Dear Bankless Nation,

Welcome to Bankless Hindi!

All indicators are pointing towards a long crypto winter. The recent downfall of large crypto projects added with increased governmental scrutiny is going to push momentum even further down. Today’s situation is perfect for us to increase or knowledge and improve on the mistakes made in the past. At Bankless Hindi, we will continue to bring to stories that help you up your game and prepare you for the next bull run.

1% TDS To Be Charged On Cryptocurrency Transactions From July 1

After the 30 per cent tax rate introduced by the Government in the Union Budget 2022-23, cryptocurrency sale transactions are set to attract additional tax deducted at source (TDS) of 1 per cent from July 1 onwards. The TDS deduction will be applicable to all virtual digital asset (VDA) transfers including cryptocurrencies, and non-fungible tokens (NFTs) – worth over ₹ 10,000. In the newly introduced clause 47 A of the Income Tax Act, VDA is defined as any information, code, number or token, except Indian or any other foreign currency, that is generated through cryptographic or other means. Non- Fungible or any other similar tokens are included in this definition.

A TDS deduction of 1 per cent was announced by Finance Minister Nirmala Sitharaman in the Union Budget 2022-23. However, ambiguity over the rates arose after the income tax department website mentioned that the rate for virtual digital assets had been brought down to 0.1 per cent from the 1 per cent TDS on such assets. Clearing the air, the IT department on June 22, reiterated that TDS on virtual digital assets will remain at 1 per cent, as announced in the Union Budget.The Central Board of Direct Taxes (CBDT) clarified that the onus of withholding the TDS lies with the person making the payment to the seller — a buyer, an exchange or a broker. This implied that the TDS needs to be deducted from the selling price and after deducting the TDS amount and the rest can be paid or transferred to the seller.

https://www.ndtv.com/business/1-tds-to-be-charged-on-cryptocurrency-transactions-from-july-1-heres-what-it-means-3104829

Binance signs Cristiano Ronaldo as partner for NFT push

Binance, the world's biggest cryptocurrency exchange by trading volumes, said on Thursday it has signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs). As part of the multi-year agreement, the Portuguese soccer star and Binance will create a series of NFT collections for sale on the company's platform, the cryptocurrency exchange said, adding that the first collection would be released later this year.

Souring investor sentiment toward risky assets has led to a plunge in cryptocurrencies, including bitcoin, and has also spilled over into NFTs, which exploded in popularity last year. Crypto companies have been relying on sports partnerships in a bid to go mainstream. Last year, Crypto.com signed a $700 million deal to rename the Staples Center in Los Angeles as the Crypto.com Arena, while crypto exchange FTX Trading Ltd sold a stake to National Football League quarterback Tom Brady.

https://www.livemint.com/news/world/cryptocurrency-exchange-binance-partners-with-cristiano-ronaldo-for-nft-push-11656037297262.html

CoinDCX Restricted Crypto Deposits and Withdrawal

Indian crypto exchange CoinDCX has halted its crypto deposits and withdrawals for multiple users in response to compliance, risk, and monitoring requirements, the company announced in a blog post this week. CoinDCX has been bolstering its compliance and risk structure in response to stricter criteria for offering seamless rupee deposits and withdrawals. CoinDCX announced that this was being done in a series of steps, including improving KYC coverage, enhancing the risk framework for crypto deposits and withdrawals, and integrating with compliance and monitoring tools like Coinfirm, Solidus Labs, Signzy, and Digilocker, etc., over the last six months.

“Over the past month, we have been gradually restricting crypto deposits and withdrawals for multiple users,” CoinDCX said in the blog. CoinDCX’s head of marketing, Ramalingam S said in a Tweet: “While some wallets are under maintenance, there is a larger compliance requirement due to evolving regulatory needs, resulting in increased scrutiny. The new process is being rolled out in phases and will reach all users in due course.”

https://www.outlookindia.com/business/coindcx-restricted-crypto-deposits-and-withdrawal-bitcoin-rises-news-204440