Tag: Crypto Tax Bill

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Be smart! Trust Unocoin – the safest crypto exchange in India.

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Binance, the world’s largest crypto exchange by trading volume, said on Friday it does not own the Indian platform WazirX despite announcing the acquisition two-and-a-half years ago, a move that has baffled industry players, including an Indian firm that insists on buying happened.

Changpeng Zhao, Binance’s founder and chief executive, said in a series of tweets that the company had been “trying to close the deal for the past few years” but had yet to complete the transaction, citing “several issues,” which he declined to elaborate on.

Binance announced the acquisition of WazirX in late 2019 in a blog post. The official blog post, which included a picture of founders Zhao and WazirX, also featured the Binance executive’s excitement about the deal.

These arguments have come to light following ED’s attempt to get clarification on possible money laundering activity using WazirX exchange.

Given this background, some of our customers have written tickets to us asking how is Unocoin operating etc. Hence, we at Unocoin would like to take the opportunity to give some clarifications:

Be smart! Trust Unocoin - the safest crypto exchange in India.
Be smart! Trust Unocoin – the safest crypto exchange in India.

Structure:

Unocoin Technologies Pvt Ltd is a company registered under RoC in Bangalore, India. It is a wholly owned subsidiary of Unocoin Technologies Pte Ltd registered in Singapore. Both are tightly held companies, with full and active reporting, and without any loose ends or confusion.

Security and justice

Unocoin implements the latest security measures for its exchange to ensure the highest level of security for its users’ information and their funds. The majority of all bitcoins stored on the exchange are securely stored in offline wallets with cold storage. This prevents the majority of the coins from being vulnerable to hacks. The exchange’s servers are secured using the latest encryption technology, and users can further secure their accounts by using Google’s two-factor authentication to access their accounts and make transactions.

Support

Customer support service is quite extensive at Unocoin. It not only offers email support through a support ticket system, but it also takes up the responsibility to answer any queries through Google play store reviews, app store reviews, twitter, facebook, linkein, reditt etc. This system is very well organized and allows users to easily identify and explain their problems. Some users may have experienced a slow response during the very high usage and popularity of Bitcoin trading and this is seasonal. We do our best to serve our customers to the fullest extent possible and as fast as possible.

Conclusion:

Unocoin provides an excellent service to buy and sell bitcoin and other cryptos easily. The Brokerage and Exchange are clearly designed for novice traders and mass adoption due to their intuitive design and simplicity and the first helping hand would be the tutorial videos available in 16+ Indian languages before someone need to contact our customer care. Unocoin takes pride in being transparent and following all the rules and regulations as the part of law of the land. We have had hundreds of enquiries so far from various investigation departments, tax authorities, enforcement authorities both national and internationally and every queries have been answered to the fulled extent as anticipated by the authorities. Crypto industry in India is self regulating to some extent. Our KYC and money laundering norms are quite strict than other crypto companies so that we can avoid bad actors and support the crypto adoption in India for decades to come.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:

Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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The best coin trading platforms in a dip that you MUST know!

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The current Bitcoin decline is more of a correction phase than a downturn. So should you buy the dip? A dip is a brief decline in crypto asset values, especially when a particular coin or token is anticipated to appreciate soon. A dip could be brought on by several things, such as unfavorable market circumstances, news, government intervention, or even manipulation.

If you’re confused about “should I buy the dip?” you should know that it works best when actively trading rather than keeping a position for a longer duration. Some of the most important reasons you should buy the dip are that the price of crypto assets in the market is still at an all-time high. Some of the top fintech platforms support it; thus, you can gain a lot by investing in a dip. 

To do this, you can use dynamic dip coin trading platforms. They give you easy access to the many crypto assets on the market and allow you to trade (buy and sell) them while you’re on the go. 

The best coin trading platforms in a dip that you MUST know!
The best coin trading platforms in a dip that you MUST know!

Best Crypto asset trading platforms 

The top crypto asset trade platforms are listed below:

Unocoin.com  

Unocoin is a mobile wallet that enables users to buy, sell, store, use, and accept bitcoins. Users can print paper wallets and import bitcoin addresses to their own address book and also withdraw bitcoins to their paper wallets. Available on both iOS and Android platforms, it acts as a point-of-sale merchant mobile app. Unocoin was launched in 2013 and is based in Tumakuru, India.

Crypto.com

Crypto.com is a cryptocurrency exchange company situated in Singapore with a whopping fifty million customers and four thousand employees. Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo founded this company in 2016.

