Govt working on classification of crypto under GST law
The Indian government is working on the classification of crypto as goods or services under the GST law so that tax can be levied on the entire value of transactions. Currently, 18% Goods and Services Tax (GST) is levied only on services provided by crypto exchanges. GST officers are of the view that cryptos are similar to lottery, gambling, and horse racing, which have a 28% GST on the entire value.
Crypto prices today: Bitcoin down 2.2%, ETH falls 1.8%
Bitcoin is currently trading at $40,981.6, a 2.25% decline over the previous day. Ethereum is down 1.8% over the last 24 hours to $2,870.5. Solana fell 2.56% to $88.88, while Cardano is trading lower by 1.9% at $0.886. Meanwhile, Terra (LUNA) rose 1.4% to $94.17. The global crypto market cap stands at $1.86 trillion, a 1.75% decline over the previous day.
DAO treasuries top $8.2 billion on Ethereum, $1.3B on Solana: DeepDAO
Interest in decentralised autonomous organisations (DAOs) has seen a sharp increase over the last few years. According to DAO analytics site DeepDAO, there is currently $9.5 billion held in DAO treasuries across all networks. Out of the total, $1.3 billion is held by DAOs built on the Solana network alone and $8.2 billion on Ethereum. DAO is a way of organizing people and their interests on the internet using blockchain.
Cricket NFT marketplace to raise $100M in Series A funding round: Report
FanCraze, the developer of a NFT marketplace trading official cricket collectibles, is raising around $100 million in Series A funding. B Capital Group and Insight Partners are leading the round, with participation from South Korea’s Mirae Asset. International soccer superstar Cristiano Ronaldo is also reportedly one of the investors. FanCraze secured a partnership with the International Cricket Council (ICC) in November 2021 to launch the NFT marketplace.
Hubspot hack leads to data breaches at BlockFi, Swan Bitcoin
A data breach at Hubspot has affected crypto trading platforms BlockFi and Swan Bitcoin. However, both companies said their operations have not been affected and treasuries are not at risk. Many companies use Hubspot to manage marketing campaigns and onboard new users. While user information was leaked to hackers, both companies said that passwords and other internal information was not affected.
