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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.

The crypto ecosystem is under tough scrutiny as the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for possible money laundering as per reports. The ED is probing laundering over Rs 1000 cr via various crypto platforms. Reports indicate that ED has found that many KYC details collected by the crypto exchanges were found to be dubious in many cases. Sources told Times Group that they were traced to some persons living in remote areas having no connection with the transactions.The probe now extends from WazirX onto other platforms as the ED has already frozen a few accounts of WazirX that also is seeing volumes tanking sharply with users fleeing. The ED, earlier this week, said that Zanmai Labs Pvt Ltd, which owns WazirX Crypto Exchange, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), and Zettai Pte Ltd Singapore to allegedly obscure the ownership of the crypto exchange.

Crypto Crackdown: Exchanges under scrutiny for massive money laundering

10 crypto exchanges under ED lens for laundering over Rs 1,000 crore

Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges

The crypto ecosystem is under tough scrutiny as the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for possible money laundering as per reports. The ED is probing laundering over Rs 1000 cr via various crypto platforms.&nbsp; Reports indicate that ED has found that many KYC details collected by the crypto exchanges were found to be dubious in many cases. Sources told Times Group that they were traced to some persons living in remote areas having no connection with the transactions. Read/Watch Also: <a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408">Binance a hub for laundering?</a> The probe now extends from WazirX onto other platforms as the ED has already frozen a few accounts of WazirX that also is seeing volumes tanking sharply with users fleeing.&nbsp; The ED, earlier this week, said that Zanmai Labs Pvt Ltd, which owns WazirX Crypto Exchange, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), and Zettai Pte Ltd Singapore to allegedly obscure the ownership of the crypto exchange.

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;

Cryptocurrency investment in India continues to face hurdles! In the latest crypto exchange platform, CoinSwitch Kuber has stopped all the deposit transactions on its platform.
UPI, which was the only mode of loading the wallet, has been paused by the crypto platform leaving no option for its users to buy cryptocurrencies like Bitcoin, Ethereum, etc.
This has come as a big hit for the crypto app which saw 14 million users in 2021.
Also read/watch | Crypto heist: top 5 blockchain thefts of all time
Crypto exchanges in India have been seeing a lot of issues with the payment options on their platform. Their struggle has become even worse ever since the implementation of the 30% crypto tax which has led to a lot of available payment methods to withdraw their services. Mobikwik which was the only wallet across multiple platforms also withdrew its services starting April 1.
Nasdaq-listed crypto trading platform Coinbase launched its services in India and it also mentioned that customers would be allowed to use UPI for purchases. However, the same day the National Payments Corporation of India (NPCI) which operates UPI said in a statement that it was not aware of any crypto platform using UPI. Following which, Coinbase disabled the UPI option, leaving no option to buy cryptocurrencies on its platform.
Even as there is no clarity on the legal/illegal status of the cryptocurrencies in India, financial institutions have been wary of offering any services to crypto platforms in India even as the Reserve Bank keeps warning against the virtual assets.
Also read/watch | Congress asks Amit Shah: is FBI in India to investigate India's Bitcoin scam

Crypto in India: CoinSwitch Kuber disables deposits; users unable to buy cryptocurrencies

Crypto investments in India continue to face hurdles even as the regulator asks them to not use UPI services for crypto purchases leading to crypto platforms halting their services.

CoinSwitch Kuber disables deposits

Cryptocurrency&nbsp;investment in India continues to face hurdles! In the latest crypto&nbsp;exchange platform,&nbsp;CoinSwitch&nbsp;Kuber&nbsp;has stopped all the deposit transactions on its platform.
UPI, which was the only mode of loading the wallet, has been paused by the crypto&nbsp;platform leaving no option for its users to buy cryptocurrencies like Bitcoin, Ethereum, etc.
This has come as a big hit for the crypto&nbsp;app which saw 14 million users in 2021.

The world's largest crypto exchange Coinbase&nbsp;also face&nbsp;hurdles as regulators ask not to use UPI&nbsp;services for crypto&nbsp;dealings.

