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CRYPTO MARKET IN INDIA

By October 31, 2023Crypto Regulation
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ETMarkets launches Crypto Corner in collaboration with Mudrex

With ETMarkets Crypto Corner, we go multi-format to ensure your crypto journey becomes an immersive experience. So, you will not just read, but also watch and listen to all things crypto at this corner. Our coverage of cryptocurrency will be multi-dimensional. We will lean on data, text and audio-visual formats for a wholesome experience.

How global crypto exchanges database aims to transform crypto regulation

The objective is to monitor and curb the use of cryptocurrencies in illegal activities like crime and money laundering. The goal is to augment the regulatory framework surrounding the digital asset market, which has often been likened to the Wild West due to its lack of oversight.

28 Oct, 2023, 11:55 AM IST

Crypto Talk | India's progress in crypto regulations set to enhance transparency in ecosystem: CoinSwitch

The high taxes imposed by the Indian government have led to a decline in trading volumes on major crypto platforms. However, the progress in implementing regulations for the crypto market has given hope to service providers like CoinSwitch. The CEO of CoinSwitch believes that India's regulatory standards enhance transparency and could prompt the government to reconsider the TDS rate. While crypto trading volumes have recovered in 2023, they have not reached the levels seen in early 2022.

13 Oct, 2023, 12:26 AM IST

Web3 jobs see growth globally but crypto jobs down in India

According to the McKinsey Technology Trends Report 2023, generative AI and other technological advancements are creating optimism regarding their potential to benefit society. The report suggests that companies should invest in a diversified portfolio of tech trends relevant to their business.

12 Oct, 2023, 11:36 AM IST

With crypto companies like Binance FZE receiving an operational MVP, Dubai is poised to become a global crypto hub

Dubai is working to build a presence as an international crypto hub, competing with the likes of London, New York, and Singapore

10 Oct, 2023, 04:51 PM IST

India's crypto taxation framework: How does it fare globally?

While India has made significant steps to standardise taxation, a high rate of TDS has caused a flight of volumes and users to platforms in foreign jurisdictions and the grey market. Following the announcement of a new tax regime, there was a shift of around Rs 32,000 crore of trade volume from domestic VDA exchanges to foreign ones from Feb-Oct 2022.

04 Oct, 2023, 10:38 AM IST

  • Crypto exchange Coinbase gets Singapore payments licence

    The licence, granted by the Monetary Authority of Singapore (MAS), will allow the largest U.S. crypto exchange to offer digital payment token services to individuals and institutions in Singapore.02 Oct, 2023, 01:51 PM IST

    The intricate web of crypto scams: An advisory

    Crypto jacking, the unauthorized use of individuals' computing resources for Crypto mining, saw a global surge, surpassing 300 million incidents by June 2023, as reported by Sonicwall.com. Although less prevalent in India, it remains a concerning issue.30 Sep, 2023, 10:33 AM IST

    Smart traders turn to crypto perps to escape TDS on virtual digital assets

    Tailored for punters with the stomach to absorb losses in a market that can suddenly and dramatically turn volatile after a long lull, it's an offering that is neither aggressively marketed nor formally launched by mainline platforms.30 Sep, 2023, 06:39 AM IST

    Crypto Talk | With growing interest in crypto, regulations in India inevitable: WazirX

    "As Bitcoin's halving approaches in April 2024, the general expectation is that Bitcoin's dominance may sail towards a horizon of 60% by 2023. Also, analysts are expecting a wall of Institutional money to flow into Bitcoin ETFs. The question is not if, but when. And even if a storm led by a seasonal correction in the S&P 500 brews, it may not necessarily sink Bitcoin below its bull market support band."26 Sep, 2023, 04:41 PM IST

    Can the post-G-20 roadmap for Indian Crypto Asset Regulation achieve greater financial inclusion?

    An important consensus from the New Delhi Declaration adopted by G20 leaders is that a global coordinated approach to crypto-asset regulation is required. A key challenge faced by regulators across jurisdictions when looking to supervise crypto-assets is the blurring of geographical boundaries.24 Sep, 2023, 03:07 PM IST

    G20’s impact on cryptocurrencies: When can we see the crypto market rising?

