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UAE rule, wary I-T to deter dodgy crypto deals

Economic Times

Economic Times · 2m ago

UAE rule, wary I-T to deter dodgy crypto deals

India's Income Tax department is scrutinizing real estate transactions suspected to be funded through cryptocurrencies. Meanwhile, the UAE is implementing new regulations to curb crypto-based purchases, allowing only stablecoins converted by licensed entities under strict KYC norms. These moves, part of broader efforts to combat money laundering and ensure tax compliance, aim to increase transparency and traceability in digital financial flows, impacting Indian investors engaging in the UAE's economy.

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Donald Trump signs bill to nullify expanded IRS crypto broker rule

Economic Times

Economic Times · 4m ago

Donald Trump signs bill to nullify expanded IRS crypto broker rule

US President Donald Trump signed a bill nullifying the IRS's revised rule that expanded the broker definition to include decentralized cryptocurrency exchanges. The IRS update, from the end of the Biden administration, aimed to encompass DeFi exchanges under new crypto tax reporting guidelines. The Congressional Review Act allowed Congress to reverse this rule. The crypto industry argued that DeFi platforms couldn't comply as they lack intermediaries to track user identities, unlike centralized exchanges.

US SEC's guidance is first step toward rules governing crypto ETFs - The Economic Times

Economic Times

Economic Times · 1m ago

US SEC's guidance is first step toward rules governing crypto ETFs - The Economic Times

The U.S. Securities and Exchange Commission (SEC) has issued new guidance on disclosure requirements for crypto exchange-traded products, marking a shift in its regulatory approach. This step could lead to quicker approvals for crypto ETFs linked to various digital assets. The SEC aims to streamline the application process, potentially reducing approval times significantly. Industry participants view this as a recognition of crypto becoming mainstream, with further rule refinements expected to facilitate new crypto product launches.

Hyundai India MD Predicts "Strong" EV Market Growth Until 2030

Inc42 · 10m ago

Hyundai India MD Predicts "Strong" EV Market Growth Until 2030

- EV growth in India expected to increase due to increased focus from companies and government support - Indian EV ecosystem still at early stage of electrification - Indian EV startups received 32 deals last year, thanks to government subsidies and increased investments - Ongoing funding winter did not deter Indian EV startups from securing investment deals - The MD of Hyundai Motor India projects a positive outlook for EV growth in the country.

US Treasury finalizes new crypto tax reporting rules

Economic Times

Economic Times · 1y ago

US Treasury finalizes new crypto tax reporting rules

The U.S. Treasury Department has issued a rule that will require cryptocurrency brokers to report user information on digital asset sales and exchanges to the Internal Revenue Service. The new regulations are aimed at ensuring that crypto users are paying their taxes and are expected to generate $28 billion in revenue over a decade. The rule will be phased in from next year and brings tax requirements for cryptocurrencies in line with existing reporting requirements for other financial instruments. The rule also includes a $10,000 threshold for reporting transactions involving stablecoins.

MENA Digest: UAE’s Resolv Labs, Moroccan VOVE ID, Egypt’s Hushday get funding

VCCircle

VCCircle · 4m ago

MENA Digest: UAE’s Resolv Labs, Moroccan VOVE ID, Egypt’s Hushday get funding

UAE-based Resolv Labs, focusing on crypto stability, led a funding round with $10 million to expand its platform. Other funded startups were Morocco's VOVE ID, offering AI-driven identity verification, and Dubai's Hushday, a luxury flash sales platform. VOVE ID aims to enhance regional presence and team growth, while Hushday, raising $550,000, plans to launch in the UAE and expand to other Gulf countries by 2026, targeting high-end brand sales.

OpenAI’s Sora faces Hollywood roadblocks: Why Walt Disney Co., Warner Bros., and other studios aren’t ready for AI yet | Mint

Livemint

Livemint · 6m ago

OpenAI’s Sora faces Hollywood roadblocks: Why Walt Disney Co., Warner Bros., and other studios aren’t ready for AI yet | Mint

OpenAI's Sora struggles for acceptance in Hollywood due to studios' concerns about AI's impact on creativity, data security, and conflicts with labor unions. Despite discussions with major studios, no deals have emerged. The film industry is cautious following AI-related strikes and fears. While some filmmakers see AI as a useful tool, studios remain wary of past tech partnerships. Lionsgate stands out for embracing AI through a unique deal, showcasing potential for tailored AI integration.

I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates

Money Control

Money Control · 1y ago

I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates

Taxpayers who received advance tax payment notices from the income tax (I-T) department can breathe a sigh of relief for now, according to tax experts. The I-T department recently identified errors in the financial transaction data reported by taxpayers for the 2023-24 financial year. As a result, some taxpayers received notices for higher advance tax payments than expected. The department has advised these taxpayers to await further updates on their annual information statements and take no immediate action. The errors were attributed to inconsistencies in securities market data reported by an unnamed entity.

CoinDCX CEO Sumit Gupta on tax jolt in India, UAE plans and EBITDA aim

VCCircle

VCCircle · 1y ago

CoinDCX CEO Sumit Gupta on tax jolt in India, UAE plans and EBITDA aim

CoinDCX CEO, Sumit Gupta, intends to keep India as the base for their crypto-exchange platform, despite regulatory uncertainty. The company recently invested in Dubai-based exchange, BitOasis, but aims to build products for the global market. Gupta also discussed CoinDCX's EBITDA target and plans for expansion in the UAE.

Petty, old outstanding tax demands not withdrawn? Know what to do next | Simply Save

Money Control

Money Control · 1y ago

Petty, old outstanding tax demands not withdrawn? Know what to do next | Simply Save

The Income Tax (I-T) department in India has introduced a new facility on its portal, enabling taxpayers with long-standing disputes over petty tax demands to check if these have been withdrawn. The move follows the Finance Minister's announcement to withdraw such demands dating back to the 1960s. The demands to be withdrawn include those less than INR 25,000 ($344) before 2009-10 and those less than INR 10,000 between 2010-11 and 2014-15. Taxpayers can access the waiver information through the I-T portal, but some doubts remain about the process and what to do if demands continue to be outstanding.

Unacademy CEO Gaurav wears ₹33,000 t-shirt while announcing no appraisal for employees

Inshorts · 1y ago

Unacademy CEO Gaurav wears ₹33,000 t-shirt while announcing no appraisal for employees

Unacademy CEO Gaurav Munjal was seen wearing a Burberry t-shirt said to cost ₹33,000 while announcing that employees will not receive any appraisal this year. A video of the virtual town hall surfaced on social media, in which Munjal urged employees to look at the bigger picture. "I know I said that we'll do appraisals...we made a mistake," he said.

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