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Coin Geek
a day ago
- Business
- Coin Geek
India's digital asset sector lobbies for tax cuts
Getting your Trinity Audio player ready... India's digital asset industry is lobbying for cuts to taxes that have driven crypto trading offshore, in a bid to take advantage of a perceived softening of approach toward the industry from New Delhi, according to a report by the Financial Times (FT). Executives at digital asset exchanges reportedly told the FT that Prime Minister Narendra Modi's government had become more receptive and engaged with them following the return to office of United States President Donald Trump and his unprecedented embracing of digital assets. 'Thanks to Trump, the positive momentum that has happened in crypto has impacted India as well,' said Ashish Singhal, co-founder of CoinSwitch, one of India's largest digital asset exchanges, according to the report. Singhal also noted that industry meetings with policymakers now take place 'monthly, if not weekly,' up from little more than once every six months until recently. He said that in these increased meetings, the industry's 'big ask' was a reduction in 'very harshly' imposed taxes. Specifically, in India, digital asset transactions are currently subject to a 30% capital gains tax and a 1% levy on every transaction, introduced in 2022 to help authorities combat the illicit use of digital assets for criminal purposes. According to a study by the New Delhi-based think tank Esya Centre, the imposition of these taxes caused virtual digital asset (VDA) exchanges to lose 81% of their trading volume in four months. Further, the study found that 'the total VDA assets held by Indians in VDA exchanges globally amount to USD 13.38 billion, of which only 9.02 percent are held on compliant domestic platforms.' The implication is that the taxes effectively pushed more than 90% of digital asset trading by Indians offshore. In addition to the 'harsh' taxes, the Reserve Bank of India (RBI)—the country's central bank—has been a vocal digital asset critic to the extent that it banned banks from providing services to digital asset companies in 2018—a measure that was reversed by the Supreme Court in 2020—and in 2023 sought a complete ban on digital assets in India. However, in another indication of a changing approach, the RBI's new governor, Sanjay Malhotra, has avoided direct criticism of the sector, instead saying it is awaiting the government's industry paper. Singhal from CoinSwitch told the FT that the relationship with the RBI 'has gone from negative to neutral. I will still not quite call it positive yet,' adding that 'we are still maybe a couple of years away from proper regulation… which could help the industry gain further steam.' In February, Economic Affairs Secretary Ajay Seth stated that the government was reviewing its discussion paper on digital assets, originally set for release in September 2024, to reflect changing international regulations. 'More than one or two jurisdictions have changed their stance towards cryptocurrency in terms of the usage, their acceptance, where do they see the importance of crypto assets. In that stride, we are having a look at the discussion paper once again,' Seth said in an interview. Watch: 'Disruptive' blockchain can be useful for India title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Ashish Singhal Donald Trump India Narendra Modi Regulation Tax United States
Time of India
22-05-2025
- Business
- Time of India
'Biggest scam': Lemonn cofounder sparks debate on middle-class salary crisis
A CEO's post on middle-class salaries has sparked a debate. Ashish Singhal , chief executive officer at wealthtech firm Peepal and cofounder of CoinSwitch and Lemonn, called the middle-class salaries the "biggest scam no on talks about". In the post, Singhal cited a Marcellus report from January that the group earning under Rs 5 lakh saw a 4% compounded annual growth rate (CAGR), whereas the Rs 5 lakh to Rs 1 crore income group—which includes middle class and upper middle class—have seen just 0.4% CAGR. Meanwhile, food prices have risen nearly 80%, and purchasing power has been cut in almost half. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now While people are spending, it is being fuelled by credit, and not income, Singhal said. Expenditure on travel, electronics and EMIs are still there, but people are skipping savings, delaying medical treatments and even ordering food online comes with "mental math". "This isn't a collapse. It's a well-dressed decline," he wrote. Singhal also pointed out that artificial intelligence (AI) is quietly threatening white-collar jobs . According to Teamlease finance chief Ramani Dathi, AI is not only eating into salaries, but jobs as well, with only six to seven vacancies out of 10 being filled. Live Events Political attention stays on welfare funding meant for poor, while the ultra-rich have grown sevenfold in a decade, but the middle class is expected to silently support the economy, Singhal said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Singhal ended his post saying if this is an income issue or a money management issue. One comment by Titash Neogi stated that the middle-class income problems is due to the segment asking less from the government. Singhal countered that it cannot be the case, considering income tax relief up to Rs 12 lakh. Higher income equates to higher expenses for many, indicating that it is a money management problem. "While a cost to company (CTC) of (Rs) 10 or 15 lakh may appear attractive on paper, the actual take-home amount is far lower. After deducting EMIs, children's school fees, tax and other essential expenses, most individuals are left with little to no disposable income," commented one Nitin Singh.
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Business Standard
22-05-2025
- Business
- Business Standard
Record galore! Bitcoin holds above $110k mark; what's next for BTC?