    Acknowledging the global nature of cryptocurrencies, under India's presidency, the International Monetary Fund (IMF) and Financial Stability Board (FSB) have crafted effective recommendations that safeguard investors and encourage innovation.23 Sep, 2023, 01:25 PM IST

    Information asymmetry can lead to big losses for crypto investors

    A big risk for users in any marketplace is information asymmetry. It could often lead to losses for the users either squarely because of fraud or at times due to misunderstandings of how the marketplace works. Additionally, not understanding the underlying technology as in case of VDAs could lead to further complications.19 Sep, 2023, 01:16 PM IST

    Crypto Talk | Aim to become the largest crypto asset manager in next 5 years: Edul Patel, Mudrex

    A surge in crude oil prices can contribute to inflationary pressures, prompting some investors to explore alternative assets like Bitcoin to preserve value. Conversely, the Federal Reserve’s decisions to raise interest rates can influence risk preferences and potentially induce certain investors to shift away from riskier assets, including cryptocurrencies.19 Sep, 2023, 10:56 AM IST

    Web3-virtual asset community waiting for India's clarity on crypto, virtual assets

    Given that the country's technologists are providing impetus for digital transformation globally and that the market is too large to stay out of this new phenomenon, the global industry is waiting for India to provide legal clarity on cryptos and virtual assets.15 Sep, 2023, 02:47 PM IST

    ETSA 2023: Nominees for Startup of The Year; Coinbase discontinues services in India

    Finally, it’s time to announce the last but most coveted category of The Economic Times Startup Awards 2023: Startup of The Year. A singular focus on innovation and growth is what it will take to lay claim to this title. This and more in today’s ETtech Morning Dispatch.11 Sep, 2023, 07:18 AM IST

    G20 leaders endorse FSB recommendations on regulation of crypto assets

    The G20 member nations have endorsed the Financial Stability Board's recommendations on regulating crypto assets to mitigate associated risks. The leaders have called for effective and consistent implementation of these recommendations globally. They have also welcomed the IMF-FSB Synthesis Paper and the shared work plan for crypto assets.10 Sep, 2023, 10:16 AM IST

    G20 Summit: Achieving PM’s vision of comprehensive global framework for crypto regulation

    The Financial Action Task Force has already made significant strides in this regard. We have been voluntarily following the best practices and have been supporting the Government of India on complying with all notifications including the one under Prevention of Money Laundering Act (PMLA). This coupled with global implementation of an information sharing framework and an effective travel rule is necessary to help address this concern, effectively.09 Sep, 2023, 03:44 PM IST

    How can G20 and other International forums serve as platforms to foster cooperation in the crypto sector?

    Being a fast maturing sector in its foundational building time, the crypto industry is currently grappling with a lack of consistent regulatory frameworks worldwide. Different countries have adopted varying approaches, ranging from outright bans to embracing cryptocurrencies as legitimate financial assets. This regulatory divergence creates uncertainty for investors and hampers the growth of the industry.09 Sep, 2023, 09:44 AM IST

    IMF-FSB paper calls for crypto regulation, not ban

    The prescriptions for regulating cryptos could serve as global baseline minimum standards for countries that wish to adopt them. “A comprehensive policy and regulatory response for crypto-assets is necessary to address the risks of crypto-assets to macroeconomic and financial stability," the paper said.08 Sep, 2023, 12:54 AM IST

    G20 leaders may lay down crypto regulation blueprint

    A synthesis paper prepared by the International Monetary Fund (IMF) and Financial Stability Board (FSB) at the behest of the G20 Finance Ministers and Central Bank Governors on overall crypto asset regulation will be taken up by the leaders. “The synthesis paper will lay down a comprehensive roadmap and building blocks for a coordinated global regulatory framework… Leaders will take a final call on this,” said a senior government source.07 Sep, 2023, 01:33 AM IST

    Next 10 years to be the defining decade for crypto: ZebPay CEO

    Rahul Pagidipati who heads one of India’s oldest crypto exchanges, ZebPay, said there is potential for crypto to make a position in mainstream investment. Pagidipati is optimistic about India's crypto future, with potential for growth, innovation, and global impact.02 Sep, 2023, 01:06 PM IST

    India spearheads global crypto regulatory framework under G20 presidency

    The writing is on the wall: individual nations attempting unilateral bans on the crypto industry would be counterproductive. Kristalina Georgieva, the International Monetary Fund's Managing Director, reportedly drew an analogy between Crypto and water. She suggested that efforts to ban it would be futile as it would inevitably find its way, emphasising the need for a collective approach.27 Aug, 2023, 06:07 PM IST

