crypto products.And then if these are unregulated and can be highly risky, there may be no regulatory recourse for any loss from such transactions.When it comes to crypto regulation, there’s a lot happening around the globe.I mean, in UK, we have consultation paper out, then you has Micah.And on the other hand, President Biden has also signed executive orders in the past.
And India can definitely trick some hints.And that is what is going to discuss with our gas.In today’s episode, this is Coffin Crypto and Arun Singh.
A very warm welcome will start to show with big storeys of the week.The tedium stems shadow of folk or a test is live Serie Um is continuously running test ahead of the merge, he explained.It’s shift from minutes to be contained in one of the previous episodes as well, which is being called the march.This will shift the network from using the energy intensive proof of work protocol to prove off state.
They continue to run minute shadow folks until the merge, moving on to the next storey.For the second consecutive months, the Federal Reserve raise US interest rates by 0.75%.This as an effort to combat inflation.
This follows a similar hike in June and could keep the pressure on markets including Cryptocurrencies like Bitcoin.Serie um move out of the next storey While investing heavily on Meta worst, Facebook’s parent company, Meta Platforms Inc.Has issued a gloomy forecast after recording its first ever quarterly drop in revenue.It’s Reality Labs unit responsible for developing meta worst oriented technology like the We Are headsets reported sales of 4.$52 million down from 60 $95 million in the first quarter.
Movie wanted the Last Storey, as the sources Quote: d by Writers, a key regulatory panel in the U.S House, will delay consideration of a stable coin regulation bill for several weeks.Far of the delay is due to changes sought by the U.S Treasury Department, which generally supports the bill but wanted stripped up consumer protections tied to wall.It’s where people would hold the digital assets.
What is happening in the other parts of the world when it comes to to regulation give you an explainer on our the of.Some major countries around the world are talking about regulating the crypto currency, and many legislations are already in the pipeline.So we thought will give your round up what is happening around the world where it comes to regulation and what can India lawn and picks, which becomes a topic of discussion with.But let’s begin with European Union.On 30th of June, the European Parliament agreed upon a new law to regulate crypto currencies.
The markets in crypto assets law that Micah with this, you will bring crypto assets, crypto assets issuers and crypto asset service providers under regulatory framework for the first time.Remember the bills, Still not long.The main features of the law have been agreed to in principle by its lead negotiators, but they have yet to publish a full tax.While the text is available, governments and lawmakers at the European Parliament will have to make sure the demands were met.That will happen to a series of votes, and under the new rules, stable coins like Quetta and circles U S.D.
C.Will be required to maintain ample reserves to meet redemption requests in the event of March for now.UK Consultation Paper is published this Thursday and the UK LA commission assassin very independent body tasked with reviewing and updating the law wants to extend the country’s property rules to cover crypto and non fungible tokens.And several enthusiasts a happy about the commission steers clear of crypto currencies that function simply as means of payment.
Remember here in India as well, a lot of investors and enthusiasm also been pointing out similar sort of point that we don’t want it as a mean of payment, but classify it as a as a class.But now, coming back to this Storey focuses on working on the trade value of the digital assets.
A UK law commission sees crypto as a new type of property.Parliamentarians in UK are also planning to introduce rules for using stable coins.
The rules are part of a long awaited financial services and markets bill, which is aimed at strengthening the UK financial system post Brexit So there is no blanket ban on CRYPTOCURRENCIES in the UK, but it also doesn’t have a financial regulatory regime for crypto assets shot in Medway 22 when terror US he crashed.Bank of England published a consultation paper that outlines the strategy reduce risks for investors holding stable.Now let’s move on to Singapore now Singapore is considered to be a Crip Know friendly nation.But remember three arrows capital, a trip to hedge fund company which recently collapsed, and Ziff Mex and exchange that halted withdrawals are all Singapore based.
A.Singapore sourcing over wants to tighten laws for crypto players in the country.The Central Bank of Singapore and the Monetary Authority of Singapore, which is have planned to come up with a new set of regulations for Bitcoin, other crypto currencies and digital assets.These will take enforcement action if if any entity is found to be conducted conducting illegal activities.The Central Bank of Singapore will also release plans to make the country a hub for big oil and other digital assets.In the end will talk about the US In March 2022 President Biden issued an executive order calling on the government to examine the wrists and benefits of crypto assets.
Major focus of this executive order was to prohibit illegal crypto activities as a result of this order, the U.
S.
Treasury Department recently published a fact sheet outlining how it could work with foreign regulators to address it Cryptocurrency sector.However, legislation being drafted by Democratic and Republican leaders of the U.S U S House Financial Services Committee will not be considered by the panel until September.And this is what Reuters sources have confirmed and also told you this in today’s big storeys as well.
