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Mobikwik’s payment service has been suspended, further reducing India’s crypto trading volume.

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As traders consider the 30 percent crypto tax, cryptocurrency trading volumes in India have plummeted even further across exchanges. Mobikwik, a popular payment service provider, has also stopped serving exchanges.

Cryptocurrency trading volume in India continues to slide after the government began taxing crypto income at 30% without allowing any loss offsets or deductions.

According to crypto research firm Crebaco, cryptocurrency trading volumes have fallen from last week across all major exchanges, Moneycontrol reported. Wazirx suffered a 72% drop in trading volume, Coindcx 52%, and Zebpay 59%.

In addition, MobiKwik reportedly withdrew its services across exchanges on April 1 amid unclear regulations. Mobikwik was one of the preferred methods of payment to purchase cryptocurrencies at exchanges.

A crypto exchange executive was quoted by the publication as saying:

Mobikwik did not give any specific reason for withdrawing its services. We were just told that they won’t be partnering with exchanges anymore.

Last week, the Nasdaq-listed crypto exchange Coinbase announced that it has fully launched in India and users could transfer funds to buy crypto using the Unified Payments Interface (UPI) system. However, the National Payments Corporation of India (NCPI), which created UPI, responded by stating that no crypto exchange is using the UPI system.

On July 1, another damaging tax will go into effect. Crypto transactions will be levied a 1% tax deducted at source (TDS). An Indian parliament member recently explained why this tax will kill the crypto industry.

Meanwhile, the Indian government is still working on a framework for crypto. Finance ministry officials are reportedly consulting with international organizations, including the International Monetary Fund (IMF) and the World Bank, as well as the Reserve Bank of India (RBI) and other domestic regulators.

Iran will not accept cryptocurrency payments and is preparing to test a digital rial.

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According to a high-ranking government official, cryptocurrencies will not be accepted as a form of payment in Iran. His comments came as Iran’s Central Bank announced new regulations for the issuance of digital coins in the country. These, on the other hand, are intended for its own “crypto rial,” the pilot phase of which should begin soon.

Cryptocurrencies like bitcoin will not be treated as legal tender in the Islamic Republic of Iran. Discussing regulatory matters related to the storage and exchange of cryptocurrencies, Iran’s deputy minister of communications, Reza Bagheri Asl, emphasized:

We do not recognize payments with cryptocurrencies.

The government official was commenting on the latest resolution by the Digital Economy Working Group regarding crypto assets. He pointed out that the use of any foreign currency is outside the sovereignty and against the monetary and banking law of Iran.

“So, we will by no means have any regulations recognizing payments with cryptocurrencies that do not belong to us,” Bagheri Asl elaborated, quoted by the Iranian financial news portal Way2pay. “Iran has its own national cryptocurrency, so no payments will be made with non-national cryptocurrencies,” he insisted.

The deputy minister added that in order to prevent risks for the Iranian citizens, digital asset exchange in the country will be subject to a set of rules similar to those that apply to the stock market and other currencies. “Cryptocurrencies must be regulated and banking systems must be observed,” he added.

Tehran authorities have in the past considered allowing Iranian business to use decentralized digital currencies for settlements with foreign partners as a way to circumvent Western financial sanctions. What they are focusing on at the moment, however, is the launch of the digital version of the nation’s fiat currency, the rial.

The Central Bank of Iran (CBI) has recently informed banks and other credit institutions about regulations related to the “crypto rial,” which has been under development for some time. They apply to the minting and distribution of the central bank digital currency (CBDC). The CBI will be its sole issuer and will determine the maximum supply.

According to Way2pay, the digital currency is based on a distributed ledger system that will be maintained by authorized financial institutions and capable of implementing smart contracts. The infrastructure and the guidelines for the CBDC have been finalized and it will be piloted in the near future, the publication unveiled.

The crypto rial will be issued under the legal provisions governing the emission of banknotes and coins, the report noted. The CBI will be monitoring the economic impact of the digital currency and managing its effects in accordance with the authority’s monetary policy. Users will be able to make transactions with the CBDC only within the territory of Iran.

Tanzanian officials want international clarity on CBDCs and cryptocurrencies.

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Tanzanian financial sector officials have called for a more defined global agreement on central bank digital currencies (CBDCs) and crypto-assets. Officials agreed that more discussions were needed before a final decision could be made.

Interoperability of CBDCs

Just under a year after the Tanzanian President Samia Suluhu Hassan asked the country’s finance chiefs to prepare for cryptocurrencies, officials from the country’s financial sector are now calling for a clearer global stance towards central bank digital currencies (CBDC) and crypto-assets.

The officials, the Finance and Planning Minister, Mwigulu Nchemba and the central bank governor, Florens Luoga, have both reportedly agreed that further discussions around the two topics are needed before any decision is made.