Cryptocurrency&nbsp;investment in India continues to face hurdles! In the latest crypto&nbsp;exchange platform,&nbsp;CoinSwitch&nbsp;Kuber&nbsp;has stopped all the deposit transactions on its platform.
UPI, which was the only mode of loading the wallet, has been paused by the crypto&nbsp;platform leaving no option for its users to buy cryptocurrencies like Bitcoin, Ethereum, etc.
This has come as a big hit for the crypto&nbsp;app which saw 14 million users in 2021.
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>
Crypto&nbsp;exchanges in India have been seeing a lot of issues with the payment options on their platform. Their struggle has become even worse ever since the <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-tax-at-30-in-india-explained-1649067356843" target="_blank">implementation of the 30% crypto&nbsp;tax</a> which has led to a lot of available payment methods to withdraw their services.&nbsp;Mobikwik which was the only wallet across multiple platforms also withdrew its services starting April 1.
Nasdaq-listed crypto&nbsp;trading platform Coinbase&nbsp;launched its services in India and it also mentioned that customers would be allowed to use UPI&nbsp;for purchases.&nbsp;However, the same day the National Payments Corporation of India (NPCI) which operates UPI said in a statement that it was not aware of any crypto platform using UPI. Following which,&nbsp;Coinbase disabled the UPI option, leaving no option to buy cryptocurrencies on its platform.
Even as there is no clarity on the legal/illegal status of the cryptocurrencies&nbsp;in India, financial institutions&nbsp;have been wary of offering any services to crypto&nbsp;platforms in India even as the Reserve Bank keeps warning against the virtual assets.
Also read/watch |&nbsp;<a href="https://www.editorji.com/india-news/congress-asks-amit-shah-is-fbi-in-india-to-investigate-india-s-bitcoin-scam-1649488046547" target="_blank">Congress asks Amit Shah: is FBI in India to investigate India's Bitcoin scam</a>

Crypto&nbsp;SIP (systematic investment plan) is a thing now! Even with some prevailing&nbsp;uncertainties around virtual digital assets, a few&nbsp;crypto&nbsp;exchanges in India have launched the SIP mode of investment for&nbsp;cryptocurrencies.
Some of the platforms offering SIPs in cryptos&nbsp;even call it a 'recurring buy plan'. It should be noted that the SIPs&nbsp;in mutual funds are regulated by the Securities and Exchange Board of India (SEBI).
Also read/watch |&nbsp;Do this before March 31 else your PAN Card will become inactive
The latest crypto investing platform to launch the SIP feature is Mudrex.&nbsp;
Edul Patel, CEO and Co-founder, Mudrex said, &ldquo;We have for a long time believed in the power of long-term investing and it comes as no surprise that SIPs were a much-requested feature on Mudrex. With the release of the feature, we hope that users will be able to maximise long-term wealth creation in a new and rapidly growing asset class like crypto.&rdquo;
Also read/watch |&nbsp;Rising prices, a global nightmare: A look at inflation across the globe
Another&nbsp;crypto platforms like&nbsp;Giottus&nbsp;and CoinSwitch&nbsp;also&nbsp;introduced a SIP feature for their investors.
The government in Budget 2022 proposed a 30% tax on crypto income. On Monday, it clarified that losses incurred in a particular digital asset can't be set off against income from another version of a crypto holding. At the same time, the mining of crypto assets won't be treated as a cost of acquisition.
Also read/watch |&nbsp;Paytm stock price target cut, Macquarie says 80% hit for investors
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky.&nbsp;There may be no regulatory recourse for any loss from such transactions.

Crypto SIP: The latest for the investment enthusiasts

Crypto exchanges in India have started launching the SIP method of investing in digital assets.

Crypto SIP!

The government in Budget 2022 proposed a 30% tax on crypto income.