Bitcoin at record high: After nearly four months of sideways consolidation, Bitcoin (BTC) has shattered its previous all-time high, soaring to a record $111,861.22 on Thursday, May 22, 2025. The flagship cryptocurrency eclipsed its earlier peak of $109,114.88 set on January 20 this year, reflecting a strong bullish resurgence. Market analysts attribute the rally to a confluence of macroeconomic tailwinds, including easing geopolitical tensions, an improved regulatory environment, and sustained institutional interest. The breakout, analysts said, underscores a broader shift in investor sentiment, with Bitcoin increasingly being viewed as a credible asset in both retail and institutional portfolios. The bellwether currency was quoted trading at around $111,329.12, up by 3.62 per cent at 11:11 AM on Thursday, May 22. The world's most popular cryptocurrency had a 24-hour trading volume of $90.97 billion. Bitcoin's market capitalisation stood at $2.21 trillion, the highest among all cryptocurrencies. Bitcoin has fluctuated between $106,127.23 and $111,861.22 levels in the last 24 hours, according to data from CoinMarketCap. Analsysts weigh in 'Bitcoin officially entered uncharted territory, breaking past its previous all-time high and is currently trading above $110,000,' said Ashish Singhal, Co-founder of CoinSwitch. 'This isn't just a milestone for the market—it is a reflection of how the global perception of digital assets is fundamentally evolving.' Over the past few days, Bitcoin has shown remarkable strength, holding steady around the $98k–$100k range - boosting confidence among both retail and institutional investors. "This rally is driven by more than just market momentum—it is backed by consistent inflows into spot Bitcoin ETFs, improving macroeconomic clarity, regulatory support such as recent introduction of Genius Act and a growing recognition of Bitcoin's credibility, even at the sovereign level. We're seeing this play out real-time as several US states move to integrate Bitcoin into their policy frameworks,' said Singhal. The approval of the Stablecoin Bill and easing trade restrictions, Edul Patel, Co-founder and CEO of Mudrex, said, have also significantly improved investor sentiment, helping Bitcoin hit a new ATH just four months after the previous ATH in January. "Institutional demand remains strong, with spot ETFs seeing $2.2 billion in inflows over the past 10 sessions. Furthermore, CryptoQuant data shows a steady return of retail investors, with smaller wallets re-entering the market, bringing fresh liquidity and signalling broader market confidence," said Patel. Echoing similar views, Shivam Thakral, CEO of BuyUcoin, digital asset exchange, said that the price momentum of Bitcoin is mainly driven by regulatory development in the US and record institutional inflows into regulated ETF products. On the fundamental side, BTC ETF inflows remain strong and institutional demand continues to rise in expectation of a favorable regulation later this year. In May alone, over $3.6 billion flowed into US Bitcoin-tracking ETFs, marking the largest monthly inflow since January. "Concerns over rising US debt and treasury yields have positioned Bitcoin as a hedge against economic turbulence, contributing to its price appreciation," said Thakral. Bitcoin eyes $115,000 Pankaj Balani, CEO and Co-founder of Delta Exchange, believes that the breakout above the key resistance levels of $104,000 and $108,000 now establishes them as solid support zones. The push beyond the ATH, Balani said, was strong and with good volume activity. "As the momentum continues, we can see the BTC price move through the key resistance zone between $112,000 and $115,000. Traders are going to be monitoring consolidation and support retests to assess the strength of the upward move here," said Balani. Altcoins rally as Ethereum holds strong above $2,600 The bullish sentiment extended towards the other altcoins too, as Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was holding above the $2600 mark. Last seen, it was quoted trading at $2,636.09, up 1.39 per cent, with a trading volume of $35.48 billion. It has fluctuated in the range of $2,454.54 - $2,646.16 in the last 24 hours, with a market cap that stood at $317.54 billion. Among other popular altcoins, Cardano (ADA) was trading higher by 4 per cent, followed by Binance Coin (BNB) at 3.32 per cent, and Solana (SOL) traded higher by 3.4 per cent. Meanwhile, Ripple (XRP) was trading lower by 1.38 per cent, down 0.11 per cent.