So consideration of a stable coin regulation bill is delayed for several weeks.So will now get into a discussion which we have our guests with us via Pretty Khurana and Ajit Khurana Pretty Karan is director of advocation regulation Clear.Ajit Khurana founder If lexical a very warm welcome to both the few Mr Ajit Khurana, I would I would begin with you.You know, you’ve heard all these countries doing several different things.What can be picked as a nation as as India is also on the on a similar path.
So as a nation we have to decide the country’s priorities.We have a local Seema, which governs how currencies moved abroad.So to price, mimic a country like Singapore or USA, which actually has relatively free snow of its currency across its border, will not work for us.I think the easiest think, given that we have so many constituents who are not necessarily working in conjunction with each other is to do two parts.Number one recognised this and classified.
I think the best example is from Micah.Instead of classifying into 5, 10, 15 type, non fungible, fungible, they said, Basically, utility token money like token, that is E money token and asset linked on simply this.
Frankly, I think this is beautiful.All clarification comes in.Second thing to do is that instead of waiting for an almighty law to come, which the Parliament will enact, let us look at the existing law such as the RBI action be act P m, la Fiamma and other such maybe income Tax Act has already been done and just get them to recognise their existence of Once you do this, we are on the past to being AK party.It’s about the best regulations around the world, sure and privy.You know, we’ve of course, listed all these regulations which are in a process in other countries, other any India specific regulations as few have been pointed by Mr Khurana, hear other India’s a specific regulation that you think we immediately need to work on.It’s So even though now the Income tax Act has a mention of virtual digital assets, yet it’s not clear enough.
So, you know, first day, there has been a lot of confusion.Whether this gives it legal, standing or not, all of that needs to be sorted.
RBI’s discussion paper, which is being talked about.It’s not there yet, essentially whatever, nor was put together.It is, you know, it has several grey areas why they want an immediate basis, perhaps in the current financial year.They need to classify have been clarified, Lord of Things precisely in the sense of hope to estimate the cost of acquisition, for example.So it’s not very clear what exactly constitutes cost of acquisition could be included.
And let’s not be for, you know, things to go to courts and then, you know, paid for jurisprudence and all of these things to come through or us to develop an understanding of what these things are.Then, essentially, you know, if you look at the US and UK laws so far, they decided to treat these as capital assets.So there is capital gains, this benefit of setting of nacelle, so things have been made centre simple and they’ve been clarified precisely in the law.
That’s the first thing.So I’m hoping in the next budget which is not but also far away, they would have started preparations.So it would be a good idea to, you know, look at all of these areas.I wish I had a ask you what can be picked from these countries.
Of course you mentioned one thing which is capital gains.How how these countries are also counting it under capital gains.If there’s any other point you thing that we can pick from other countries and which can suit our needs here as well.Yeah, absolutely so Aviv euro with all the loss that we’ve drafted so far, more out of suspicion and fear rather than any kind of prudence.
So the first game to sort of, you know, consider whether these can be reported as capital gains.We spoke for that and half of los set up because, you know, essentially with TDs regulations with no loss set off very small battery which is available.You’re literally you’re oh, you’re forcing people developed as exchanges.So I think all of these need to be looked at and essentially on GST.So you know, people are concerned whether gonna come through.There have been talks about what rate to apply to be 18%.
It could be 28%.And then you know, this much confusion around when is it coming and how is it going to impact us? So I think all of that that clarity needs to emerge in now that this said that, you know, you can calculate exchanges have to do these complicated compliance They need to convert into primary VDs but may not have enough data around all of this.And I and in the sense that there now so except we have seen how digital payments evolved because there was so much better regulation.
So instead of fear, you know, if they decide to look at prudence if they sewed effect that a lot of tax knows from the UK Lords and which is actually farm a clearer the decorations are spelled up in the much better fashion.I think it sort of needs a real Oh, can’t hoping.In the next six months something comes Ajit.I mean, we’ve listed different countries here, which contributed you think is is the most crypto friendly, so it has changed.It was Estonia.It was Malta for very short period.It became Singapore today amongst the major nations.
So I am not looking at the financial heaven’s like British Virgin Island state mental driving amongst the major nations.Today it is probably the United Arab Emirates.And that’s why we see the brain drain also happening and law of exchange Indian exchanges, especially leaving the country and then going to the That is not entirely correct.What it happened in these countries were the exchanges are never incorporated in India.The brain drain you are referring to is happening by just a residence relocation of the founders of these exchanges, exchanges were never registered in India to begin with or like that.Yeah, sure, But these are Indian exchanges zero and they are making Dubai as a base.And if we had a regulation here, of course they would have been settled here.