Crypto&nbsp;SIP (systematic investment plan) is a thing now! Even with some prevailing&nbsp;uncertainties around virtual digital assets, a few&nbsp;crypto&nbsp;exchanges in India have launched the SIP mode of investment for&nbsp;cryptocurrencies.
Some of the platforms offering SIPs in cryptos&nbsp;even call it a 'recurring buy plan'. It should be noted that the SIPs&nbsp;in mutual funds are regulated by the Securities and Exchange Board of India (SEBI).
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/personal-finance/do-this-before-march-31-else-your-pan-card-will-become-inactive-1647865941712" target="_blank">Do this before March 31 else your PAN Card will become inactive</a>
The latest crypto investing platform to launch the SIP feature is Mudrex.&nbsp;
Edul Patel, CEO and Co-founder, Mudrex said, &ldquo;We have for a long time believed in the power of long-term investing and it comes as no surprise that SIPs were a much-requested feature on Mudrex. With the release of the feature, we hope that users will be able to maximise long-term wealth creation in a new and rapidly growing asset class like crypto.&rdquo;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/rising-prices-a-global-nightmare-a-look-at-inflation-across-the-globe-1646981675568" target="_blank">Rising prices, a global nightmare: A look at inflation across the globe</a>
Another&nbsp;crypto platforms like&nbsp;Giottus&nbsp;and CoinSwitch&nbsp;also&nbsp;introduced a SIP feature for their investors.
The government in Budget 2022 proposed a 30% tax on crypto income. On Monday, it clarified that losses incurred in a particular digital asset can't be set off against income from another version of a crypto holding. At the same time, the mining of crypto assets won't be treated as a cost of acquisition.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/paytm-stock-price-target-cut-macquarie-says-80-hit-for-investors-1647501913219" target="_blank">Paytm stock price target cut, Macquarie says 80% hit for investors</a>
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky.&nbsp;There may be no regulatory recourse for any loss from such transactions.

Bitcoin along with other cryptocurrencies continued the sharp downfall into the new year. Bitcoin fell testing the crucial $40,000 mark to levels not seen since September. This drop marks a cut 40% cut from the record high it set in November. 
The fall is not restricted to Bitcoin, the second-largest crypto Ether dropped as much as 10% within the first of trade in he new year, to the lowest level since Sept. 30.
Crypto volatility remained high as investors reduced their exposure to assets deemed to be risky after fears that the US central bank will start pulling money out of the economy. 
The Bitcoin Fear & Greed Index, which measures sentiment among market participants, is at its lowest level since July. The low reading indicates market fear which is now shows “max fear” among the cryptocurrency’s traders.
 

Bitcoin crash continues, bears test $40,000 mark 

The Bitcoin Fear & Greed Index, which measures sentiment among market participants, is at its lowest level since July. The low reading indicates market fear which is now shows “max fear” among the cryptocurrency’s traders.


Bitcoin down 40% from high, cryptocurrency collapse continues

Bitcoin continues week-long drop, tests $40,000 mark Bitcoin&nbsp;down 40% from record high&nbsp; Bitcoin&nbsp;at lowest level since September Crypto&nbsp;collapse began post Fed meet minutes&nbsp; Bitcoin Fear &amp; Greed Index shows max fear among traders

Bitcoin&nbsp;down to a three month low as constant selling seen

Bitcoin&nbsp;along with other cryptocurrencies&nbsp;continued the sharp downfall into the new year.&nbsp;Bitcoin&nbsp;fell testing the crucial $40,000 mark to levels not seen since September. This drop marks a cut of over 40% from the record high it set in November.&nbsp;
The fall is not restricted to Bitcoin, the second-largest crypto Ether dropped as much as 10% within the first week of trade in the new year, to the&nbsp;lowest level since Sept. 30.
Crypto volatility remained high as investors reduced their exposure to assets deemed to be risky after fears that the US central bank will start pulling money out of the economy.&nbsp;
The Bitcoin Fear &amp; Greed Index, which measures sentiment among market participants, is at its lowest level since July. The low reading indicates market fear which is now shows &ldquo;max fear&rdquo; among the cryptocurrency&nbsp;traders.
&nbsp;

Usually ARMY are more than happy to open their wallets for&nbsp;BTS, but this time their label is asking them not to.&nbsp;
HYBE Corporation confirmed that an &ldquo;ARMY COIN&rdquo; has been listed on Bitget, a cryptocurrency exchange based in Singapore. Neither HYBE nor its subsidiaries are affiliated with the coin that has been named after BTS&rsquo;s fandom.
Also watch:&nbsp;3 nods for BTS in American Music Awards, first nomination for 'Artist of The Year'
The &ldquo;ARMY COIN,&rdquo; has been issued without HYBE&rsquo;s consultation or approval and infringes on BTS&rsquo;s exclusive portrait rights. Currently, HYBE is investigating &ldquo;ARMY COIN&rdquo; and plans to take legal action.
According to HYBE, the coin&rsquo;s name is not a coincidence; it is intentional. Its creators have copied the design of BTS&rsquo;s ARMY Bomb lightstick and marketed &ldquo;ARMY COIN&rdquo; as a way to financially support the group so that the members &ldquo;do not have to worry about surviving.&rdquo;
In a manner of speaking, the &ldquo;ARMY COIN&rdquo; intends to exploit fans&rsquo; love to turn a profit. Talk about a fake love!
&nbsp;

BTS' label red flags cryptocurrency 'ARMY COIN', says bitcoin issued without our permission

HYBE Corporation looked into Singapore based cryptocurrency 'ARMY COIN' and warned global ARMY to calls the cops. 

