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India and the UK spoke about current crypto asset developments on a global scale and stressed the need for strong international strategies to address the hazards involved

 India UK discuss developments around crypto assets, stress on robust global approach to deal with risk

India and the UK spoke about current crypto asset developments on a global scale and stressed the need for strong international strategies to address the hazards involved

India and the UK on Wednesday discussed international developments regarding crypto assets and emphasised the importance of robust global approaches to deal with risks attached to this.
At the India-UK 2nd Financial Markets Dialogue participants from both countries provided updates on recent developments in their respective banking sectors, discussing banking trends and emerging vulnerabilities and risks in the sector.
"Scope for augmenting knowledge on Central Banking Digital Currency (CBDC) through mutual learning was explored. Participants discussed international developments regarding crypto assets, and the importance of robust global approaches, and progress in delivering the G20 Roadmap," the joint statement said.
The recent collapse of crypto exchange FTX and the ensuing sell-off in crypto markets have placed a spotlight on the vulnerabilities in the crypto ecosystem.
Crypto assets are self-referential instruments and do not strictly pass the test of being a financial asset because they have no intrinsic cash flows attached to them.
US regulators have disqualified Bitcoin, Ether and various other crypto assets as securities.
Participants discussed matters relating to the insurance sector, including UK updates on Solvency II reforms and a consultation on the introduction of an Insurer Regulation Regime.

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.

The Modi govt cracked down on the crypto trade making it nearly unviable for trade in an attempt to protect the retail trader. But why not a complete ban as the RBI had repeatedly advocated for? Addressing this issue in a written reply to parliament, FM Sitharaman clarified that "Any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards."Clearing the air that crypto will not be banned but the ambiquity around the legal status of digital tokens remains. Meanwhile the Reserve Bank of India (RBI) has been working on the Central Bank Digital Currency (CBDC) which is likely to introduced before the evasive crypto bill. 

FM Nirmala Sitharaman explains why a complete crypto ban is not possible

FM explains why a complete crypto ban is not possible

Crypto ban unlikely - find out why

Global crypto collapse has wiped 70% of the market value of digital tokens

The Modi govt cracked down on the crypto trade making it nearly unviable for trade in an attempt to protect the retail trader. But why not a complete ban as the RBI had repeatedly advocated for?&nbsp; Addressing this issue in a written reply to parliament, FM Nirmala Sitharaman clarified that "Any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards."
Also read/watch| <a title="Crypto Bill: A look at how the world is regulating cryptocurrencies&nbsp;" href="https://www.editorji.com/business-news/crypto-bill-a-look-at-how-the-world-is-regulating-cryptocurrencies-1658137155264">Crypto Bill: A look at how the world is regulating cryptocurrencies&nbsp;</a> Clearing the air that crypto will not be banned but the ambiquity around the legal status of digital tokens remains. Meanwhile the Reserve Bank of India (RBI) has been working on the Central Bank Digital Currency (CBDC) which is likely to introduced before the evasive crypto bill.&nbsp;

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;

Majority of 950 investors surveyed expect popular crypto Bitcoin to fall further halving its value to $10,000 as per latest MLIV Pulse survey.Bloomberg reports 60% of the 950 investors expect a further crash in the token wile 40% remain hopeful that the digital asset will move back towards the $30,000 mark.&nbsp;Crypto investors have seen $2 trillion being wiped out of the market as rising interest rates have reduced risk appetite globally pushing crypto enthusiasts to face a 'trading winter'.&nbsp;

Bitcoin set to drop 50% from here to $10,000: survey shows

Bitcoin is down 70% from record high but the pain is not over. Survey shows investors expect another 50% drop from here. 

The $2 trillion bitcoin and crypto crash came alongside a stock market rout that was triggered by the Federal Reserve's decision to begin raising interest rates.&nbsp;

Majority of 950 investors surveyed expect popular crypto Bitcoin to fall further halving its value to $10,000 as per latest MLIV Pulse survey. Bloomberg reports 60% of the 950 investors expect a further crash in the token wile 40% remain hopeful that the digital asset will move back towards the $30,000 mark.&nbsp; Crypto investors have seen $2 trillion being wiped out of the market as rising interest rates have reduced risk appetite globally pushing crypto enthusiasts to face a 'trading winter'.&nbsp;

A mega crypto scam has been uneathed by AI threat predictor firm CloudSEK that warns that this new fraud already underway coud make innocent investors lose over Rs 1000 cr. So be aware before you are a victim of this crypto trading trap. Here's how the scam works, as per CloudSEK.

