Global #India

Indian law enforcement agencies have demanded $86 million (722 crore Indian rupees) from Binance in unpaid taxes, as part of an investigation into the crypto exchange’s operations in the country.

India may need to rethink its approach to taxing cryptocurrencies, according to a recent survey conducted by the Esya Centre, a New Delhi-based technology policy think tank.

As cryptocurrencies gain prominence, countries around the world are enacting diverse regulations to address the risks and opportunities of digital assets.

India is gearing up to solidify its stance on cryptocurrencies with the release of a comprehensive policy framework by September. According to Senior Finance Ministry Official Ajay Seth, the government is currently in the process of consulting with relevant stakeholders to shape the regulatory landscape for the burgeoning digital asset industry.

Indian cryptocurrency exchange WazirX has reportedly been hacked, with over $235 million in digital assets stolen. The incident, which is still unfolding, has sent shockwaves through the Indian crypto community and raised concerns about the security of centralized exchanges.

Leading cryptocurrency exchange Bitget is taking proactive measures to secure necessary licensing in India. The company has engaged in ongoing discussions with India's Financial Intelligence Unit (FIU) to obtain Virtual Asset Service Provider (VASP) registration.