According to a report published by The East African, the two officials said this while addressing a virtual summit organized by the Bank of Tanzania (BOT) and the International Monetary Fund (IMF). The summit, according to the report, was specifically convened for Anglophone countries in Sub-Sahara Africa.

The event reportedly sought to give finance officials from countries in this region more insights on issues that relate to financial inclusion, cybersecurity as well as the interoperability of CBDCs. According to the report, a similar event targeting Francophone countries is likely to be held later in the year.

Tighter Regulations

Meanwhile, Nchemba is quoted in the report revealing the extent of the progress that has been made by the BOT. He said:

[The central bank is] finalising preparations of a business case for [the] establishment of a CBDC in Tanzania and evaluation of crypto assets after recording significant progress.

For his part, Luoga reiterates that “crypto-assets have increasingly become common” and because of their ramifications, “there is a quest for interventions through tighter regulations.”

Bo Li, the deputy managing director of the IMF, insisted that while countries are expected to have different reasons for embracing CBDCs, the global lender will neither encourage nor discourage the issuing of CBDCs. However, Li said his institution will still provide technical support to countries that decide to issue CBDCs.

Binance and Whitebit, two cryptocurrency exchanges, have offered assistance to Ukrainian refugees.

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Photo credit: Getty Images

The global crypto community has actively supported humanitarian efforts in Ukraine, and two cryptocurrency exchanges are also looking to assist Ukrainian refugees in other countries. Binance, the world’s largest cryptocurrency exchange, and Whitebit, the Ukrainian cryptocurrency exchange, have turned their attention to the Ukrainians forced to flee their country as a result of Russia’s invasion.

The world’s leading cryptocurrency exchange, Binance, will launch a “charity crypto card” this month for those who have been forced to leave Ukraine and need help, Ukraine’s Minister of Digital Transformation Mykhailo Fedorov announced on Telegram, following a conversation with the company’s CEO Changpeng Zhao.

The government official stated, quoted by the crypto news outlet Forklog, “This is an important support for our citizens during the war.” He noted that the exchange continues to work with his department on cryptocurrency adoption and plans to support educational projects in the digital space to help more Ukrainians acquire digital skills and new professional qualifications.

Fedorov, who also serves as deputy prime minister in Kyiv, highlighted that the company has already committed $10 million to Ukraine and intends to increase the amount to $20 million in the near future. Crypto donations collected through Binance Charity finance the humanitarian initiatives of major intergovernmental and local non-government organizations.

Meanwhile, Ukrainian crypto exchange Whitebit has signed a memorandum of cooperation with the country’s Ministry of Foreign Affairs. The company recently said it can help people who left Ukraine to escape the ongoing hostilities through its representative offices in foreign countries and its technical and other resources. In recently published blog post, it stated:

We continue to work, establish cooperation with the state, and help Ukraine. By scaling up the business in other countries, we scale up social projects essential for maintaining democracy and European values.

Whitebit intends to provide assistance to Ukraine’s Consular Service in the countries where it maintains offices and facilitate “the transition of foreign diplomatic institutions to barrier-free digital spaces.” It also pledged support for the foreign ministry’s Anti-Crisis Center and a call center providing consultations to Ukrainians in need.

The UFC, the world’s largest mixed martial arts organization, will pay fighters bitcoin bonuses.

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Photo Credit: Westend61 GmbH

Crypto.com, a digital currency exchange, announced on April 7 that fighters from the Ultimate Fighting Championship (UFC), a mixed martial arts (MMA) promotion company, will be able to win Fight Night bonuses in bitcoin. Fight Night bonus payouts will vary depending on where you finish, but first-place finishers will receive $30,000 in bitcoin.

After partnering with the UFC during the first week of July 2021, the cryptocurrency exchange Crypto.com announced on Thursday bitcoin bonuses for UFC athletes who place first, second, and third in a Fight Night competition. Moreover, the placement decision will be done by fan voting in order to choose the top three best fighters from each UFC pay-per-view (PPV) event. “Bitcoin bonuses include $30,000 for First Place, $20,000 for Second Place, and $10,000 for Third Place,” the crypto exchange’s announcement explains.

The bitcoin (BTC) bonuses will be based on the USD exchange rate at the time and the first bitcoin bonus Fight Night will be at UFC 273: Volkanovski vs the Korean Zombie. The UFC tournament will take place on Saturday, April 9 at the VyStar Veterans Memorial Arena in Jacksonville, Florida. “Crypto.com has been an official UFC partner for less than a year, and I’m telling you they are already one of the best partners we’ve ever had,” UFC president Dana White said in a statement. The UFC executive added:

[Crypto.com is] constantly coming up with new ideas about how we can work together to connect with the fans. This new Fan Bonus of the Night is an awesome way to get fans more engaged in our events while rewarding the fighters for bad-ass performances.

