All posts tagged: coindcx

Bharat Web3 Association to Host Web3 Cybersecurity Workshop in Bengaluru on May 8

Bharat Web3 Association to Host Web3 Cybersecurity Workshop in Bengaluru on May 8

Published by Webster

The Bharat Web3 Association (BWA) has announced a cybersecurity workshop that will be conducted in Bengaluru on May 8. During the upcoming event, the BWA will discuss security challenges related to crypto exchanges and wallets. Representatives from multiple crypto firms like Coinbase and Bitgo have been listed as speakers for this workshop. The BWA is aiming to prepare Indian Web3 firms to deal with the sophisticated hacking and scamming methods used by malicious actors to target the $3 trillion (roughly Rs. 2,52,75,450 crore) industry. CoinDCX CISO Sridhar Govardhan is one of the speakers scheduled to discuss the lessons that can be learnt from recent breaches that impacted the Web3 space. Other representatives from companies like CoinSwitch and Mudrex are also slated to speak at the workshop, Chenoy told Gadgets 360. Muralidharan Sundaramurthy, Head of Technology Risk and Security Compliance, APAC, Coinbase and Barath Jawahar, Director of Engineering, BitGo are slated to talk about the risks for Web3 projects around third-party integrations and cloud security. Marc Krisjanous, a senior committee member from the CryptoCurrency Security Standard …

FIU-IND Reportedly Sets June 30 Deadline for Crypto Exchanges to Redo KYC Verification

FIU-IND Reportedly Sets June 30 Deadline for Crypto Exchanges to Redo KYC Verification

Published by Webster

The Financial Intelligence Unit of India (FIU-IND) has reportedly instructed all crypto exchanges to verify the know your customer (KYC) data collected from users based in India, by the end of June. The KYC details that are older than 18 months will need to be refreshed by all operational exchanges. Mudrex and Pi42 confirmed the development to Gadgets 360 on Friday. The aim of this step is to maintain accurate details of crypto holders, while also identifying the flouters of the national crypto tax laws. The FIU has observed that many crypto users as well as exchanges are neglecting the one percent TDS deduction law on crypto transactions, The Economic Times reported, citing anonymous sources. The agency now plans to tighten its oversight over crypto activities. Bharat Web3 Association (BWA), which is an independent crypto advisory body based in New Delhi, said this directive underscores India’s push for regulatory accountability in the Virtual Digital Assets (VDA) space. “The FIU-IND has directed all registered VDA exchanges to enhance KYC compliance by June 30, 2025, under the …

CoinDCX Brings ‘Bitcoin Chai Cafe’ Crypto Literacy Campaign to Tea Stalls in Mumbai

CoinDCX Brings ‘Bitcoin Chai Cafe’ Crypto Literacy Campaign to Tea Stalls in Mumbai

Published by Webster

CoinDCX has announced a new crypto literacy project in Mumbai, that will attempt to kickstart discussions on crypto and digital assets at a popular meeting place in the city — tea stalls. Dubbed ‘Bitcoin Chai Cafe’, the Indian crypto exchange’s latest initiative is designed to promote crypto-related conversations at tea stalls, which are frequented by office goers, students, and others from varied age groups. The firm is looking to expand crypto awareness beyond the usual Web3 circles to mainstream financial communities and students. The crypto firm says it will introduce ‘chai cafés’ on wheels into financial hotspots and tech parks across the city, as part of the campaign. In addition, local tea stalls have also been provided with crypto-branded cups that feature Bitcoin-related references, which the exchange expects will spark discussions amongst people at the tea stalls. “Just as equity investors have traditionally connected over chai to discuss market trends, we envision a similar culture emerging around the emerging asset class crypto. This inspired us to develop an initiative that would resonate with the Indian …

CoinDCX Report Claims Lower TDS on Crypto Could Improve Compliance, Tax Transparency

Published by Webster

CoinDCX has released a report that attempts to highlight issues with India’s crypto tax policies, while seeking reforms from the government in order to improve compliance and tax transparency in the country. The FIU-registered crypto exchange is the latest of many firms that have attempted to appeal to the government to reduce the taxes on cryptocurrencies in the country — including the one percent tax deducted at source (TDS) for crypto transactions, and 30 percent tax levied on incomes generated by crypto activities. In its report titled ‘Redesigning TDS for Transparency and Compliance’, the Indian crypto firm claims that the one percent TDS on all crypto transactions was initially envisioned as a transparency and compliance tool but its application is not aligned with the nature of digital asset markets, spelling losses for the industry players and participators. “A large body of modern economic literature suggests that the marginal tax rate is inversely correlated with reported income and positively correlated with evasion, as observed with the imposition of one percent TDS on VDAs in India,” the …

CoinDCX, Mesh Partner to Let Users Integrate DeFi Wallets from Within its App

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CoinDCX, the Indian crypto exchange platform, has decided to let its users integrate DeFi wallets from within its platform. The aim is to ease the connectivity between centralised exchanges and DeFi wallets. To do so, the exchange has announced a partnership with a US-based fintech firm Mesh. With this, the exchange could be attempting to have app visitors spend more time on the platform. Indian investors have been flocking to Indian exchanges after the government levied compliance mandates on foreign investors. CoinDCX claims to be catering to a userbase of 16 million users. The exchange recently declared its compliance with India’s Financial Intelligence Unit the (FIU) certifying its business safe to engage with in India. Sumit Gupta, the co-founder of CoinDCX, commenting on this matter, called it a ‘game changer’ for CoinDCX. Mesh offers an advanced API integration that could simplify the process of digital asset management for the exchange’s users. “Solutions like Mesh streamline the complexities of the crypto industry, significantly enhancing the usability factor for our platform,” Gupta said. Meanwhile, as far as …

