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Govt Working on Classification of Crypto Under GST Law – Top Crypto News

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. 

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Mexico Senator Proposes Bitcoin Legal Tender Bill – Top Crypto News

Mexico Senator proposes Bitcoin legal tender bill

Indira Kempis, a senator from Nuevo Leon in Mexico, wants to make her country the second in the world to adopt Bitcoin as legal tender. She is working on a proposal for a crypto-friendly legal framework. The legislator praised Bitcoin’s attributes as an inclusive currency that benefits the unbanked.

Crypto prices today: Bitcoin falls 9%, ETH down 13%

Bitcoin is currently trading at $34,752, an 8.85% decline over the previous day. Ethereum fell sharply by 12.9% over the last 24 hours to $2,323.5. Solana fell 9.2% to $79.35, while Cardano tanked 16.5% to $0.76. Polygon (MATIC) crashed 15% to $1.27. The global crypto market cap stands at $1.56 trillion, a 9.89% decline over the previous day. This slump in the crypto market was in sync with a global market retreat triggered by Russia’s move to launch military action on Ukraine.

Ethereum founder Vitalik Buterin calls Russia invasion a ‘crime’

Ethereum co-founder Vitalik Buterin said Russia’s invasion of Ukraine is a crime against the Ukrainian and Russian people. He wrote: “Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead.” Earlier this month, Buterin appealed to Putin to de-escalate a conflict of Russia’s own making.

Solana, Pantera Capital, NBA owners invest in NFT fantasy basketball game

Fast Break Labs, a Web3 startup, announced a $6 million seed round led by early-stage venture firms Pantera Capital and Patron. The company will use the money to develop its fantasy league, the Virtual Basketball Association. The game let players trade NFT collectibles of digitally created players. Solana Ventures and owners of NBA teams joined the seed round.

RBI’s views might have delayed crypto bill: Deputy Governor Patra

RBI Deputy Governer Michael Patra said the central bank’s views on crypto might have delayed the government’s proposed legislation on crypto assets. He said India will proceed very gradually on the subject. There are concerns on privacy, crypto’s impact on monetary policy formulation and energy intensity. The RBI is in favour of a complete ban on the speculative assets.

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GameStop Enters NFT Space – Top Crypto News

bitcoin crosses $50000

GameStop enters the NFT space; to allow customers to buy, sell, trade

Video game retailer GameStop is entering the non-fungible token (NFT) space. The company has hired more than 20 people as part of a new unit that will focus solely on building the NFT platform. GameStop’s NFT platform will allow customers to buy, sell and trade NFTs of video game items, including clothes, weapons, and characteristics of the various player avatars.

Crypto prices today: Bitcoin at $41,900, Ethereum up 1.5%

Bitcoin is currently trading at $41,900, a 0.7% increase over the previous day. Ethereum rose 1.5% over the last 24 hours to $3,154. Solana has surged 2.5% to $142, while Cardano is up 0.64% to $1.17. The global crypto market cap stands at $1.96T, a 0.72% increase over the previous day. 

Pakistan’s FIA sends notice to Binance in alleged $100-million scam

Pakistan’s Federal Investigation Agency (FIA) has issued a notice to the world’s largest cryptocurrency trading platform Binance in connection to an alleged crypto scam worth nearly $100 million in the country. “The FIA Cyber Crime Sindh’s action on 11 online investment apps integrated with @binance. The apps defrauded Pakistanis with about $100 million. A letter has been sent to Binance as well as notice to GM Binance Pakistan,” Imran Riaz, Head of Cyber Crime Zone, Sindh, FIA tweeted on Friday. 

Hardware failure behind Arbitrum’s second outage in five months

Ethereum Layer-2 network Arbitrum suffered a seven-hour outage, preventing transactions from being completed. This is Arbitrum’s second outage in five months but is currently back online. The cause of the downtime was pinpointed as a sequencer (hardware component) outage. 

BUX launches crypto trading services on zero-commission platform

Dutch online brokerage BUX announced that it has enabled cryptocurrency investment for the clients of its flagship platform, BUX Zero. The platform will allow investors access to more than 20 cryptocurrency markets, including Bitcoin, Ethereum, and Litecoin. The zero-commission service will be initially available only to clients in 4 countries: The Netherlands, Belgium, Spain, and Ireland.