Time of India
22-05-2025
- Business
- Time of India
Bitcoin hits record high above $111,000 as ETF inflows, regulatory clarity fuel rally
Bitcoin surged past the $111,000 mark on Thursday, hitting an all-time high of $111,861, before easing slightly to trade at $111,368 as of 11:08 AM IST, up 3.5% on the day. Ethereum also gained 1.8% to $2,634, as the broader crypto market cap rose 3.1% to $3.5 trillion. The rally was fueled by growing optimism around regulatory clarity in the US, following the advancement of a key stablecoin bill in the Senate. The continued accumulation of Bitcoin by institutional players — including Michael Saylor's firm, which now holds over $50 billion in BTC — further supported market sentiment. Crypto Tracker TOP COIN SETS BTC 50 :: ETH 50 4.60% Buy DeFi Tracker 4.06% Buy Smart Contract Tracker 2.38% Buy Web3 Tracker 1.21% Buy NFT & Metaverse Tracker -0.31% Buy TOP COINS (₹) Bitcoin 9,546,393 ( 3.79% ) Buy BNB 58,529 ( 3.49% ) Buy Ethereum 226,032 ( 2.14% ) Buy XRP 207 ( 1.59% ) Buy Tether 86 ( 0.16% ) Buy 'Bitcoin created another milestone, hitting a new all-time high over $111,000, gaining over 48% from recent lows,' said Edul Patel, Co-founder and CEO of Mudrex. He attributed the rally to 'geopolitical de-escalation, an improved regulatory environment, and macro tailwinds,' including the approval of the Stablecoin Bill and easing trade restrictions. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Spot Bitcoin ETFs have seen $2.2 billion in inflows over the past 10 sessions, Patel noted, adding that retail participation is also on the rise, bringing fresh liquidity to the market. Ashish Singhal, Co-founder of CoinSwitch, said Bitcoin's surge 'isn't just a milestone for the market—it's a reflection of how the global perception of digital assets is fundamentally evolving.' He highlighted consistent ETF inflows , policy-level recognition in the US, and improving macro clarity as key drivers of the rally. According to Ryan Lee, Chief Analyst at Bitget Research, Bitcoin's chart is showing signs of a golden cross formation — a bullish technical indicator — similar to patterns seen ahead of late 2024's breakout. Lee said BTC's resilience above $103,000 despite recent volatility signals a shift toward crypto as a 'strategic reserve asset.' Lee projects Bitcoin could reach $180,000 by year-end, citing supply constraints post-halving, institutional adoption, and Moody's recent downgrade of the US credit rating as macro catalysts boosting demand for digital assets. Altcoins also moved higher, with Avalanche rising 5.3%, Sui 4.3%, Cardano 4%, Dogecoin and Solana 3.5% each, BNB 3.3%, and XRP 1.4%. Bitcoin's market cap rose to $2.212 trillion, commanding a 63.2% share of the total crypto market. Daily trading volumes jumped 76% to $90.08 billion. Bitcoin's milestone coincides with US President Donald Trump hosting a dinner with top holders of his memecoin at his golf club near Washington. The event has sparked criticism from ethics experts, who argue it blurs the line between political access and personal financial gain. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
22-05-2025
- Business
- Economic Times
Bitcoin hits record high above $111,000 as ETF inflows, regulatory clarity fuel rally
Bitcoin surged past the $111,000 mark on Thursday, hitting an all-time high of $111,861, before easing slightly to trade at $111,368 as of 11:08 AM IST, up 3.5% on the day. ADVERTISEMENT Ethereum also gained 1.8% to $2,634, as the broader crypto market cap rose 3.1% to $3.5 trillion. The rally was fueled by growing optimism around regulatory clarity in the US, following the advancement of a key stablecoin bill in the Senate. The continued accumulation of Bitcoin by institutional players — including Michael Saylor's firm, which now holds over $50 billion in BTC — further supported market sentiment. 'Bitcoin created another milestone, hitting a new all-time high over $111,000, gaining over 48% from recent lows,' said Edul Patel, Co-founder and CEO of Mudrex. He attributed the rally to 'geopolitical de-escalation, an improved regulatory environment, and macro tailwinds,' including the approval of the Stablecoin Bill and easing trade Bitcoin ETFs have seen $2.2 billion in inflows over the past 10 sessions, Patel noted, adding that retail participation is also on the rise, bringing fresh liquidity to the market. Ashish Singhal, Co-founder of CoinSwitch, said Bitcoin's surge 'isn't just a milestone for the market—it's a reflection of how the global perception of digital assets is fundamentally evolving.' He highlighted consistent ETF inflows, policy-level recognition in the US, and improving macro clarity as key drivers of the rally. ADVERTISEMENT According to Ryan Lee, Chief Analyst at Bitget Research, Bitcoin's chart is showing signs of a golden cross formation — a bullish technical indicator — similar to patterns seen ahead of late 2024's breakout. Lee said BTC's resilience above $103,000 despite recent volatility signals a shift toward crypto as a 'strategic reserve asset.'Lee projects Bitcoin could reach $180,000 by year-end, citing supply constraints post-halving, institutional adoption, and Moody's recent downgrade of the US credit rating as macro catalysts boosting demand for digital assets. ADVERTISEMENT Altcoins also moved higher, with Avalanche rising 5.3%, Sui 4.3%, Cardano 4%, Dogecoin and Solana 3.5% each, BNB 3.3%, and XRP 1.4%. Bitcoin's market cap rose to $2.212 trillion, commanding a 63.2% share of the total crypto market. Daily trading volumes jumped 76% to $90.08 milestone coincides with US President Donald Trump hosting a dinner with top holders of his memecoin at his golf club near Washington. The event has sparked criticism from ethics experts, who argue it blurs the line between political access and personal financial gain. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