CoinDCX Seeks Advice to Grow India’s Web3 Sector, Experts Call for Early Test Beds and Education

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The crypto scene in India is getting more sophisticated with the government gradually deploying regulations to oversee the industry’s safety. In a bid to get a better understanding of what the Indian crypto community really wishes for, CoinDCX crypto exchange has decided to do something simple and effective — ask the community members. The aim, as per the exchange, is to shape an inclusive Web3 industry in the country. Sumit Gupta, the co-founder and CEO at CoinDCX seems is spearheading this community initiative. This week, Gupta opened a discussion on LinkedIn, seeking advice from India’s Web3 group. “Now, six years into our journey, Neeraj and I are reaching out for your insights: beyond providing financial support, how can we meaningfully contribute to the growth of web3-based use cases in India? We aim to extend the kind of support we once deeply needed,” Gupta’s post on LinkedIn said. Many blockchain and crypto enthusiasts were quick to jot down some steps that could help the Web3 ecosystem expand to its potential in India. “The validation of use …

Solana Foundation, CoinDCX Announce Rs. 25-Crore Grant for India’s Web3 Developers

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Ahead of India’s 75th Republic Day, Indian crypto exchange CoinDCX has announced a grant programme for Indian Web3 developers in partnership with the Solana Foundation. The grant, worth Rs. 25 crore, aims to help bootstrapped Indian Web3 developers designing products on the Solana blockchain. In an official announcement shared on Thursday, January 25, CoinDCX said this initiative comes along the sidelines of this year’s Republic Day theme of ‘Vikasit Bharat’ (Developed India). In the coming months, the capital from this grant will be used towards initiating advanced blockchain education programmes as well as hackathon-like competitions within Web3 developers. CoinDCX Ventures has also decided to invest in the best teams emerging from these hackathons. “We need to cultivate talent for sustained market share and leadership in blockchain software development. With India already contributing 11 percent of global web3 developers, I expect an encouraging ecosystem and government support to transform the country into a web3 powerhouse,” said Sumit Gupta, Co-Founder of CoinDCX. Gupta said Web3 firms in India must draw parallels with India’s overall mammoth IT industry …

National Startup Day: CoinDCX Chief Posts Earnest Appeal to India’s Govt, Web3 Community

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The startup ecosystem of India, emerged as the third largest in the world, with over 99,000 recognised firms and 108 unicorns. In regard to the Web3 ecosystem, industry players have identified setbacks, that is slowing down the overall growth of the sector. As India observes the National Startup Day on Tuesday, January 16 – CoinDCX’s Sumit Gupta has detailed a glaring issue that, according to him, is crippling the growth of the crypto sector in India. In a sharp attack, Gupta has blamed India’s one percent TDS reduction law on each crypto transaction, as a big reason that’s slowing down the growth of the Web3 ecosystem. “Despite our remarkable progress, with over 112,718 DPIIT-recognized startups and a staggering $42 billion (roughly Rs. 3,48,555 crore) in funding in 2022, why does the Web3 sector face such daunting challenges due to the current TDS regime,” the founder and CEO of CoinDCX posted on X. In 2022, when India was levying taxes over crypto incomes and transactions, the Finance Ministry said it was aiming to keep track of …

CoinDCX Hatches a Million Dollar Plan to Reap Advantages of India’s Crackdown on Foreign Exchanges

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Indian crypto exchanges are reaping the benefits of the government opening compliance investigations on foreign crypto exchanges like Binance and Kraken. Over the last week, Indian crypto exchanges recorded a massive inflow of deposits, that has now opened a competition amongst Indian exchanges. CoinDCX, that claims to have seen a 2,000 percent hike in crypto desposits in the last few days, has hatched a plan to lure-in more investors to transfer their crypto investments from foreign exchanges onto its platform. In a legit million-dollar plan, CoinDCX has decided to offer one percent bonus to all investors who make deposits on the exchange between January 9 and January 18, 2024. In an announcement shared on Tuesday, the exchange said it has earmarked a fund pool of $1 million (roughly Rs. 7 crore) to reward investors looking to migrate their crypto from non-compliant offshore exchanges to those that are registered with India’s Financial Intelligence Unit (FIU). India is accelerating efforts to deploy legal requirements to regulate the crypto sector. After levying taxes on crypto incomes last year, …

India’s WazirX Sees 90 Percent Dip in Crypto Trading Volume Amid Regulatory Delays

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WazirX disclosed the trajectory of its business this year only to give an insight into the slump spell that the crypto market is under as India awaits to complete regulatory deployments to oversee the sector. The Indian crypto trading platform, in 2023, managed to generate around $1 billion (roughly Rs. 8,315 crore) in terms of trading volume. This is a sharp 90 percent decline from its previous year’s trading volume of $10 billion (roughly Rs. 83,151 crore) and 2021’s figure of $43 billion (roughly Rs. 3,57,534 crore). In terms of addressing the potential reasons why trading volumes may have sunk this year, WazirX decided to keep its lips sealed. Interestingly, its competitor CoinDCX crypto exchange fired 12 percent of its workforce earlier this year, clearly pinning the blame for pushing investors away on India’s tax regime. The exchange, did however, give other insights that it observed in-terms of trading patterns in India for the year of 2023. Bitcoin (BTC), Shiba Inu (SHIB), Ripple (XRP), Ethereum (ETH), and Polygon (MATIC) emerged as the most traded cryptocurrencies …