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You are here: Home / Archives for Indian cryptocurrency exchanges

Indian cryptocurrency exchanges

Indian Cryptocurrency Exchanges Approach RBI for Regulatory Clarification

May 4, 2020 by Vaigha Varghese

In April 2018, the Reserve Bank of India(RBI) had placed a ban on cryptocurrency trading that restricted banks and other financial institutions from enabling cryptocurrency-related services. In March of this year, the Indian Supreme Court lifted Reserve Bank’s two-year ban on cryptocurrency trading in India for what many said was a historic verdict.

After the Supreme Court verdict, many statistics showed that a growing number of Indians were interested in cryptocurrency trading, and many exchanges saw an increase in trading volume.

Cryptocurrency exchanges have now approached the Reserve Bank of India (RBI) as stated by The Economic Times, and sought clarification on their status and domestic tax within the country. Crypto exchanges wrote to the Reserve Bank of India (RBI) seeking clarification as financial institutions refused to provide the financial services they wanted because of a lack of clarity on the part of the regulators, The Exchanges have requested clarity on the platform’s categorization as commodity, currency, goods, or service that defines whether they are paid under the Good and Services Tax (GST).

Praveenkumar Vijayakumar, Chairman & CEO of Belfrics Global, was reported as saying:

“If the digital assets are not exempted from GST, the digital currency exchanges in India are going to have a standoff with the tax authority. In early 2019, the tax department had reached out to several cryptocurrency platforms in this regard. In the wake of the recent Supreme Court ruling, we have also approached the RBI for clarity on this, as if we pay GST on the whole transaction, then most platforms would not be able to survive,”

In the background, it is claimed that the indirect tax department which collects GST has initiated preliminary discussions on how cryptocurrencies could be brought within the scope of the GST. A few years earlier, the sales tax department and VAT authorities had also launched an investigation into Bitcoins‘ taxability. The indirect tax department also launched an investigation into Bitcoin exchanges operating in India to assess the rate of GST that could be imposed on them.

“After the supreme court judgment, the RBI was supposed to issue a new circular directing the banks to start banking relationships again with cryptocurrency exchanges and businesses. When the Crypto exchanges approached banks to start operations the banks simply denied as they had not received any notification from the RBI till date,” said Sidharth Sogani, CEO, CREBACO Global. “Banks cannot deny the service after the Supreme Court judgment, they are just playing safe as banks will always be anti-Bitcoin, but because of this huge potential is getting sacrificed.”

 

Filed Under: News Tagged With: Indian cryptocurrency exchanges

Indian Cryptocurrency Exchange CoinDCX Raises Millions in Latest Investment Round

March 24, 2020 by Akash Anand

Bitcoin and the rest of the cryptocurrency market have tried their best to become mainstream after a decade of their inception. This growing financial sector has become so important that regions around the world have begun to rethink their applications.

India was one of the few countries vehemently opposed to cryptocurrencies. The ban on cryptocurrency has been so effective that digital asset companies have been brought to the ground while many have relocated. Following the recent withdrawal of the ban by the Supreme Court of India, the country has seen a dramatic increase in the number of crypto investors.

CoinDCX was one of the few Indian cryptocurrency exchanges that were ramping up efforts to expand Indian cryptocurrency space. According to new reports, the exchange raised more than $3 million from investors in its most recent funding round. CoinDCX claimed that the new space investors were excited to form an ecosystem of change, innovation, and rapid progress.

According to sources, CoinDCX raised more than $3 million from investors like Bain Capital Ventures, Polychain Capital and HDR Global Trading. HDR Global Trading sounds familiar because it is involved in operating cryptocurrency exchanges like the popular BitMEX.

The sudden surge in investments started right after the Indian Supreme Court adjudged that the 2018 ban on crypto was unjust. According to the premier court in the country, the RBI’s stance on digital assets would hamper growth and development in the country. Sumit Gupta, the CEO and Co-founder of CoinDCX stated:

“As the country’s largest exchange, we are in a position to drive national crypto adoption forward responsibly. This successful investment round will go a long way in funding our vision of accelerating India’s growth into a US$5 trillion economy. With a slew of exciting projects in the pipeline, the closure of our Series A is the first step in a new chapter in the CoinDCX story as we continue to drive the mass adoption of crypto assets in India.”

CoinDCX stated that it would use the capital to revamp its marketing aspects as well as boost its product developments. Sumit Gupta added that cryptocurrency as an asset was just about to take off in the country. India stands in the perfect position to leverage the current market and draw attention to the changes in the space, said Sumit Gupta. CoinDCX was one of three Indian cryptocurrency exchanges that remained open during the ban and it looks like it paid dividends.

The exchange will allow more users to get on board by buying cryptocurrencies with fiat. One of the USP’s of CoinDCX has been its algorithm-based trading that has enabled users to make seamless transactions. The good news was in complete contrast to the situation in 2018 when the industry crumbled in India after RBI’s decision. CoinDCX has also pledged $1.3 million for a campaign called ‘TryCrypto’. The aim of the program is to increase the number of crypto users in India to 50 million.

The CoinDCX development came right after Tim Draper made glowing comments about the Supreme Court’s decision. The serial investor admitted that he would be interested in contributing to some of the great projects in India and boost the cryptocurrency space.

 

Filed Under: News Tagged With: CoinDCX, crypto ban, Cryptocurrency Adoption, India, Indian cryptocurrency exchanges, Indian Supreme Court, RBI, Sumit Gupta, Tim Draper

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