Usually ARMY are more than happy to open their wallets for&nbsp;BTS, but this time their label is asking them not to.&nbsp;
HYBE Corporation confirmed that an &ldquo;ARMY COIN&rdquo; has been listed on Bitget, a cryptocurrency exchange based in Singapore. Neither HYBE nor its subsidiaries are affiliated with the coin that has been named after BTS&rsquo;s fandom.
The &ldquo;ARMY COIN,&rdquo; has been issued without HYBE&rsquo;s consultation or approval and infringes on BTS&rsquo;s exclusive portrait rights. Currently, HYBE is investigating &ldquo;ARMY COIN&rdquo; and plans to take legal action.
The &ldquo;ARMY COIN&rdquo; intends to exploit fans&rsquo; love to turn a profit. Talk about a fake love!

HYBE&nbsp;Corporation looked into Singapore based cryptocurrency&nbsp;'ARMY COIN' and warned global ARMY to calls the cops.&nbsp;

Usually ARMY are more than happy to open their wallets for&nbsp;BTS, but this time their label is asking them not to.&nbsp;
HYBE Corporation confirmed that an &ldquo;ARMY COIN&rdquo; has been listed on Bitget, a cryptocurrency exchange based in Singapore. Neither HYBE nor its subsidiaries are affiliated with the coin that has been named after BTS&rsquo;s fandom.
Also watch:&nbsp;<a href="https://www.editorji.com/entertainment-news/korean/3-nods-for-bts-in-american-music-awards-first-nomination-for-artist-of-the-year-1635502286711" target="_blank">3 nods for BTS in American Music Awards, first nomination for 'Artist of The Year'</a>
The &ldquo;ARMY COIN,&rdquo; has been issued without HYBE&rsquo;s consultation or approval and infringes on BTS&rsquo;s exclusive portrait rights. Currently, HYBE is investigating &ldquo;ARMY COIN&rdquo; and plans to take legal action.
According to HYBE, the coin&rsquo;s name is not a coincidence; it is intentional. Its creators have copied the design of BTS&rsquo;s ARMY Bomb lightstick and marketed &ldquo;ARMY COIN&rdquo; as a way to financially support the group so that the members &ldquo;do not have to worry about surviving.&rdquo;
In a manner of speaking, the &ldquo;ARMY COIN&rdquo; intends to exploit <a href="https://www.editorji.com/entertainment-news/korean/somi-says-xoxo-with-revenge-on-the-menu-as-she-playfully-wields-a-sledgehammer-1635505356798" target="_blank">fans&rsquo; love</a> to turn a profit. Talk about a fake love!
&nbsp;

15&nbsp;million&nbsp;Indians hold Rs 15,000 worth crypto&nbsp;assets, while exchanges saw a 100% increase in trading volumes over the last few months. But how will that money be taxed?
Crypto&nbsp;as an investment
The Indian government is in the process of formalising a crypto&nbsp;bill that will also include its taxing norms. However, currently, the income from cryptocurrencies&nbsp;is taxed as per the normal income tax slab of an individual, along with a 4 percent cess.
Although, long-term capital gain on cryptos&nbsp;attracts a capital gains tax of 20 percent. A holding period of&nbsp;more than 36 months is considered long-term in this case.
Crypto&nbsp;trading business
If an individual is trading frequently in such assets or his livelihood is dependent on the income from trading in cryptocurrencies, then such earnings are classified as business income.
If the government classifies cryptocurrencies as an asset or commodity, the existing norms are likely to continue. That can change if there is a separate code or guideline for the taxation of digital tokens.
&nbsp;

Crypto Corner: Taxing times for your gains now?

