Page 4 - Cryptocurrencies

Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC

The Centre has told the Supreme Court it is yet to take a decision on a mechanism to regulate cryptocurrencies and effectively investigate related offences. A bench of justices Surya Kant and KV Viswanathan was told by Additional Solicitor General Vikramjit Banerjee, appearing for the Centre, that the issues related to the digital currency are continuously evolving and the government is deliberating on the mechanism to regulate the cryptocurrencies. He sought time to file an affidavit by the next date of hearing in the case giving updated position on the mechanism. "So far as the stance of the Union of India with reference to the matters of cryptocurrency arising in different states is concerned, the Additional Solicitor General of India seeks and is granted four weeks' time to file an appropriate affidavit," the bench ordered on Friday. During the hearing, Justice Kant said the court only wants that there are appropriate safeguards to protect the common man from frauds and misuse

TMS Ep610: Crypto fillip, snowless winter, PSU stocks, Bitcoin Spot ETF

Will Binance crackdown offer a fillip to Indian crypto exchanges? Why are Indian hills facing a snowless winter? Will rally in PSU stocks run out of steam? What is the Bitcoin Spot ETF? Answers here

Consider regulatory sandbox approach to deal with crypto issues: GTRI

India should consider a regulatory sandbox approach to deal with issues related to crypto products and services, economic think tank GTRI said in its report on Sunday. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing. The Global Trade Research Initiative (GTRI) said that in the light of crypto's acceptance in the regular financial system in the US, it remains to be seen how India's crypto policy evolves in coming months. With the new US action, with ramifications on global capital flows, price of gold, foreign trade, it may not be possible to live with no regulation, it said. "India may consider adopting regulatory sandbox approaches, allowing for controlled testing of innovative crypto-related products and services. It may need to balance innovation with risk management and adapt advancements in blockchain

Binance loses India traders to local companies it recently dominated

WazirX and Mudrex estimated that roughly 70% of their fresh inflows came from Binance, while CoinDCX put the figure at around 40%

Bitcoin at 21-month-high as US SEC approves Bitcoin ETF from heavyweights

After the announcement, Bitcoin briefly touched $47,600, the highest since December 2021, before cooling down to $46,600 for the first time since April 2022

Govt escalates clampdown on offshore crypto venues like Binance: Report

Govt last year imposed money-laundering provisions on the crypto sector as it tightens oversight of digital assets

SEC's X account hacked to falsely say Bitcoin ETF approved: Report

The SEC's X account was compromised and a fake post claiming that the agency had green lit plans for the products fueled a brief surge in the price of the world's biggest cryptocurrency

BlackRock, Ark Investment lower fee for planned spot bitcoin ETFs

BlackRock's iShares Bitcoin Trust would charge 0.25%, compared with the 0.30% fee set earlier. ARK 21Shares Bitcoin ETF lowered its fee to 0.21% from 0.25%

'With 2 to 5% allocation Bitcoin good addition to investor's portfolio'

Die-hard equity pundits may have been denouncing cryptocurrencies as a giant scam but Bitcoin has emerged as a clear leader and having a small portion of digital currency in one's portfolio could be a smart move, claims a new book. In "Investing Decoded: Simple Path to Building A Portfolio in Millions", Anirudh Rathore provides a beginner's guide to acquiring the tools and mindset required to start securing one's financial future. Taking risks, according to the author, is a key part of investing. He encourages investors to see the market as a tool for long-term success and to stick to their choices rather than changing stocks frequently, which can hurt performance. Rathore, who taught himself to invest during the uncertainties of the pandemic, emphasises that one doesn't need a finance degree to start growing money. He suggests starting investing as soon as one starts earning, even if it's a small amount. "I know it sounds easier to say than to actually accomplish it but all those

No need for a second trial of FTX founder Sam Bankman-Fried: Prosecutors

A second trial of FTX founder Sam Bankman-Fried on charges not in the cryptocurrency fraud case presented to a jury that convicted him in November is not necessary, prosecutors told a judge Friday. Prosecutors told US District Judge Lewis A. Kaplan in a letter that evidence at a second trial would duplicate evidence already shown to a jury. They also said it would ignore the "strong public interest in a prompt resolution" of the case, particularly because victims would not benefit from forfeiture or restitution orders if sentencing is delayed. They said the judge can consider the evidence that would be used at a second trial when he sentences Bankman-Fried on March 28 for defrauding customers and investors of at least USD 10 billion. Bankman-Fried, 31, who has been incarcerated since several weeks before his trial, was convicted in early November of seven counts, including wire fraud, wire fraud conspiracy and three conspiracy charges. He could face decades in prison. Last spring,

Indian crypto investors may move to domestic platforms post FinMin's notice

Finance ministry issued show cause notices to nine offshore virtual digital assets (VDA) service providers dealing with crypto assets

FinMin sends notices to offshore crypto exchanges, asks Meity to block them

"They are operating illegally without complying with the PML Act provisions in India," the finance ministry stated

TMS 588: Domestic airline crises, megafactories, crypto-run, dry powder

Why do airlines go bust? How can India build megafactories like China? Will Bitcoin's dream run continue in 2024? What is dry powder? All answers here

Crypto wrap: US Fed's commentary on rate cuts in 2024 keeps market volatile

Cryptocurrency news: The outlook for 2024 continues to remain positive, mainly on the back of Bitcoin ETFs

HTX theft: Crypto exchange suffers a $258 million net outflow after hack

HTX said it lost $30 million worth of crypto tokens in the breach and temporarily suspended withdrawals and deposits following the attack

Crypto wrap: Cryptocurrency in Parliament; Bitcoin's surge to 18-month high

This week, in reply to a question in the Parliament in the ongoing Winter Session, the Centre revealed that as many as 28 Virtual Digital Assets service providers have registered themselves with FIU

What are cryptocurrency exchanges and how do they work? All details here

The crypto market is expected to reach $4.94 billion by 2030, and there is an estimated more than 600 crypto exchanges worldwide

Binance pleads guilty to US sanctions violation, will pay $4.3 bn fine

Zhao pleaded guilty Tuesday to violating the Bank Secrecy Act in federal court in Seattle. Richard Teng will succeed Zhao as CEO.

BlackRock files for spot ethereum ETF to further cryptocurrency push

BlackRock is proposing to convert the trust to a "spot" ETF, which means it will own ether instead of futures products tied to the crypto token

One year after FTX imploded, here's how cryptocurrencies are changing

A year on, the industry is irrevocably altered - while at the same time in many ways remarkably familiar