PM Modi asks nations to be cautious while dealing with crypto

PM Modi said it is important that all democratic nations need to work together on cryptocurrency and ensure it does not end up in the wrong hands, which can spoil our youth. The Prime Minister’s caution comes days after he held discussions on how to move forward on cryptocurrency in India, with concerns raised on unregulated crypto markets becoming avenues for money laundering and terror financing. Some sources said that the Securities and Exchange Board of India (SEBI) could be handed the onus to regulate the crypto industry in India.

Crypto trading in India may be taxed by 1 per cent and regulated by SEBI

A new report now suggests that the government may allow the use of crypto as assets in the country, though this use might be taxed for the first time ever. Government is likely to present the Cryptocurrency Bill in the upcoming winter session of Parliament and the cryptocurrency exchanges may be taxed by 1% under the GST regime.

US Congressmen Introduce Bill to Modify Crypto Tax Provision in Infrastructure Law

A bipartisan group of U.S. lawmakers have introduced a bill to amend the crypto-related provisions in the bipartisan infrastructure bill signed into law earlier this week. McHenry, the ranking member on the House Financial Services Committee, said the bill would “provide additional clarity” on the scope of the infrastructure bill in a statement.

Bitcoin Struggles below $60K

After bitcoin registered its latest all-time high at $69,000, the bears have had a tight grip on it. They dumped the asset by $6,000 hours after the peak and stood in its way while it tried to recover. BTC failed at $66,000 just a few days ago as the bears pushed it south vigorously once again. This time, the cryptocurrency lost more than $7,000 of value in hours and dumped to a three-week low of $58,500.

Bitcoin: FinTech Startup Plans to Give Millions of UK Shoppers a New Way to Stack Sats

FinTech group Mode Global Holdings said that UK residents will be able to use its highly popular mobile app to “supercharge” their online shopping of some of the country’s most popular merchants with Bitcoin cashback by next year.

Fidelity to be Canada’s First-Ever Bitcoin Custodian

Financial services firm Fidelity has secured Canada’s selection from regulators to become the country’s first-ever bitcoin custodian. The move will allow the company to operate bitcoin custody and trading in the country, geared towards institutional investors. The move will likely open the door for more Canadian institutions to invest in crypto.