15 million Indians hold Rs 15,000 worth crypto assets, while exchanges saw a 100% increase in trading volumes over the last few months. But how will that money be taxed?

How much tax you will pay on your crypto gains?

&nbsp;
 while the regulators still spar about how to treat these in the investment ambit the gains from these tokens are multiplying. &nbsp;&nbsp;exchanges saw a 100% increase in trading volumes over the last few months. But how will that money be taxed?

Currently, there are no specific guidance/specific tax provisions on taxation of cryptos in the Income-tax Act, 1961.&nbsp;

The big question for 15&nbsp;million&nbsp;Indians holding over Rs 15,000 cr worth crypto&nbsp;assets, is how should these gains be reported and how to ensure that they don't fall in a tax loop with the government. Regulators are sparring over&nbsp;jurisdiction while&nbsp;awaiting clarity from the government.&nbsp; Cryptic Crypto&nbsp;taxation As per experts the income from cryptocurrencies&nbsp;should be taxed as per the normal income tax slab of an individual, along with a 4 percent cess.
Although, long-term capital gain on cryptos&nbsp;like any other investment&nbsp;attracts a capital gains tax of 20 percent. A holding period of&nbsp;more than 36 months is considered long-term in this case.
Crypto&nbsp;- earnings a livelihood through tokens
If an individual is trading frequently in such assets or his livelihood is dependent on the income from trading in cryptocurrencies, then such earnings are classified as business income.
If the government classifies cryptocurrencies as an asset or commodity, the existing norms are likely to continue. That can change if there is a separate code or guideline for the taxation of digital tokens. Must remember...
Experts however warn that it is imperative that individuals make proper reporting/disclosures in the tax returns they file and pay appropriate taxes on these transactions when such income is earned even though no clear guidelines have been given by the govt.&nbsp;

Regulation remains a big question even as cryptocurrency markets are back to their record-breaking rallies lately. Recently, the Securities and Exchange Board of India (SEBI) issued a notice asking registered investment advisors to refrain from dealing in unregulated products.
"It has come to the notice of SEBI that some registered Investment Advisers are engaged in unregulated activity by providing platform for buying/selling/dealing in unregulated products including digital gold," the SEBI said in an October 21 notice.
Referring to the SEBI's notice, Zerodha founder Nithin Kamath highlighted that this was the reason why his platforms don't offer crypto. Kamath tweeted, "When you are regulated, everything is normally black & white. People keep asking me why don't we offer crypto, unlisted private companies, US stocks, digital gold — which we anyways didn't sell because it's not the best way to buy gold, and more."
Even as regulators and the government keep a check on the crypto market, some big names in the industry are catching eyes. India's first crypto unicorn, CoinDCX, got some flack on social media as its recent ad in a newspaper raised some questions pertaining to investors' safety.
Alok Jain, a SEBI registered investment advisor and founder of Weekendinvesting.com, tweeted that a decisive policy on crypto and regulation on crypto exchanges should come now. He also posted the picture of the ad which used words like 'safe hai' and 'future yahi hai' which may have been seen as misleading.
There are close to 1.5 crore crypto investors in India holding digital assets worth Rs 15,000 crore. All the large cryptocurrency exchanges saw at least a 100% increase in their trading and investment in the last few months.
Domestic crypto exchange platforms have been roping in Bollywood celebrities and social media influencers. Actors like Ranveer Singh and Ayushmann Khurana signed as brand ambassadors for popular crypto platforms Coinswitch Kuber and CoinDCX.
This comes even as regulators around the world have been warning influencers and actors to stay away from promoting speculative cryptocurrencies. Kim Kardashian, a few weeks ago, was warned by the U.K. financial regulator.

Kya Crypto safe hai? Regulator vs advisors, SEBI issues diktat hitting 1 crore investors

Is investing in crypto safe? What does SEBI's new notice say? All that is buzzing in the crypto space

