印度加密货币

$BNB

Binance returns to India

Unlock a new chapter in crypto!

After seven months of trials and tribulations, global crypto giant Binance finally returns to the Indian stage! Previously suspended due to being accused of "illegal" operations by the Indian Financial Intelligence Unit (FIU), it has now officially registered as an Indian reporting entity, successfully crossing the 19th compliance barrier.

Although the Indian crypto market has "many rules", Binance remains true to its original intention and is optimistic about the unlimited potential of this treasure land. It vows to bring better services to Indian users in a legal and compliant manner.

You know, India has a love-hate relationship with cryptocurrencies, strict supervision, heavy taxes, and banks put pressure from time to time. Even Coinbase has suspended the registration of new Indian users because it could not withstand the "gentle reminder" of the central bank.

However, the industry has been in turmoil, and the local exchange WazirX has just suffered a big loss due to security vulnerabilities, adding a bit of uncertainty to the entire circle. However, Binance's return is undoubtedly a shot in the arm for the Indian crypto community. Let's wait and see what the future holds!

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🚀India leads the 2024 Crypto Adoption Index, followed by CSAO!

Despite high taxes and strict government regulation, India once again tops the 2024 Crypto Adoption Index, further demonstrating the country's investors' strong confidence and enthusiasm for digital assets!

Chainalysis' latest research shows that India has the most interactions with centralized services, while also ranking high in retail DeFi operations and DeFi services. This shows that despite the government's attempts to restrict the use of cryptocurrencies, India's cryptocurrency market remains vibrant.

However, the future of India's cryptocurrency market remains uncertain. The recent $230 million hack of the WazirX exchange, which affected 4.2 million Indian users, may have an impact on India's leading position in the cryptocurrency field.

In addition, the Indian Finance Minister's imposition of a 1% source withholding tax (TDS) on crypto transactions and a 30% income tax on crypto profits may have a certain dampening effect on investor enthusiasm. But Indian investors do not seem to be deterred, and they have demonstrated their determination to promote crypto adoption by staying ahead.

Meanwhile, Central Asia, South Asia, and Oceania (CSAO) also performed well in cryptocurrency adoption, occupying 7 of the top 20 positions in the adoption index. These countries attracted $750 billion in crypto asset inflows between July 2023 and June 2024, accounting for 16.6% of the market share.

As the cryptocurrency market continues to develop, whether India and other CSAO countries can continue to maintain their leading position in the cryptocurrency adoption index will depend on how they cope with regulatory challenges and market uncertainty fluctuations in the future!

💬 What do you think of India's leading position in the cryptocurrency adoption index? What role do you think the CSAO region will play in the future cryptocurrency market? Leave your views in the comments section!

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📢Indian ITAT ruling: Cryptocurrency trading gains before 2022 will be taxed as capital gains tax, and early investors will have their tax burden greatly reduced

The Indian Tax Tribunal (ITAT) recently made an important ruling, which is good news for investors who have realized gains by holding cryptocurrencies for a long time in the country!

The Income Tax Appellate Tribunal (ITAT) in Jodhpur, India made it clear that profits from buying and selling cryptocurrencies such as Bitcoin and Ethereum before April 1, 2022 are all counted as capital gains, not ordinary income. This means that if you trade the cryptocurrencies you hold before 2022, the tax rate you need to pay will be much lower!

The bill stipulates that before 2022, the tax rate for short-term capital gains is 15%, and the tax rate for long-term capital gains is only 10%. This saves a lot of money for those early investors compared to the current 30% unified tax rate.

This ruling was made in a case. One person bought $6,478 worth of Bitcoin in 2015-16 and sold it for $78,803 in 2020-21.

When accepting the ruling, the defendant argued that he had held the cryptocurrency for more than three years, so he should be taxed as long-term capital gains. But the tax bureau disagreed, saying that digital assets have no intrinsic value and should not be considered property. But the ITAT judge supported the investor and said that according to the income tax law, cryptocurrencies are property.

Although this ruling is good news for early investors, India is still lagging behind in digital asset regulation. Many virtual asset companies have moved to more cryptocurrency-friendly places, such as the UAE or Singapore.

However, the Indian government is now also discussing with industry experts to create a balanced cryptocurrency regulatory framework. I hope there will be more good news in the future!

Viewpoint:

This ruling by India's ITAT is undoubtedly a major positive for early cryptocurrency investors. By classifying trading gains before April 1, 2022 as capital gains, the tax rate will be reduced, which will not only reduce the tax burden, but also reflect the tax system's adaptation and recognition of emerging assets. However, this also exposes India's insufficient regulation of digital assets, which may affect its competitiveness in the global cryptocurrency market.

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🌐 India's cryptocurrency regulation is in doubt: buying and selling are not prohibited, but heavy taxes are imposed

🤷‍♂️The Indian government has taken an increasingly strict regulatory attitude towards cryptocurrencies in recent years, but interestingly, they have not deprived citizens of their freedom to buy and sell cryptocurrencies.

Although new tax measures were implemented on April 1, 2022, imposing taxes of up to 30% on cryptocurrency gains, nominally to strengthen the fight against money laundering and terrorist financing, the Indian government has not formulated a specific regulatory plan for cryptocurrency transactions.

🤔 Here comes a contradiction: if it is to combat money laundering and terrorist financing, why not take more direct regulatory measures, such as directly banning cryptocurrency transactions?

🧐 However, the Indian government chose another way. Not only did it not prohibit citizens from trading freely, but it also imposed heavy taxes on cryptocurrency profits, including a 30% profit tax and a 1% source deduction tax (TDS).

💡 This practice has sparked widespread speculation from the outside world, and people can't help but ask, what is the real intention of the Indian government? Are they regulating the market through taxation, or are they really leaving room for cryptocurrency money laundering and terrorist financing?

💬 Join the discussion and share your views:

- What do you think of the Indian government's regulatory strategy on cryptocurrencies?

- Is it good for India's cryptocurrency market to not prohibit free trading but charge high profit taxes?

- Will high tax policies really affect and combat money laundering and terrorist financing?

👇 Share your thoughts in the comments section and discuss the future and direction of the Indian cryptocurrency market with us!

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"India's 🇮🇳 cryptocurrency sector has ushered in a major breakthrough: Binance's successful return opens new opportunities"❗️❗️❗️

There is exciting news in the cryptocurrency field in India. Binance, the world's leading cryptocurrency exchange, has successfully returned to the Indian market, which is its 19th global regulatory milestone!

Previously, the URL of#Binancewas unblocked, and now its application is online on the App Store and Play Store.

Binance is highly praised for its professionalism and security. Its return is like injecting strong momentum into the Indian cryptocurrency market, making the Indian cryptocurrency community cheer, and it is expected to promote the booming development of the Indian cryptocurrency industry in the future.

CEO Richard Teng said that this move highlights Binance's commitment to compliance, and looks forward to providing customized services to Indian users to support the development of their virtual digital asset market.

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