Would you agree? Yes, I agree.
In fact, I think that other than your clean, which is which countries can India learn from? India should also learn from India, namely classified.They said anything Leslie and asset and then learned how you are regulating other assets in India and apply the same rules year.I think that is a great easy point to stash.And you know, when you look at Singapore, you think they have learned the lesson tough.A big it’s of course, they were also very crypto friendly.But then all of these protocols failing and that now they are thinking to renew it a bit.
Do think have launched the lesson tough and probably week.We have some lesson to learn from from that storey.Interestingly, I have spent a Time and Cilla for a couple of years as CEO of a crypto exchange and Singapore and I must say that Singapore’s priorities are a little different.So they are not worried about Dollarisation, which are B is worried about.
They are also not worried about tax evasion.Their primary concern turned out to be consumer protection.There was a point of time when things went out the hand and every taxi, every bus stop.Every bus in Singapore would have an ad of some crypto provider, and this created all of U N cry because it was felt that you will be preying on the innocence of the gullible investors and that is there a crackdown and said, You just can’t do any of these things.So sure, consumer protection remains a very big issue for India.
But India’s other big issues, such as a tax evasion, our capital flight it’s set.
Also, we can learn from Singapore because they had to take an extreme action for consumer protection.Okay, last question from free T here I I asked this from a lot of gas and every time we discuss regulation and sorry to ask it from you hear, when do we expect a regulation? When is it coming? If yes and what is the procedure, which is left to be done yet I think again I would stay.Government is moving with a lot of fear and suspicion.So you know, when they talk about global cooperation, I think that’s a long time coming.It’s about there will be cooperation.At some point, there will be mutual understanding.There will be ability to, you know, sort of look at tax policies across all of these countries where there is high trading activities, so all of that will emerge.But it’s very, very important right now I feel for the RBI to come out with.
You know what exactly thinks about currencies and again for the tax authorities to actually clarify.You know, all of these great sections understanding of, you know, various aspects of PDS looking at also for acquisition, what all cost one can set off.And, of course, on the loss set of it, I think these two or three things once there is more clarity.Once you know, these are our undisc you summer taxpayer perspective.
Then things could really improve and and generosity fully should, you know, take longer because the other important burning issues with respect to GST But in terms of income taxes, I am hoping in the next six months something should come.And as you mentioned, there be stance.
You know, Finance Minister Nirmala Seetharaman also mentioned it in the parliament where she said that they want a complete ban.So that’s the kind of strong criticism that we hear when it comes to RBI.But of course, government stance is yet to be revealed.We are yet to see where it is headed by.Thank you so very much for discussing all of this announcing all our questions.Now it’s time for us to take a very short break.
But after break we are coming up with my queries where your questions will be answered by our experts.Reason Bhardwaj joins us after the break.Don’t go Hi coffin trip to I’m are saying And now it’s time for you that Michael queries Your queries are answered by an expert.Yeah, Vegas Region Bahadur Serial entrepreneur.Very much welcome Fusion.
We have Aditya questions right up a top.When will Shiba Inu? We news rate will increase.It’s a really important question with an order.People have this question, but honestly, I don’t have a crystal ball and you have to understand that Shiba Inu is the mean goin mean coins have had their train tight was primarily influenced by Coach Coin, which was popularised a lot by a lot.Must now it would be a black swan event like a one time occurrence are just happened.Or maybe it could happen in the future.But I have very limited expectations of Shiba Inu.
Is prices going up? Not at least until the next couple of use Okay.Services asking by network real or fake.
I would say Fi Network, as for my understanding, is not entirely fake, but it’s sort int’l leader.You give a little introduction about by network.Of course, they’re popular for the mobile mining thing, if you can give a brief introduction to them.Fine.
It looked like you said is a popular Cryptocurrency.What they say is that you can mind our crypto currency from your mobile, so instead of mining through your laptop or your computer, you can mine it for your mobile.And it uses a lot of affiliate marketing and multi level marketing, which means I get referral bonus as well.Now, the thing is, that by NATO has been existing since the last couple of years, and people have been accumulating a lord of five points from mining.But the crypto currency has not get being launched on any exchange from my understanding.If a million people have already accumulated a lot of five points as soon as the course of people are going to dump because people have alleged investigators hardened money and it uses a lot of computing power of your mobile device as well.
So you see this mission? Yeah, I see it as extremely risking and something I would never do because one it’s not live yet to.I would not want to accumulate of something that is not live it and which already has a lot of Bill tensile pressure.Sure, The next question.How is a graphic card related to group to mining? So initially, when we were having the mining part of capital, we were simply able to use it with any regular computer.But later on, as the mining became more and more difficult, we had to bring in graphic cards and GP use because they have more course as compared to a regular CD.