Crypto safe hai?: The newest buzz in the Indian crypto bazar

1.5 crore crypto investors in India holding digital assets worth Rs 15,000 crore

Over 1 crore&nbsp;crypto&nbsp;investors watched as SEBI&nbsp;faced off with popular investment advisors&nbsp;on the 'safety' of and legality of the digital tokens. With Bitcoin at a record high, SHIB&nbsp;up&nbsp; 40,000,000% crypto&nbsp;betters are growing at a fast pace.&nbsp;. All the large cryptocurrency exchanges saw at least a 100% increase in their trading and investment in the last few months.
As the advertisments around the festive season took centrestage with many advising a bet on the booming crypto&nbsp;market <a href="https://www.editorji.com/business-news/meet-the-first-woman-chief-of-sebi-madhabi-puri-buch-gets-appointed-as-sebi-chairperson-1646037167893" target="_blank">Securities and Exchange Board of India (SEBI)</a> issued a notice asking registered investment advisors to refrain from dealing in 'unregulated' products.
"It has come to the notice of SEBI that some registered Investment Advisers are engaged in unregulated activity by providing platform for buying/selling/dealing in unregulated products including digital gold," the SEBI&nbsp;said in an October 21 notice.
Referring to the SEBI's notice, Zerodha&nbsp;founder Nithin&nbsp;Kamath&nbsp;highlighted that this was the reason why his platforms don't&nbsp;offer crypto. Kamath&nbsp;tweeted, "When you are regulated, everything is normally black &amp; white. People keep asking me why don't we offer crypto, unlisted private companies, US stocks, digital gold &mdash; which we anyways didn't sell because it's not the best way to buy gold, and more."
Even as regulators and the government keep a check on the crypto&nbsp;market, some big names in the industry are catching eyes. India's first crypto&nbsp;unicorn, CoinDCX, got some flack on social media as its recent ad in a newspaper raised some questions pertaining to investors' safety.
Alok&nbsp;Jain, a SEBI&nbsp;registered investment advisor and founder of Weekendinvesting.com, tweeted that a decisive policy on crypto and regulation on crypto exchanges should come now. He also posted the picture of the ad which used words like 'safe hai' and 'future yahi hai' which may have been seen as misleading.
Domestic crypto&nbsp;exchange platforms have been roping in Bollywood&nbsp;celebrities and social media influencers. Actors like Ranveer&nbsp;Singh and&nbsp;Ayushmann Khurana&nbsp;signed as&nbsp;brand ambassadors for popular&nbsp;crypto&nbsp;platforms&nbsp;Coinswitch&nbsp;Kuber and CoinDCX.
This comes even as regulators around the world have been warning&nbsp;influencers&nbsp;and actors to stay away from promoting&nbsp;speculative cryptocurrencies. Kim Kardashian, a few weeks ago, was warned by&nbsp;the&nbsp;U.K. financial regulator.

With 10.7 crore&nbsp;crypto&nbsp;owners, India is topping the list of the digital ownership globally as per&nbsp;broker discovery and comparison platform BrokerChooser. Mint reports that&nbsp;as a percentage of the total population, India stood at the fifth spot at 7.30%. Ukraine ranked first with 12.73% people of the total population owning crypto followed by Russia (11.91%), Kenya (8.52%) and the US (8.31%).India&rsquo;s largest stockbroker Zerodha has been overtaken by some of the country&rsquo;s popular crypto exchanges in the number of users. Zerodha at present has over seven million users against 11 million at CoinSwitch Kuber and 8.3 million at WazirX.

India's crypto love; users on crypto exchange surpass the largest equity brokerage

India surges past US to have the most number of crypto owners in the world as users multi

India's love for Crypto

Report: India has the highest number of crypto owners in the world&nbsp;

With 10.7 crore&nbsp;crypto&nbsp;owners, India is topping the list of the digital ownership globally as per&nbsp;broker discovery and comparison platform BrokerChooser. Mint reports that&nbsp;as a percentage of the total population, India stood at the fifth spot at 7.30%. Ukraine ranked first with 12.73% people of the total population owning crypto followed by Russia (11.91%), Kenya (8.52%) and the US (8.31%). India&rsquo;s largest stockbroker Zerodha has been overtaken by some of the country&rsquo;s popular crypto exchanges in the number of users. Zerodha at present has over seven million users against 11 million at CoinSwitch Kuber and 8.3 million at WazirX.

