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Looking at the positive development across the world, India seems to softening its position on crypto. In today’s roll up we look at stories that point us in this direction. We also look at Twitter’s takeover, launch of USN and Yearn finance.

India to take a considered view on crypto

Flagging concerns over likely misuse of crypto, Finance Minister Nirmala Sitharaman has said India will take a considerate decision on regulation around the virtual currency. The decision on crypto will not be rushed through, she said in an interaction at Stanford University. The minister clarified that the government is open to promote innovation and well-grounded progress made in the distributed ledger technologies, which are coming in the blockchain. However, she also said that cryptocurrencies can also be manipulated for money laundering or terror financing.

Read more on this, here.

https://indianexpress.com/article/india/india-to-take-a-considered-view-on-crypto-nirmala-sitharaman-7890452/

Indian Crypto Exchanges' Trading Volume Continues to Dive Following New Tax Law

Indian crypto exchanges have seen trading volumes slump some 60% since new regulations around the rising sector kicked into force earlier this month. WazirX and CoinDCX, two Mumbai-based exchanges, recorded volumes of just over $27 million in the past 24 hours. For WazirX, this is a steep haircut from average daily trading volumes of above $90 million before the new regulations took effect. Volumes on ZebPay, among the country’s oldest exchanges, hover around $12 million. India, which has taken something of an anti-crypto stance, levied a 30% tax on profits from crypto transactions on April 1 and said it won’t allow offsetting gains with losses from other crypto transactions. However, seeing the drop in volume and ultimately the governments tax collections, so are predicting that this tax slab may be revised.

https://www.coindesk.com/markets/2022/04/27/first-mover-asia-trading-on-indian-crypto-exchange-continues-to-slump-following-new-tax-laws-cryptos-higher/

FiEx to launch india’s NFT marketplace with AR integration

Crypto player FiEx has announced the launch of a new NFT marketplace with AR integration and a new age digital asset exchange. The Singapore based company which operates in the Digital Asset and Web3 domain plans to allow users to discover, mint, purchase, showcase their NFTs and bring the NFTs to the real world using AR technology. The platform is expected to go live mid June this year. Rajesh Kumar, Co-founder, FiEx, said, “At FiEx, we are launching the world’s first AR based NFT marketplace and a new age digital asset exchange. Alongside, FiEx Studioz and FiEx Labs are here to help creators and businesses to understand how to leverage this new economic disruptor technology into their lives and traditional businesses, he concluded.

https://www.thehindubusinessline.com/info-tech/fiex-to-launch-indias-nft-marketplace-with-ar-integration-digital-asset-exchange/article65362890.ece

Elon Musk to Buy Twitter in $44B Deal