Crypto losses can’t be set off, clarifies Govt
The Government of India has clarified that losses from virtual digital assets cannot be set off against gains one makes from other such assets. In other words, crypto investors and traders would have to pay a flat 30% tax on income, while losses would not provide any tax benefit. The Centres’ flat 30% tax rate on income from transfer of crypto and other virtual digital currencies will come into effect from April 1, 2022.
Crypto prices today: Bitcoin rises 3%, ETH up 4.2%
Bitcoin is currently trading at $42,238.46, a 3% increase over the previous day. Ethereum is up 4.2% over the last 24 hours to $2,991.86. Solana rose 1.6% to $90.32, while Cardano is trading higher by 5.9% at $0.93. Meanwhile, Polkadot (DOT) rose 4.88% to $19.73. The global crypto market cap stands at $1.91 trillion, a 3.02% increase over the previous day.
Goldman Sachs makes over-the-counter Bitcoin trade
Goldman Sachs has become the first major US bank to make an over-the-counter (OTC) cryptocurrency transaction. The Wall Street giant bought an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital. The company bought a contract betting on the future price of Bitcoin— rather than actually buying the digital asset itself.
Malaysia should make Bitcoin, crypto legal tender: Deputy Minister
Malaysia’s Deputy Minister of Communications Zahidi Zainul said the country should recognize Bitcoin and other crypto-assets as legal tender. Like many other countries, Malaysia is researching a central bank digital currency. Currently, its government is not considering an El Salvador-style leap into crypto. El Salvador made Bitcoin legal tender in September 2021.
Coinswitch, CoinDCX to invest up to $200,000 in crypto, Web3 startups
Coinswitch Kuber and CoinDCX are scouting for investment deals, seeking to infuse $100,000-200,000 in crypto and Web3 start-ups that need funding. The crypto exchanges plan to invest the amount in each of the multiple deals they are seeking. Coinbase’s investment arm, Coinbase Ventures, is also entering the Indian market with plans to invest up to $1 million in Web3 start-ups.