Crypto.com has signed sponsorship deals with car racing championships, various sports personalities and the charity organization Water.org. Actor Matt Damon as the brand ambassador was included in the signing of Water.org partnership. 

Foris DAX Asia, another company based in Singapore, operates Crypto.com.

Pionex

Pionex is a centralized cryptocurrency exchange that offers thirteen types of crypto trading bits in the bounds of this exchange. It’s a Singapore-based company. It collects its liquidity from Huobi Global and Binance so that its users can enjoy a comfortable trading experience with flawless liquidity. 

On both, making and taker orders, Pionex charges a flat of 0.05% fees. 

Pionex attains a USA Money Services Business License (MSB) with a pending Monetary Authority of Singapore (MAS) license. It’s backed by BitUniverse and also, Zhenfund and Gaorong Capital (Well-reputed Chinese Venture Capital Firms) have invested in Pionex. 

Coinbase

Colonnade is an American Publicly traded company operating a cryptocurrency platform. 

Brian Armstrong and Fred Ehrsam founded Coinbase in 2012. Since it is a distributed company, all employees work via remote work, which also implies that Coinbase is yet to acquire physical headquarters. 

By trading volume, Coinbase stands first as the largest cryptocurrency exchange in the US. 

The products for retail traders entail:

  • Bitcoin
  • Bitcoin Bash
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Coinbase Wallet
  • Coinbase Pro
  • Coinbase NFT

Binance

Changpeng Zhao founded Binance in 2017, registered now in the Cayman Islands. It is the largest cryptocurrency exchange in the world in terms of the regular trading volume of cryptocurrency. 

It is served all around the globe, except the US. Binance was forced under investigation by the United States Department of Justice and Internal Revenue Service on accusations of money laundering along with tax offenses. Later on in 2021, Binance had to cease all of its regulated act on it in the United Kingdom under the UK’s Financial Conduct Authority order. 

Kraken

Kraken is both, a cryptocurrency exchange along with a bank. It is located in San Francisco, California, United States, founded in the year 2011. It offers trading between cryptocurrency and fiat currencies, and also provides price data to Bloomberg Terminal. 

The Owner and CEO of Kraken are Payward and Jesse Powell, respectively. 

Bitstamp

Nejc Kodrič (Board Member) and Damian Merlak co-founded Bitcoin. It is a cryptocurrency exchange company situated in Luxembourg (London) and Slovenia (New York City), allowing trading between fiat currency, bitcoin and other cryptocurrencies.

Bitcoin offers API to enable clients to utilize custom software to access and control their accounts. 

Currency:

  • Bitcoin
  • Litecoin
  • Ethereum
  • ALGO
  • Bitcoin Cash
  • XLM
  • XRP (Ripple) 
  • Link
  • OMG Network
  • USD Coin
  • PAX

Bybit 

Bybit’s Smart Trading System enables to take up profit & eliminate loss at entry, notify strategy alerts and adjust orders with just one click. It offers the top-class market depth, with each trade to be executed with minimal price at impact. 

The leading HD cold Waller system assures the safety of the user’s funds. 

The Bottom Line

A trading chance is only as good as the amount of money you’re willing to put into it. Crypto asset dips are common, but not all will bounce back. Extensive research is one of the finest methods to utilize. You’ll almost always discover that information is worth more than a little discount on a deal, and with the necessary information, you can decide should you buy the dip?

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

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Indian crypto market after TDS implications

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Three months after the 30% tax implication on the crypto gains, the government imposed an additional 1% TDS on all crypto exchanges in India, giving investors another major setback. 

After the imposition of a 30% tax in India on all crypto asset gains, the government also announced 1% TDS on crypto assets’ transfer in India. How has this affected the crypto market? Down the line, will it facilitate or hinder the domestic crypto exchanges and the traders dealing with crypto assets? 

The government believes it to be a step towards enhancing clarity in the financial field by tracing transactions and preventing tax evasion. However, some traders consider it a controversial provision that could affect how they work with their crypto assets. 

Continue reading to know how the TDC implications will affect the Indian crypto market. 

Indian crypto market after TDS implications
Indian crypto market after TDS implications

A Significant Move By The Indian Government 

Earlier in 2022-23, during the budget speech, the finance minister of India, Smt. Nirmala Sitharaman announced that all the gains and income from the crypto-assets would be liable to 30% tax in India. This move came as a way to regulate the market and keep a check on the transactions to ensure that dealing in crypto always remains legitimate.