    India spearheads global crypto regulatory framework under G20 presidency

    The writing is on the wall: individual nations attempting unilateral bans on the crypto industry would be counterproductive. Kristalina Georgieva, the International Monetary Fund's Managing Director, reportedly drew an analogy between Crypto and water. She suggested that efforts to ban it would be futile as it would inevitably find its way, emphasising the need for a collective approach27 Aug, 2023, 02:35 PM IST

    Cryptocurrency Scam: Economic Offences Wing exposes Rs 1,000 crore fraud spanning across India

    The Economic Offences Wing of the State Crime Branch has uncovered a nationwide cryptocurrency scam run by STA Token, a company that lured more than 2 lakh people and collected more than ₹1,000 crore under the guise of cryptocurrency investments. The company was alleged to be involved in unlawful multi-level marketing, and money circulation without Reserve Bank of India authorization. Two of the company's officials, Gurtej Singh Sidhu and Nirod Das, were arrested for orchestrating the Ponzi scheme, and the EOW seized their accounts, which had unusual cash deposits exceeding ₹15 crore.08 Aug, 2023, 09:17 AM IST

    View: Cryptic tax rules for cryptos

    The transactions pertaining to income from transfer of virtual digital assets is required to be disclosed under the Schedule VDA in the ITR forms.30 Jul, 2023, 09:41 PM IST

    Crypto Tax: What investors need to know

    For a taxpayer, there are new schedules to be filled. Regular crypto traders with multiple transactions could find it all a bit overwhelming, and hence it is advisable to take the help of a qualified tax adviser. There is no substitute for a professional tax expert. Nevertheless, a few things are worth keeping in mind.22 Jul, 2023, 10:49 AM IST

    India highlights three principles for global framework on crypto assets

    Finance Minister Nirmala Sitharaman on Tuesday said the issue of cryptocurrencies was discussed at a key G20 meeting here to make a comprehensive, cohesive and coordinated global policy and regulatory framework for these digital assets.21 Jul, 2023, 12:06 PM IST

    Crypto traders are betting on Asia as a haven after US crackdown

    Due to the regulatory uncertainty in the US, Bitcoin trading is increasingly shifting to Singapore, Japan and South Korea, and Hong Kong, which just introduced a new regulatory framework for cryptocurrency exchanges, despite crypto trading remaining banned in China and high taxes in India. Institutional investors perceive the regulatory environment in Asia as less risky, and the countries' vast population represents a huge opportunity for the crypto market. Despite Europe's strides in crypto regulation, the EU-wide Markets in Cryptoassets regime will only take effect in 2024.23 Jun, 2023, 10:41 AM IST Load More


Nestle India Q3 profit surges 37% YoY to Rs 908 crore

FMCG major Nestle India on Thursday said its consolidated net profit surged 37% year-on-year (YoY) to Rs 908.1 crore for the quarter ended September 30, 2023. The profit stood at Rs 661.4 crore in the same period last year.

The revenue from operations stood at Rs 5,036.82 crore in the said quarter, up 9.4% YoY and 8.12% quarter-on-quarter (QoQ).

The bottomline figure was higher than the ET NOW poll estimate of Rs 799 crore but the topline missed analyst expectations of Rs 5,161 crore.

The company, which announced its Q3 earnings, said it achieved a milestone of crossing Rs 5,000 crore turnover in the quarter while delivering a double-digit domestic sales growth. The domestic sales growth stood at 10.3% and the profit from operations came in at 22.6% of sales, the company said in its filing to the exchanges.

Commenting on the results, Suresh Narayanan, Chairman and Managing Director at Nestlé India said, “We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed Rs 5,000 crore turnover, which has been our first in any quarter in the history of the company and a landmark for us".

Dividend

The company also announced a second interim dividend of Rs 140 per share that will be paid on or before November 16. The total payout will amount to Rs 1,349.82 crore. The company has fixed November 1 as the record date for determining the eligibility of shareholders to receive the said dividend.

Stock Split

The board approved the alteration in the share capital by splitting the existing equity shares having face value of Rs 10 per share into 10 equity shares having face value of Re 1 per share.

Commodity Outlook

Uneven rain and rain deficit is expected to impact production of maize, sugar, oilseeds and spices that may have an adverse impact on pricing. Coffee continues to be volatile because of global supply deficit. The weather during the harvest of Indian Robusta crop may impact production.

Upcoming winter weather may impact wheat production. Healthy milk flush is expected in winter which is expected to keep prices stable.

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