🔥 NEW: Ethereum’s new Mekong Testnet launches, allowing wal | Laraxen on Binance Square

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🔥 NEW: Ethereum’s new Mekong Testnet launches, allowing wallet devs and stakers to test Pectra upgrade EIPs ahead of mainnet release.

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Crypto tax in India: Everything you need to know Key takeaways Cryptocurrency transactions in India are subject to a 30% flat tax on any profits, plus a 4% cess. A 1% tax deducted at source (TDS) applies to transactions exceeding a certain threshold. Crypto losses cannot be offset against other income or carried forward to future years. Detailed reporting of all crypto transactions is required on the Indian Income Tax e-filing portal. India’s approach to cryptocurrency taxation has evolved significantly, creating a framework that outlines what you owe — and it’s not as straightforward as you might have hoped. Given India’s specific cryptocurrency tax regulations, it’s crucial to understand the implications, whether you’re trading, holding or earning income from cryptocurrencies. Here’s a comprehensive guide covering key aspects like crypto tax rates in India, compliance and filing requirements to keep you on the right side of the law.

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🇮🇳 INSIGHT: Crypto Taxes in India In India, cryptocurrency profits face a 30% tax, plus a 4% cess, an added levy for specific government initiatives. 🧵

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FTX Co-founder Gary Wang Pleads for No Prison Time Gary Wang, co-founder of FTX, is pleading for no prison time, citing his cooperation with prosecutors and lesser involvement in the fraud scheme ahead of his sentencing on November 20. Gary Wang, co-founder of FTX and one of the primary figures in the recent high-profile trial against former business partner Sam Bankman-Fried, is appealing for a no prison time sentence. Wang, who is set to be sentenced on November 20 in Manhattan federal court, cited his early cooperation with prosecutors and lesser involvement in the fraudulent scheme that led to FTX’s downfall. His defense counsel, Ilan Graff, submitted a memo urging the court to consider the disparity between Wang’s actions and those of others involved, such as Bankman-Fried, Alameda Research’s former CEO Caroline Ellison, and FTX’s engineering head Nishad Singh. Gary Wang Wants No Prison Time: Should He Be Granted? In his plea for leniency, Wang mentioned that his cooperation played a central role in Bankman-Fried’s conviction. He described his participation as crucial in unraveling the complexities of the fraud. Wang testified against Bankman-Fried, detailing how he had been instructed to adjust FTX’s code to enable Alameda Research, FTX’s sister company, to access customer funds without limitations. Although Bankman-Fried was sentenced to 25 years, Wang’s defense argued that Wang’s role was more limited. Wang’s lawyer stressed that his client was neither a principal architect of the fraud nor actively aware of its scope until after it had already begun.

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Mark Uyeda Might Lead the SEC Under Trump’s Presidency, Lawyer Suggests Uyeda, who joined the SEC as a commissioner on June 30, 2022, has been a vocal critic of the current regulatory regime. As speculation is mounting within the cryptocurrency community about potential changes in the leadership of the Securities and Exchange Commission (SEC) following election results, Mark Uyeda, a current SEC commissioner, is emerging as a strong contender to take the reins. The suggestion was put forward by crypto attorney Jake Chervinsky in a November 6 post on X. Uyeda, who joined the SEC as a commissioner on June 30, 2022, has been a vocal critic of the current regulatory regime under SEC Chair Gary Gensler. Uyeda Criticizes Gensler’s Crypto Policies In October, Uyeda described Gensler’s crypto policies as a “disaster for the whole industry.” “I think our policies and our approach over the last several years have been just really a disaster for the whole industry,” he said. His opposition to enforcement-heavy regulation has garnered support from advocates seeking a more constructive and cooperative approach to crypto oversight. Trump has already pledged to fire Gensler on his first day in office, fueling speculation about who might succeed him.

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MicroStrategy will serve as the bridge for hundreds of billions of dollars from traditional finance to engage with Bitcoin.

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