All posts tagged: VDA

Kazakhstan and UAE Central Banks Sign MoU to Collaborate on VDA Regulations, CBDCs

Kazakhstan and UAE Central Banks Sign MoU to Collaborate on VDA Regulations, CBDCs

Published by Webster

Kazakhstan, aiming to advance trials of its digital Tenge CBDC this year, has sought the UAE’s expertise to explore the Web3 sector. In a recent development, the National Bank of Kazakhstan signed an MoU with the Central Bank of the UAE (CBUAE) to collaborate on fintech, cybersecurity, and CBDCs. Kazakhstan also intends to leverage the UAE’s experience in regulating virtual digital assets (VDAs) to shape its own regulatory framework. A delegation from Kazakstan’s National Bank visited the UAE last week to meet with officials from the CBUAE. During the meeting, officials from both agencies discussed topics like digital assets regulation and CBDC uses, the National Bank said in a statement. Key Details About the Meetings During their UAE visit, officials from the National Bank of Kazakhstan met with leaders from the Abu Dhabi Global Market (ADGM) and the Dubai Financial Centre Authority (DFSA). Their focus was to learn how UAE’s financial hubs leverage advanced technologies for payments and transactions. Kazakhstan is evaluating whether similar strategies can be implemented within its crypto-friendly Astana International Financial Centre …

Income Tax Bill 2025 Clarifies Virtual Digital Asset Definition, Includes NFTs: Key Details

Income Tax Bill 2025 Clarifies Virtual Digital Asset Definition, Includes NFTs: Key Details

Published by Webster

Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025 to the Lok Sabha on February 13. With this new bill, the finance ministry has provided more clarity to define what constitutes the sector of ‘virtual digital assets (VDAs)’ in the country. This move follows her presentation of the FY2025-26 budget earlier this month. During her budget speech, the FM did not mention any changes to the tax laws enforced over the crypto sector, leaving members of the crypto community disappointed. Here’s How the New Income Tax Bill, 2025 Defines VDAs India is among the many countries working to gain a deeper understanding of the Web3 industry, which encompasses blockchain, cryptocurrencies, and non-fungible tokens (NFTs). According to the new Income Tax Bill — any information, code, number, or token that is generated through cryptographic means and provides any digital representation of an inherent value — will be seen as part of the VDA ecosystem in the country. For the first time, NFTs have been explicitly classified as virtual digital assets (VDAs) in India. These …

South Korea’s FSC Unveils Plan to Define Corporate Participation in Virtual Digital Asset Market 

South Korea’s FSC Unveils Plan to Define Corporate Participation in Virtual Digital Asset Market 

Published by Webster

South Korea is collaborating with various internal authorities to develop its Web3 market. In a recent move, the Financial Services Commission (FSC) unveiled a roadmap to gradually integrate local corporations into the VDA market, which primarily consists of cryptocurrencies. Looking ahead, South Korea aims to assess the financial aspects of cryptocurrencies and foster sector growth under legal oversight. In 2025, the country will pilot two trials: crypto-related sales transactions and VDA trading for investment and financial purposes, the FSC stated in its statement. Details Outlined by the FSC South Korea recently implemented the ‘Virtual Asset User Protection Act’ to strengthen investor safeguards. After deliberation, the Virtual Asset Committee concluded that corporations should have the opportunity to explore the VDA market under FSC oversight. Elaborating on the factors that resulted in this decision, the FCA noted, “major countries overseas are broadly allowing corporations to participate in the market and the market environment is changing as domestic companies are also seeing an increase in demand for new blockchain-related businesses. Accordingly, the demand to allow corporations to trade …

BIS, FSB Reports Highlight Benefits and Risks of Asset Tokenisation 

BIS, FSB Reports Highlight Benefits and Risks of Asset Tokenisation 

Published by Webster

The G20 nations initiated the development of a unified set of cryptocurrency regulations in 2023, with India leading the effort during its presidency. With Brazil taking the reins, the country aims to advance this work towards a global crypto framework. Global financial organisations are now providing their feedback on virtual digital assets (VDAs). Recently, the Bank of International Settlements (BIS) and the Financial Stability Board (FSB) have released their respective reports on VDAs that highlight the benefits and risks of asset tokenisation. In their reports, the FSB and the BIS have pointed to a trend of assets tokenisation picking up pace on the global level and the implications this development could have on the global monetary ecosystem. Asset tokenisation is the virtual representation of physical assets on blockchain networks in the form of digital tokens. These assets can range from real estate, financial instruments, and bonds to art and commodities among other things. A Markets and Markets report reveals that the global tokenisation market was valued at $2.3 billion (roughly Rs. 19,337 crore) in 2021 …

Indian Web3 Players Call SEBI’s Vision for Distributed VDA Governance Encouraging, Pragmatic

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The Securities and Exchange Board of India’s (SEBI), this week, said it could work with the RBI and Insurance Regulatory and Development Authority of India (IRDAI) to monitor India’s digital assets sector. In its suggestion to the government, the Indian markets regulator said it could oversee cryptocurrencies that can be seen as securities as well as keep an eye on Initial Coin Offerings (ICOs). As part of SEBI’s advice, the RBI and the IRDAI could respectively keep checks on fiat-backed stablecoins, and virtual assets related to insurance and pensions. Essentially, the SEBI has suggested that instead of having one particular body governing the virtual digital assets sector, a collection of already established government bodies can distribute the oversight on this up-and-coming sector. In conversation with Gadgets360, Edul Patel who heads the crypto investment platform Mudrex said, SEBI’s recognition of the VDA sector in India is a positive sign in itself. In addition, its advice to distribute the oversight on the VDA sector among different bodies will leverage the expertise of various financial authorities, thereby enhancing …