Fake domain created: The fake domains are developed in a way that they replicate the official website’s dashboard and user experience
Fake social media presence: The fraudsters create a female profile on social media to approach the potential victim and establish a friendship.
Online 'promotion' and give-aways: The fake social influencer shares a $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of a legitimate crypto exchange to entice investor. 
Trading trust: After 'winning' with the $100 credit provided the investor is encouraged to add their own money to make even bigger wins. Here is where the trap happens. As soon as the investor adds their own money, the fraudsters sieze the account and block access to the funds. 
No recourse: As crypto trading is not regulated in India there is no recourse for the same, investors can just pursue a case under cyber crime with a local authority.

Last month, a resident from the upscale residential area in Mumbai was duped by more than Rs 1.5 crore in fraudulent cryptocurrency investment. The 36-year-old resident accused a website of trapping him into investing in crypto mining schemes. 
.

Crypto scam: Over Rs 1000 cr worth of fraud in India says reports

Fake crypto exchanges have defrauded 'investors' of up to ₹1,000 cr, here is what you need to know to be safe from a roaring Crypto Scam

Beware of massive Crypto scam, here is what you need to know

CloudSEK said it uncovered a gamut of phishing domains and Android applications

A mega crypto scam has been unearthed by AI threat predictor firm CloudSEK that warns that this new fraud already underway could make innocent investors lose over Rs 1000 cr. So be aware before you are a victim of this crypto trading trap.&nbsp;
Also read/watch| <a title="Zero-star-hotel: Find out why hundreds are booking a room here" href="https://www.editorji.com/business-news/zero-star-hotel-find-out-why-hundreds-are-booking-a-room-here-1656316110854">Zero-star-hotel: Find out why hundreds are booking a room here</a> Here's how the scam works, as per CloudSEK:
<ul>
<li>Fake domain created: The fake domains are developed in a way that they replicate the official website&rsquo;s dashboard and user experience</li>
<li>Fake social media presence: The fraudsters create a female profile on social media to approach the potential victim and establish a friendship.</li>
<li>Online 'promotion' and give-aways: The fake social influencer shares a $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of legitimate crypto exchange to entice investor.&nbsp;</li>
<li>Trading trust: After 'winning' with the $100 credit provided the investor is encouraged to add their own money to make even bigger wins. Here is where the trap happens. As soon as the investor adds their own money, the fraudsters seize the account and block access to the funds.&nbsp;</li>
<li>No recourse: As crypto trading is not regulated in India there is no recourse for the same, investors can just pursue a case under cyber crime with a local authority.</li>
</ul>
Last month, a resident from the upscale residential area in Mumbai was duped by more than Rs 1.5 crore in fraudulent cryptocurrency investment. The 36-year-old resident accused a website of trapping him into investing in crypto mining schemes.&nbsp;

You have a bright future if you're planning your career in crypto industry. At least that's what LinkedIn data shows. 
Listing for jobs looking for candidates possessing domain knowledge and expertise in the area of cryptocurrency and blockchain surged 395 percent in 2021 in the United States, jumping over 5 times since 2020.The San Francisco Bay area, Austin in Texas, New York City, Miami-Fort Lauderdale and Denver were the areas that had the most crypto job postings in 2021.
While blockchain developers and engineers were the most sought after, with software and finance heading the space, more and more positions also opened up for professionals for accounting, consulting, staffing, and computer hardware development.

 LinkedIn: Crypto job postings jumped 395% in 2021

Listing for jobs looking for candidates possessing domain knowledge and expertise in the area of cryptocurrency and blockchain surged 395 percent in 2021 in the United States, jumping over 5 times since 2020.

Job listings for crypto-related positions increased by almost five times in 2021 compared to a year earlier.&nbsp;

You have a bright future if you're planning your career in crypto&nbsp;industry. At least that's&nbsp;what LinkedIn&nbsp;data shows.&nbsp;
Listing for jobs looking for candidates possessing domain knowledge and expertise in the area of cryptocurrency and blockchain surged 395 percent in 2021 in the United States, jumping over 5 times since 2020. Also read and watch:&nbsp;EV push: <a title="Delhi makes electric vehicle mandatory for Zomato, Swiggy, Ola, Uber" href="https://www.editorji.com/business-news/ev-push-delhi-makes-electric-vehicle-mandatory-for-zomato-swiggy-ola-uber-1642409261797">Delhi makes electric vehicle mandatory for Zomato, Swiggy, Ola, Uber</a> The San Francisco Bay area, Austin in Texas, New York City, Miami-Fort Lauderdale and Denver were the areas that had the most crypto job postings in 2021.
While blockchain developers and engineers were the most sought after, with software and finance heading the space, more and more positions also opened up for professionals for accounting, consulting, staffing, and computer hardware development.

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