The government further imposed yet another tax on crypto traders. Tax Deducted at Source (TDS) valuing 1% of the total transfer of crypto-assets. TDS is an advanced tax applied when crypto transfers happen, and this will be applied to both parties in the case of crypto-to-crypto swaps based on the fair market value. 

The industry is still seeking clarity from the government on the trading and swaps of crypto and other virtual digital assets.

In this regard, the Co-founder and CEO of Unocoin, Mr Sathvik Vishwanath, said that TDS applied to the sale of crypto assets in India will become a part of the comprehensive income tax filing and will not be identified as a separate tax. 

This move relieved many, hinting that crypto might not be banned in India. But the crypto assets entered the bear market territory, and the major collapse of the Terra stablecoin worsened the crash, strong-arming the government to take some immediate measures to tackle the uncertainties surrounding crypto-assets and their fate in India. 

Who Has / Will Face The TDS Deductions?

If you are still unclear about who will fall into the TDS bracket and what transfers attract TDS, do not worry. In multiple cases, different parties will be liable to pay the taxes. Some of which are mentioned below – 

  • Transferring crypto via exchanges: In this case, the TDS will be deducted from the exchange which is making payment to the seller. 
  • Transferring crypto through a broker on an exchange: If the broker is not the seller, but a facilitator for the exchange, the broker will be liable to pay the TDS for crypto assets in India.
  • Transfer of crypto through the exchange in a peer-to-peer way: In such a case, the buyer will have to pay the TDS. 
  • Transfer of crypto for another crypto asset: In this case, both parties involved in the transaction are both buyers and sellers. Thus, both will have to pay the TDS along with the evidence of the exchange of their VDAs. 

The TDS for crypto assets in India does not apply to the buy-transaction but only to selling the VDAs. If the tax has been deducted, the payment gateways cannot deduct the tax again. In contrast, the payment is being made through a payment gateway. Also, this tax will be applied only when the total value of the transfer of VDA is more than INR 10,000 in a single financial year by one person and INR 50,000 for specified persons.  

The Current Scenario

The new policy of TDS for crypto assets in India has launched on 01 July 2022. With its coming into effect, Bitcoin, the oldest and the most prominent cryptocurrency, is trading at the lowest it has been in the previous 18 months. It fell around 70% from the value it held in November 2021. The total capitalization of the crypto market today has reached USD 1,009 B.

In the global scenario, the trading volumes have experienced a major hit due to one of the reasons being regulatory and taxation confusion in India.

Impact Of The TDS Implication On Crypto Assets In India

The basic and the most crucial impact of the TDS implication for crypto assets in India is that on every trade conducted by the investors, they will have to lose 1% of their transfers to the government to be claimed after filing their income tax. It will affect the day traders and the short-term investors majorly. The number of trades is too high to comply with 1% TDS on each one of them.

It has and continues to lead to the discouragement of active day trading and reduced amounts of trade volumes. Key players in the crypto industry believe that this will have not short-term impacts but implications in the long run. Combined with the tax of 30% imposed on the crypto gains, this TDS for crypto assets in India will *de-motivate* people to invest in the crypto, leading the Indian Crypto market to fall back. 

The 1% TDS for crypto assets in India applied by the government could scare off the investors and traders and might result in fall liquidity for all pairs. All the three stakeholders of the crypto industry- the users, the crypto platforms, and the industry as a whole will face detrimental losses because of this tax. 

The capital that the users used for trading will be locked due to no liquidity, affecting the users. This kind of complication might lead for crypto investors to either halt their trading and move to some other asset class or look for global options which might complicate this more than it has to be.

The TDS applied on the crypto gains in India is higher than the taxes applied on short-term and long-term capital gains, including the equity share, mutual funds, bonds, etc. The traders believe that the government is not fair regarding taxation. 

The demands continue to rise for the application of 0.01% or 0.05% taxation, as this will also reduce the liability towards the government and bring transparency to the crypto exchanges without affecting the industry adversely. 

Final Word

With the Indian government continuously giving significant setbacks to the crypto industry in India by crypto taxation, people are shifting their focus to trading outside the country. It is impacting the overall revenue expectations that the government aspires to claim and collect from the crypto traders in the country. 

To resolve this issue regarding TDS for crypto assets in India, the government should consider the opinion of the key players in the industry so that all the stakeholders can benefit from the government policies.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).