According to the announcement on Thursday, each UFC PPV event will have fan voting and fans will leverage the URL crypto.com/fanbonus to access the portal. Crypto.com says the voting is open to all users globally and fans get three votes per PPV event. Fans can vote for two fighters per bout and voting begins at the start of the PPV preliminaries, while voting ends an hour after the Fight Night event.

“Central to our partnership with UFC is creating the most unique and compelling ways for fans to connect with the sport and their favorite athletes,” Steven Kalifowitz, Crypto.com’s chief marketing officer said. “We are thrilled for this next step in our partnership with UFC and excited to build even more innovative and engaging experiences as our partnership continues.”

The Seneca Lake Crypto Project in Greenidge has been granted permission to continue operations by the New York Supreme Court.

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Photo Credit: Getty Images

Greenidge Generation Holdings (GREE), a bitcoin mining company, said in a statement Thursday that it had won the dismissal of a petition filed by the Sierra Club and Seneca Lake Guardian to stop its crypto mining project in Seneca Lake, New York.

  • The ruling is the fifth legal challenge Greenidge has won since 2016, according to the statement. Greenidge says it operates within full compliance of its New York State air and water permits.
  • “Various and overlapping opponents have now lost all five legal actions related to the facility and we properly sought and received all necessary approvals to start this project long ago, with Planning Board approval,” Greenidge Generation President Dale Irwin was cited as saying in the statement.

Singapore’s New Crypto Law Requires Licensed Overseas-Only Operators: Report

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According to Bloomberg, the Singapore parliament passed a law on Tuesday requiring crypto businesses based in the city-state but only doing business overseas to be licensed.

  • At the moment, Singapore’s crypto entities are not regulated for anti-money laundering and countering the financing of terrorism and thus the move is aimed at tightening rules for cryptocurrency providers.
  • Singapore is walking a tightrope of both welcoming Web 3 companies while issuing guidelines to limit crypto ads in public spaces and media.
  • The new rule is part of the Financial Services and Markets Bill. This bill includes the imposition of a higher maximum penalty of S$1 million ($737,050) on financial institutions if they experience cyberattacks or their services are disrupted.
  • The bill gives greater powers to the Monetary Authority of Singapore to prohibit individuals who are deemed unfit from performing key roles, activities and functions in the financial industry. These will now include individuals providing payment services and conducting risk management.

Coincheck Labs has been established to support startups related to crypto-assets and non-fungible tokens (NFTs) that will lead the Web3 era.

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PRESS RELEASE. Coincheck, Inc., a Japanese cryptocurrency exchange that offers Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and other cryptocurrencies, announced on January 28 the launch of “Coincheck Labs,” a program to support startups that will lead the Web 3.0 era. Stake Technologies Pte. Ltd., which is involved in the Astar Network, a Japanese public blockchain, will receive the first investment from Coincheck in this program.

Currently, “Web 3.0”, the decentralized digital age based on blockchain, is a worldwide movement, and investment in startups driving Web 3.0, including those related to crypto-assets and NFT, is accelerating. On the other hand, in Japan, crypto assets and NFTs fields lack clear accounting and legal rules. The level of expertise required to start a business is considered high, resulting in a shortage of entrepreneurs compared to other countries. Under such circumstances, Coincheck will share its experience and know-how in the development and operation of the crypto asset trading service “Coincheck” and the NFT marketplace “Coincheck NFT (beta version)” through “Coincheck Labs,” thereby contributing to the development of the “Web 3.0” movement. Coincheck would like to support startups related to crypto-assets and NFT.

With the rise of DeFi in 2020 and the rapid growth of NFT in 2021, “crypto-asset native applications” that use crypto assets, a protocol for transferring value, as a matter of course, have developed rapidly over the past few years and are creating a new economic sphere in the digital world. At Coincheck, the team hopes to revitalize the crypto asset and NFT industry in Japan at this significant turning point with our colleagues who will take up the challenge together.

Main Activities of Coincheck Labs

Coincheck Labs supports the growth of Japan’s blockchain and Web 3.0 ecosystem by supporting entrepreneurs, startups and communities with crypto-asset native and NFT native products from the core area of blockchain called Layer 1. The company provides “startup support,” “research,” and “investment” for products ranging from application areas.

(1) Startup Support

Coincheck supports entrepreneurs, startups, and communities that drive the growth of the crypto asset and NFT industry in Japan. Specifically, we will provide advice on token design, finance and accounting and manage events such as hackathons.

(2) Research

Research and disseminate information on crypto assets, NFT, GameFi and other blockchain trends, etc.