India&rsquo;s largest bank State Bank of India (SBI) has&nbsp;reportedly stopped UPI services for the crypto&nbsp;platform. It has directed crypto exchanges to disable its UPI through payment processors.
The move comes months after the Reserve bank of India issued a clarification&nbsp;to banks asking them not to block crypto exchanges.
WazirX, the country's largest crypto&nbsp;exchange platform, took a hit as it received numerous user complaints as they were not able to deposit funds.
Leading Indian banks had earlier, HDFC, Axis, YES, ICICI and Kotak Mahindra, stopped their services to cryptocurrency exchanges following a circular by&nbsp;the RBI. However,&nbsp;later, when the matter went to the Supreme Court,&nbsp;the apex court stated that the matter of blocking cryptocurrencies does not fall under the purview of the central bank,&nbsp;thus, reversing the order.

SBI halts UPI to crypto, WaxirZ feels the pain

WazirX&nbsp;services hit hard as SBI&nbsp;blocks UPI services for crypto&nbsp;platforms

India&rsquo;s largest bank State Bank of India (SBI) has&nbsp;reportedly stopped UPI services for the crypto&nbsp;platform. It has directed crypto exchanges to disable its UPI through payment processors, this move comes without any prompts from the central banker RBI.&nbsp;
The direct hit came to&nbsp;WazirX, the country's largest crypto&nbsp;exchange platform, as it received numerous user complaints as they were not able to deposit funds.
The fear the traders have is that other banks may follow suit.&nbsp;Significantly, the domestic umbrella body National Payments Corporation of India (NPCI), which developed UPI, has refused to block fund movements for cryptocurrency trades.
ET reported that&nbsp;WazirX chief executive Nischal Shetty said they were in talks with SBI.&nbsp;&nbsp;&ldquo;We&rsquo;re trying to discuss and put forward our points to SBI. WazirX follows KYC (know your customer) norms and AML (anti-money laundering) policies. Being the largest crypto exchange in India, millions of Indians are currently affected due to this move by SBI.&rdquo;
&nbsp;

SBI&nbsp;halts its UPI service for the crypto&nbsp;platforms

India&rsquo;s largest bank State Bank of India (SBI) has&nbsp;reportedly stopped UPI services for the crypto&nbsp;platform. It has directed crypto exchanges to disable its UPI through payment processors, this move comes without any prompts from the central banker RBI.&nbsp;
The direct hit came to&nbsp;WazirX, the country's largest crypto&nbsp;exchange platform, as it received numerous user complaints as they were not able to deposit funds. The fear the traders have is that other banks may follow suit.&nbsp;Significantly, the domestic umbrella body National Payments Corporation of India (NPCI), which developed UPI, has refused to block fund movements for cryptocurrency trades.
ET reported that&nbsp;WazirX chief executive Nischal Shetty said they were in talks with SBI.&nbsp;&nbsp;&ldquo;We&rsquo;re trying to discuss and put forward our points to SBI. WazirX follows KYC (know your customer) norms and AML (anti-money laundering) policies. Being the largest crypto exchange in India, millions of Indians are currently affected due to this move by SBI.&rdquo;
&nbsp;

Cryptocurrency exchange CoinDCX has become India's first crypto based unicorn after raising $90 million from investors led by Facebook co-founder Eduardo Saverin’s B Cap

Crypto Craze: Facebook co-founder's backing makes CoinDCX India's first crypto unicorn

Crypto Craze: Facebook co-founder's backing makes CoinDCX India's first crypto unicorn
&nbsp;
@smtgpt
@nrjkhandelwal
@CoinDCX

The Crypto Craze

Facebook co-founder leads $90 million fundraising round

Cryptocurrency&nbsp;exchange&nbsp;CoinDCX&nbsp;has become India's first crypto&nbsp;based unicorn after raising $90 million from investors led by&nbsp;Facebook co-founder Eduardo Saverin&rsquo;s B Capital.
Also watch: <a href="https://www.edtr.ai/a16e" target="_blank">Want to invest in Crypto? WazirX founder Nischal&nbsp;Shetty tells you how</a>
The latest funding round values the firm at $1.1 billion comes at a time when investment in the digital tokens in India has soared to $6.6 billion.&nbsp;
The exchange has 3.5 million users and has more than doubled its user base in the last two months. The platform was founded in&nbsp;2018 by&nbsp;Sumit Gupta &amp;&nbsp;Neeraj Khandelwal.

