to regulate the booming crypto trade in the subcontinent, here is a look at how the world is dealing with digital token deluge-:
United StatesCryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as ‘commodities’ and taxed as ‘property’ by the IRS.
The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act 
The European UnionEU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing. 
ChinaThe Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
South KoreaIn South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

Crypto Bill: A look at how the world is regulating cryptocurrencies 

Crypto legal limbo: A look at how the world is regulating cryptocurrencies through the craze and collapse

Crypto legal limbo

A look at cryptocurrency regulations in major economies and groupings and see how India may compare.

Crypto and its cryptic legal stance in India continues, the FM has made it clear that banning digital token is not feasible without international collaboration. But how is the world over managing the crypto craze and now the collapse -:
United States Cryptocurrency is legal in the states, but there is no comprehensive regulation to govern crypto activities. For now, bitcoin (BTC) and ether (ETH) are categorized as &lsquo;commodities&rsquo; and taxed as &lsquo;property&rsquo; by the IRS.
The US Securities and Exchange Commission (SEC) puts across cryptocurrencies to be securities on which security laws are very much applicable and cryptocurrency exchanges fall under the regulations for the Bank Secrecy Act&nbsp;
Also read/watch| <a title="FM explains why a complete crypto ban is not possible" href="https://www.editorji.com/business-news/cryptocurrency/fm-explains-why-a-complete-crypto-ban-is-not-possible-1658134695654">FM explains why a complete crypto ban is not possible</a>
The European Union EU has been in the limelight as it is one of the initial countries to make cryptocurrency legal but there is no specific regulation passed by the EU that governs crypto activities.
Taxation on cryptocurrencies also varies by country, ranging from 0% to 50%. The EU has recently rolled out the latest anti-money laundering directives to be followed by crypto exchanges to ensure no wrongdoing.&nbsp;
China The Mainland's dealings with cryptocurrencies has been a roller-coaster ride.From the most welcoming to one of the most restricted crypto-markets in the world. In June 2021, it banned the mining of cryptocurrencies, leading to about a 40% fall in global mining operations. China is focusing on promoting it's Digital Yuan as a priority post the ban.
South Korea In South Korea, crypto exchanges are legal but not cryptocurrencies. Cryptocurrency transactions are expected from taxes. However, the Ministry of Strategy and Finance has laid out its plan of imposing a tax on crypto transactions with a revised tax framework to be launched in 2022.

The 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies is another chaos in India’s crypto space. Three Cryptocurrency exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax-deductible at source became effective on July 1, as compared to previous three-day periods in late June. The TDS rule states that all trades involving the sale and transfer of crypto assets will be charged a 1 percent fee on the seller's end. The 1% TDS rule, which was proposed earlier this year in Budget 2022, has been introduced through a new section 194S in the Income-tax Act. 
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments. It also banned offsetting of losses on such assets, treating them differently from stocks and bonds. 

Crypto crises in India continues; new TDS rule brings down trading volume

Indian govt introduced a tax regime for digital assets in February, consisting of the TDS&nbsp;and a flat 30% tax on income from crypto investments

The 1 per cent tax deducted at source (TDS) on virtual digital assets (VDAs) and cryptocurrencies is another chaos in India&rsquo;s crypto space.
 Also read/watch| <a title="EV companies under fire, govt sends show cause notice&nbsp;" href="https://www.editorji.com/business-news/ev-companies-under-fire-govt-sends-show-cause-notice-1656991462823">EV companies under fire, govt sends show cause notice&nbsp;</a> Three Cryptocurrency exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax-deductible at source became effective on July 1, as compared to previous three-day periods in late June.&nbsp; The TDS rule states that all trades involving the sale and transfer of crypto assets will be charged a 1 percent fee on the seller's end. The 1% TDS rule, which was proposed earlier this year in Budget 2022, has been introduced through a new section 194S in the Income-tax Act.&nbsp;
The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments. It also banned offsetting of losses on such assets, treating them differently from stocks and bonds.&nbsp;

Crypto collapse has claimed another victim, crypto lender Celsius Network has filed for bankruptcy as per reports.

Crypto collapse: Another firm bites the dust, files for bankruptcy

The crypto dessimination continues, another firm files for bankruptcy leaving 1.7 million customers stranded with withdrawls frozen. 

Crypto collapse: Another firm bites the dust, files for bankruptcy 

Crypto lending company Celsius Network has filed for bankruptcy

Crypto collapse has claimed another victim, crypto lender Celsius Network has filed for bankruptcy as per reports.&nbsp; The domino effect of crypto enthusiast hedge fund Three Arrows' collapsing was felt on Celsius that halted withdrawals to avoid a bank run as popular digital tokens fell sharply from record highs. Celsius froze withdrawals and transfers last month, citing "extreme" market conditions, leaving its 1.7 million customers unable to redeem their assets. Celcius a crypto lender was valued at $3.25 billion last year,&nbsp; and managed as much as $24 billion worth of assets. Another crypto lender Voyager Digital Ltd had filed for <a href="https://www.editorji.com/business-news/this-90-year-old-beauty-brand-files-for-bankruptcy-1655359566770" target="_blank">bankruptcy </a>on July 6 after suspending withdrawals and deposits.
<a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408" target="_blank">Binance Expose; Is the world's largest crypto exchange a safe-house for laundering?</a>
Voyager filed for Chapter 11 bankruptcy after suffering losses due to exposure to now defunct hedge fund Three Arrows Capital. A judge in New York bankruptcy court froze Three Arrows Capital&rsquo;s remaining assets this week. Digital assets have taken a big hit. Fed rate hikes, the Terra ecosystem meltdown and the collapse of crypto hedge fund Three Arrows Capital have all contributed to a 58% drop in <a href="https://www.editorji.com/business-news/cryptocurrency" target="_blank">Bitcoin in 2022</a>.

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