(3) Investment

Investing in equity and tokens in startups that develop crypto-asset native and NFT native products

About Coincheck Inc.

Trade name: Coincheck, Inc.

Headquarters: E-Space Tower 12F, 3-6 Maruyamacho, Shibuya-ku, Tokyo 150-0044, Japan

Established: August 28, 2012

President: Satoshi Hasuo

Registered as a crypto-asset exchange business: Director of Kanto Local Finance Bureau No. 00014

Services offered (These services are available only to residents of Japan except miime.)

Coincheck https://coincheck.com

Coincheck Lending Virtual Currency Service https://coincheck.com/ja/lending

Coincheck Electric https://coincheck.com/ja/denki

Coincheck Gas https://coincheck.com/ja/gas

Coincheck Advance Payment https://coincheck.com/ja/reserves_lp

Coincheck NFT (beta) https://nft.coincheck.com/

Coincheck Surveys https://coincheck.com/ja/survey

Sharely, a shareholder meeting support service https://sharely.app/

miime (Coincheck Technologies Inc.) https://miime.io/ja/

The lawsuit against Binance for allegedly selling unregistered crypto securities has been dismissed by a judge.

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According to a lawsuit filed against the cryptocurrency exchange, Binance has been found not guilty of selling unregistered crypto securities. In their lawsuit, the plaintiffs listed nine cryptocurrencies.

Binance’s Lawsuit Dismissed

  • U.S. District Judge Andrew Carter dismissed a lawsuit against cryptocurrency exchange Binance Thursday.
  • The motion to dismiss was filed by Binance and CEO Changpeng Zhao (CZ). The lawsuit (case no. 20-02803) was originally filed in April 2020 in the U.S. district court in the Southern District of New York.
  • Binance is accused of violating U.S. securities laws by selling cryptocurrencies that are allegedly unregistered securities. The exchange is also accused of failing to register as a securities exchange or broker-dealer with U.S. regulators.
  • The case involves nine cryptocurrencies — EOS, QSP, KNC, TRX, FUN, ICX, OMG, LEND, and ELF — which the plaintiffs bought through Binance’s online exchange starting in 2017. However, the coins soon lost significant value.
  • The plaintiffs alleged that Binance “wrongfully engaged in millions of transactions” and failed to warn them about the “significant risks” of investing in these cryptocurrencies. They sought to recoup what they paid.
  • However, Judge Carter ruled that the plaintiffs sued Binance too late, citing that more than a year had passed between the time of their purchases and the time they filed the lawsuit.
  • In addition, the federal judge said that U.S. securities laws did not apply because Binance was not a U.S.-based exchange, even if it used Amazon computer servers in the U.S. He wrote:

Plaintiffs must allege more than stating that plaintiffs bought tokens while located in the U.S. and that title passed in whole or in part over servers located in California that host Binance’s website.

  • Binance was not the only cryptocurrency exchange recently sued for allegedly selling unregistered crypto securities. In March, three Coinbase users filed a class-action lawsuit against the Nasdaq-listed crypto exchange, claiming that the platform sold 79 unregistered securities.
  • In the U.S., the Securities and Exchange Commission (SEC) has not actively stated which cryptocurrencies are securities. However, SEC Chairman Gary Gensler said on several occasions that many of the cryptocurrencies listed on exchanges with 50 to 100 listings are likely securities.

Starting in May, the Indonesian government will levy a 0.1 percent crypto tax.

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Beginning in May, the Indonesian government will levy a 0.1 percent tax on capital gains from cryptocurrency investments. Furthermore, cryptocurrency purchases will be subject to the same rate of value-added tax (VAT).

The Indonesian Directorate General of Taxes, the Ministry of Finance, has set income tax (PPh) on capital gains from crypto investments and value-added tax (VAT) on crypto purchases at 0.1%.

Hestu Yoga Saksama, director of tax regulations for the Ministry of Finance, told CNN Indonesia Friday:

That’s right, 0.1% PPh and 0.1% VAT (for crypto), all of which are final.

He added that both the income tax and VAT on crypto purchases will be imposed starting May 1.

According to the director, the Indonesian government has levied income tax and VAT on crypto purchases because the central bank, Bank Indonesia, and the Ministry of Trade consider crypto a commodity, not a means of payment. He clarified:

Crypto assets will be subject to VAT because they are a commodity as defined by the trade ministry. They are not a currency … So we will impose income tax and VAT.

The VAT rate on crypto assets is well below the 11% levied on most goods and services in Indonesia, Reuters reported, adding that the 0.1% income tax on capital gains matches that on shares listed on the Indonesian stock exchange.

Meanwhile, India has begun taxing crypto income at 30% without allowing loss offsets or deductions. In addition, a 1% tax deducted at source (TDS) will be levied from July 1.

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