WazirX&nbsp;founder Nishchal&nbsp;Shetty, in a recent interview with CNBC, pointed out that&nbsp;crypto is still early. The founder of India's largest crypto&nbsp;exchange platform said the last three to four years have been the time for building crypto&nbsp;exchanges and layer one blockchain&nbsp;products. While the next several years would be about building consumer-facing crypto&nbsp;products, Shetty&nbsp;mentioned.
ALSO WATCH:&nbsp;Cryptocurrency trading volume down 40% as market corrects
The 36-year-old crypto&nbsp;entrepreneur&nbsp;said he expects the next wave to be in consumer products that make digital currencies more accessible in day-to-day life.
Currently, there are around 50 million blockchain wallet users globally, according to&nbsp;Deutsche Bank estimates. By 2030, the bank expects that figure to rise to 200 million as digital currencies become more widely used.

Want to catch the next big trend in cryptocurrency? WazirX founder gives a headsup 

Want to catch the next big trend in cryptocurrency? WazirX&nbsp;founder gives a headsup&nbsp;
@NischalShetty
@WazirXIndia

WazirX's Nischal Shetty on the next big trend in cryptos

Deutsche&nbsp;Bank expects blockchain&nbsp;wallet users to rise to 200 million by 2030

Missed the first wave of the cryptocurrency&nbsp;, worry not as you still can hop onto the blockchain&nbsp;bus.&nbsp;WazirX&nbsp;founder Nishchal&nbsp;Shetty, in a recent interview with CNBC, pointed out that&nbsp;crypto&nbsp;investing and gains are still in the early stages. The founder of India's largest crypto&nbsp;exchange platform said the last three to four years have been the time for building crypto&nbsp;exchanges and layer one blockchain&nbsp;products. While the next several years would be about building consumer-facing crypto&nbsp;products, Shetty&nbsp;mentioned.
The 36-year-old crypto&nbsp;entrepreneur&nbsp;said he expects the next wave to be in consumer products that make digital currencies more accessible in day-to-day life.
Currently, there are around 50 million blockchain wallet users globally, according to&nbsp;Deutsche Bank estimates. By 2030, the bank expects that figure to rise to 200 million as digital currencies become more widely used. Read/Watch Also: <a href="https://www.editorji.com/story/cryptocurrency-explained-bitcoin-to-blockchain-10-words-you-need-to-know-1623841223834">Top 10 words you need to start a crypto&nbsp;chat</a>

In the latest cryptocurrency crackdown Binance has been banned by UK&rsquo;s financial watchdog Financial Conduct Authority (FCA). The UK watchdog has said&nbsp;Binance&nbsp;will need to stop undertaking any regulated activity in the country as it&nbsp;lacked authorization.
UK is not alone in the intervention in the cryptocurrency&nbsp;marketplace, United States and Germany have also sought probes into&nbsp;concerns relating to cryptocurrency&nbsp;exchanges'&nbsp;potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection.Binance&nbsp;is one the world's largest crypto&nbsp;marketplaces, it recorded crypto trading volumes equivalent to $1.5 trillion last month, according to data from TheBlockCrypto.

Cryptocurrency Crackdown: Binance banned by UK financial watchdog

Why has UK banned on the largest cryptocurrency exchanges?

Binance banned in UK

In the latest cryptocurrency crackdown Binance has been banned by UK&rsquo;s financial watchdog Financial Conduct Authority (FCA). The UK watchdog has said&nbsp;Binance&nbsp;will need to stop undertaking any regulated activity in the country as it&nbsp;lacked authorization.
&nbsp;

Binance, one of the world's largest cryptocurrency exchanges, is under scrutiny by regulators in United States and Germany as well. Binance&nbsp;recorded crypto&nbsp;volumes of over $1.5 trillion last month.&nbsp;

In the latest cryptocurrency crackdown Binance has been banned by UK&rsquo;s financial watchdog Financial Conduct Authority (FCA). The UK watchdog has said&nbsp;Binance&nbsp;will need to stop undertaking any regulated activity in the country as it&nbsp;lacked authorization.
UK is not alone in the intervention in the cryptocurrency&nbsp;marketplace, United States and Germany have also sought probes into&nbsp;concerns relating to cryptocurrency&nbsp;exchanges'&nbsp;potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection. Binance&nbsp;is one the world's largest crypto&nbsp;marketplaces, it recorded crypto trading volumes equivalent to $1.5 trillion last month, according to data from TheBlockCrypto.

crypto exchange

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