Crypto transactions involving Indian, foreign exchanges may attract GST
As per reports, transactions involving Indian exchanges and those outside the country could come under the tax authority’s lens. The tax department is scrutinizing how exchanges that allow trading in India manage their crypto float. [Crypto float is the total number of outstanding cryptos available for trading on public markets.] They are also checking whether there is any element or transaction where Goods and Services Tax (GST) could apply. You can read more about it here.
Crypto prices today: Bitcoin rises 1.2%, ETH up 2.5%
Bitcoin is currently trading at $47,523, a 1.22% increase over the previous day. Ethereum is up 2.51% over the last 24 hours to $3,404.33. Solana rose 1.6% to $110.72, while Cardano is trading higher by 2.7% at $1.22. Meanwhile, Terra (LUNA) jumped 8.8% to $103.61. The global crypto market cap stands at $2.15 trillion, a 1.3% increase over the previous day.
UAE crypto push sees Bybit, Crypto.com announce Dubai offices
Crypto exchange Bybit will open its global headquarters in Dubai. It has received in-principle approval to conduct a full spectrum of virtual assets business in the city. Meanwhile, Crypto.com also said it would establish a regional hub in Dubai. The UAE has been pushing to develop the virtual asset sector and regulations to attract new forms of business. Recently, Dubai issued its first law governing virtual assets. It formed the Virtual Asset Regulatory Authority (VARA) to oversee the sector.
Miss Universe fans to soon get partial ownership of crown via NFTs
Beauty pageant fans can now own part of the Miss Universe crown, currently with Harnaaz Sandhu of India. International luxury jewelry house Mouawad has tied up with Icecap (a developer of NFTs for investment-grade diamonds) to offer fractionalized ownership of the crown via NFTs. The unique icon will be offered via NFT technology to fans of the pageant.
Biden eyes $5B in 2023 revenue from applying new tax reporting rules to crypto
US President Joe Biden has submitted his budget proposal for the 2023 financial year, along with the U.S. Treasury Department’s revenue explanations. By the administration’s estimate, the U.S. can gather roughly $11 billion in revenue over 10 years (and ~$5 billion in FY23 alone) by “modernizing rules” to apply certain financial accounting and reporting practices to digital assets.