And this is why graphic cards became popular because they can use.They can be used for commuting the hash and solving these public’s mathematical puzzles.And at the same time they can be used to process all this huge amount of calculations that have to within a short span of time.Silas is asking, why is India lacking behind in Blockchain research and my subsequent question to that would be? Would you agree? And if yes, then, of course, answer his question, I would agree.
I would say it’s three way one.The Indian people think of crypto as a get rich quick scheme.We have to first understand that it’s order get rich quick scheme.It’s like a technology just like any other technology.So it will have its own diffusion of innovation, which means will have its own s cope for any technology that comes.Secondly, India is not able to get good research because the government has not been very clear on the crypto laws.Yet the government has taxed Pepto, but the framework or any kind of law policy is not clear.
So a lot of people who want to start research are held back by this because they don’t want to invest their time and effort into something which tomorrow might get bank.Aye.Thirdly, it’s because somewhere we seek a lot of security before diving into something.We want the confirmation from the West world, and then we tend to pick up something.
So I think in that since we are a little bit behind because now slowly be acing Westerners going for the research, going for all of these shops.And although a kid means so we might take it up in a couple of years.Okay, Next question should one by the dip right now.So there is never of perfect time to buy the death.
If you buy the depth the people keep deep pink, that leaves snacks from my experience.So I would say it’s good that you can dollar cost average and I personally paper to create by zones.So, for example, if I have a firm belief in Bitcoin between, say, for example, under 20 $25,000 is my by range.So every single day or every single week, I would put in small money to buy bit point.And this is how I would dollar cost average.I would spread out that money throughout the year so that I don’t run out of my capital.
And at the same time, I guess the best prize of the week.Last question.Does Cryptocurrency offer anything for the middle class? Yeah, I think Cryptocurrency offers three major things for the middle class one.It offers the education secrets of crypto currencies.A lot of people have started taking interest in finance, So a lot of people have started understanding how money works and they have started educating themselves about different instruments of finance as well.So education is the first.
Secondly, is though jobs that it is creating the start ups it is creating.The freelance is coming in, so it’s a huge industry that is point and third.It gives people a lot of entertainment.So I think of crypto currency as you know, if you remember the famous style of entertainment entertainment rendering.
So even if the first two e’s are not being made, it has the entertainment.Sure, thank you so very much region for talking to us and now will move on to our last segment, which is again a conversation.And it’s about zero fi training.So I read about this, that quince.It has come up with zero fi trading, and I was really curious to know what exactly it is.
And for that we have someone from coins, which the APA Chaturvedi with us lead crypto ecosystem at coin switch.Very warm.Welcome part.
What is zero fi trading is what I would want to understand right in the beginning.Thank you.Thank you.Run for having me or some.
What we’ve done is basically, like, have like a monsoon bonanza of sorts for our users were offering zero commissions for all trades on Bitcoin are during the festival period of this Iraq will be applicable across different, you know, order types that are available on the platform like or instant orders or limit orders or even sips.Basically, we want, you know, people to trade and investment Bitcoin during these times of few runs in concert.
Nitty, what’s the term damage offer? What’s the term of it’s called zero Trading the zero time and the time span of it.
I mean, what what are the, you know, months you’re running it in the must never impeded.So as of now, we haven’t decided on the end time it is on for now, we will, depending on how it or Euro proceeds, we will decide on now and deciding the and why only Bitcoin so between a sort of like a bellwether asset for, like, the entire currency market and basically it has almost 40% of market cap more or less and later you want to reach this.We want it to be, you know, able to reach to the maximum amount of surveys and nor accuse the base cold the court.And, you know, if I may ask, what are you What is quiet? So it’s trying to achieve with this.So as you another have been a lot of setbacks to the industries, particularly in India, globally, we are seeing like a selloff in risk.
Wanna set has also fallen off a lot of particular to India.They’re over.There has been a solid one game after the TDs impact, and we wanted to pass on, you know, some of the relief or do our uses so tedious impact of every cell order will not will probably feel a little less painful now.This irritating fee will ensure in the entry and exit orders for great Thank you so very much path for talking to us on this and all the best Because every time you know you hear zero fee.Of course, your eyes shine.Hendon pop out as well.That’s what happened with Miss.I really wanted to understand what what it really entails.
Thank you.If you were on the sidelines waiting to buy Bitcoins are now is there.We hear you.Thank you so very much past.
So with this have come to an end of this show, but will be back next Friday at 6 30 PM Goodbye from my side, the crypto products.And then if these are unregulated and can be highly risky, there may be no regulatory recourse for any loss from such transactions..
