Let’s jump into India’s crypto conundrum and see how the SC and strict rules are resulting in huge losses. 🤭 We’ve also got the coolest web3 products curated for you, as always, so that you can level up in web3!
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In the ever-changing story of crypto in India, 2 recent events stand out, shedding light on the nation's complex connection with this growing digital economy. 👇
👩⚖️ The Supreme Court turned down a plea for crypto regulation 📉 Significant revenue losses from strict tax policies
This illustrates the mix of regulatory and financial challenges facing India's crypto scene.
👨⚖️ The Supreme Court's Stance
The Indian Supreme Court's decision to dismiss aPublic Interest Litigation seeking crypto regulation is a significant moment in India's crypto journey.
The court, led by Chief Justice Chandrachud, highlighted a critical principle: The judiciary's role is not to create laws but to interpret them. In simpler words, they turned down a request to set up rules for crypto trading, saying it's not their job but the government's.
This decision highlights the idea of keeping powers separate, but it also subtly nods to the fact that dealing with crypto is no walk in the park – it's a rapidly changing and inherently complicated field.
Manu Prashant Wig, the guy who wanted rules for crypto, is now in a bit of a pickle himself over a crypto scam. The court basically said, "Sort out your bail elsewhere." The funny thing is, it puts a spotlight on how the courts can't really shape the rules directly in this fast-moving and tech area.
💵 Government's Crypto Tax Leads to Big Losses
India's strict crypto tax (1% on transactions) has pushed 5 million traders to use foreign platforms.
The introduction of a 1% Transaction Tax Deducted at Source led to around 5 million traders moving to offshore platforms.
This move caused the government to lose about $420 million, which could have been earned from these taxes.
The Delhi-based think tank, Esya Centre, has suggested reducing the TDS to 0.01%. This is not just a fiscal recommendation but a call for a recalibration of the policy approach. The belief is that a smaller tax would still bring in money for the government and be fairer to traders.
⚖️ Seeking Balance in Regulation and Revenue Generation
India is at a crossroads in its crypto journey.
The Supreme Court's call and the hefty revenue drop from taxes both signal the call for a well-balanced strategy. Dealing with cryptocurrency in India demands finding that sweet spot between regulation and maximizing revenue. It's about grasping the tech, understanding market shifts, and staying flexible.
As India tackles these crypto hurdles, the real puzzle is: Can the government tweak its game plan to regulate and profit from the crypto scene in a way that's fair and efficient for all parties? 🤔 What is your take on it?
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John Rising, an advocate for Ethereum account abstraction, shared data about adopting ERC-4337 smart accounts. Despite initial optimism following its launch on March 1 at WalletCon in Denver, the technology has not seen widespread use. The ERC-4337 standard, enabling users to avoid seed phrases and signing for certain transactions, aimed to enhance the Ethereum Virtual Machine (EVM) user experience. However, Rising's data from BundleBear indicated only 6.89% of initial smart accounts remained active after six months. Additionally, bundlers, essential for smart accounts on EVM chains, were largely unprofitable, and the average smart account executed just five user operations.
Taiwanese crypto exchange Bitgin is under police investigation for alleged money laundering. The exchange's Chief Operating Officer, Yuting Zhang, was arrested for his involvement in the "Eighty-Eight Guild Hall" money laundering case. The investigation also involves local businessmen Zhemin Guo and Chengwen Tu, accused of a multibillion-dollar laundering scheme using foreign exchange offices and crypto accounts. Bitgin, which is part of a self-regulatory group for virtual asset service providers, confirmed it is cooperating with the investigation and assured that its operations remain normal, with user rights unaffected.
China has announced that stealing digital collections, like NFTs (nonfungible tokens), is a criminal offence, subject to theft sentences. On November 10, the government declared that such theft is a violation of laws protecting computer information system data. The theft includes illegally accessing systems to obtain digital collections, classifying it as both data and virtual property theft. Despite China's 2021 ban on most crypto activities, the interest in NFTs is growing. Recent reports indicate that Chinese platforms are easing restrictions on NFT-related terms, and there are plans to develop a government-owned NFT platform.
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Let’s get into Posty’s fresh pecks from the world of web3!
🤖 Roblox CEO David Baszucki envisions integrating NFTs into their gaming platform, potentially allowing items like unique capes to be sold off-platform and then returned, expanding digital item interactions.
🎮 Ubisoft partners with Immutable to create Web3 games, leveraging Immutable's blockchain expertise and Ubisoft's mainstream gaming experience for enhanced digital ownership in gaming.
🇨🇳 Chinese hackers deploy a fake Skype app in a new phishing scam, targeting crypto users and draining significant funds through malicious software replacing wallet addresses.
🤭 Yuga Labs confirms UV-A lights at ApeFest caused eye and skin issues for attendees, following investigations with event producers and medical advisories for affected individuals.
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