TDS Archives

CoinSwitch, CoinDCX get ED notices over violation of FEMA

The Enforcement Directorate (ED) has sent notices to crypto exchanges CoinSwitch Kuber and CoinDCX as they came under the central agency’s radar. ED has registered a case against the two firms under the violation of the Foreign Exchange Management Act (FEMA). The agency is trying to ascertain if these companies are involved in cases of money laundering and foreign exchange violations.

Crypto prices today: Bitcoin up 1.4%, ETH rises 3.25%

Bitcoin is currently trading at $20,431.22, an increase of 1.42% over the previous day. Ethereum rose 3.25% over the last 24 hours to $1,175.04. Solana rose 2.2% to $36.79, while Cardano is trading higher by 1.7% at $0.465. Avalanche (AVAX) rose 2.9% to $19.11. The global crypto market cap stands at $918.44 billion, a 1.24% increase over the previous day.

ProShares Bitcoin Short ETF grows over 300% in a week

The ProShares’ Bitcoin Short ETF (BITI) grew by 306% last week, cementing its place as the second-largest Bitcoin ETF in the U.S. BITI now holds net short exposure equivalent to 3,811 BTC, up from just 937 BTC on June 27. An exchange-traded fund (ETF) provides investors with indirect exposure to an underlying asset. It can be useful when investing in commodities or crypto, which are difficult to transfer or store.

Experts seek revamp of TDS on digital assets to boost trade volumes, govt revenue

Experts in the crypto industry have called for rationalisation of tax deducted at source (TDS) on digital asset transfers. They have argued that TDS locks up liquidity and the government will likely lose out on revenue as transaction volumes slide. However, some executives acknowledged that TDS was needed to curb money laundering. A tax regime for virtual digital assets (such as crypto, NFTs) will boost investor confidence by eliminating ambiguity.

Ethereum scaling solution Immutable X will allow Ether-to-Dollar withdrawals

Ethereum scaling solution Immutable X will allow users to receive U.S. dollars in their bank accounts on Ether (ETH) withdrawals. The Ether offramp is available to any developer building on Immutable. Developers can enable their users to sell layer 2-based ETH and have the proceeds deposited directly to their bank accounts. Crypto payments firm Moonpay will process the fiat transactions.

Coinbase plans to expand presence in Europe

Crypto exchange Coinbase Global Inc is looking to expand in some European markets, even as the digital asset market experiences a downturn. The company is in the process of expanding in France, Italy, Spain, and the Netherlands, It aims to launch its retail, institutional, and developer products in these markets.

Crypto prices today: Bitcoin at 19,100, ETH falls 1%

Bitcoin is currently trading at $19,105.10. Ethereum is down 1.07% over the last 24 hours to $1,050. Solana fell 0.72% to $32.72, while Cardano is trading lower by 0.26% at $0.448. Avalanche (AVAX) is up 3.78% to $16.68. The global crypto market cap stands at $863.33 billion, a 0.32% decline over the previous day.

Meta to shut down crypto wallet Novi by September

Meta said it will shut down its digital wallet for crypto, Novi, in September. The wallet helps people send and receive money internationally with no fees. The Novi app and its integration with WhatsApp will no longer be available, and users won’t be able to sign in to their accounts after the expiry date.

Vauld suspends withdrawals, trading due to ‘financial challenges’

Crypto exchange Vauld has suspended all withdrawals, trading, and deposits on its platforms due to rising “financial challenges”. The company has witnessed withdrawals above $197.7 million since June 12, 2022, when the collapse of TerraUSD (UST) triggered a crash in the crypto market. Vauld intends to apply for a moratorium in the Singapore courts to get a “breathing space to carry out a proposed restructuring exercise.”

TDS rule brings down volumes on crypto platforms

Spot trading volumes on crypto exchanges CoinDCX, WazirX, and Zebpay declined by ~70% on average yesterday. This is primarily due to the imposition of a 1% tax deducted at source (TDS) on the transfer of virtual digital assets (crypto, NFTs) worth more than Rs 10,000, effective from July 1. It is likely to push day traders to move out of Indian exchanges.