StartupTalky

Tag: Digital Assets

  • Amid Changing Global Regulatory Environment, India is Reevaluating its Stance on Cryptocurrency

    According to a senior government official who spoke with an international news agency recently, India is reevaluating its position on cryptocurrencies in light of changing perceptions of the virtual asset in other nations. A discussion paper on cryptocurrencies that was scheduled for release in September 2024 may be further delayed by the review, which comes after US President Donald Trump announced policies that are favourable to cryptocurrencies.

    Regarding the use, acceptance, and perceived significance of cryptocurrency assets, more than one or two jurisdictions have altered their positions. India’s Economic Affairs Secretary Ajay Seth stated in an interview, “In that step, we are looking at the discussion on the paper again.”

    No Unilateral Stance on Cypto

    India’s attitude cannot be one-sided, according to Seth, because such assets “don’t believe in borders.” He made no mention of the US, where Trump fulfilled his pledge to restructure US crypto policy last week by directing the formation of a working group on cryptocurrencies to develop new rules for digital assets and investigate the establishment of a national cryptocurrency reserve.

    Despite the country’s strict regulations and high trade taxes, Indians have been investing heavily in cryptocurrencies in recent years. In December 2023, nine offshore cryptocurrency exchanges received show-cause notices from India’s Financial Intelligence Unit (FIU) for violating local regulations.

    Why Indian Authorities are Keeping a Close Eye?

    Despite the increasing use of digital assets in the nation, India has so far adopted a stringent regulatory approach to cryptocurrency. For the second consecutive year, India led the world’s adoption of cryptocurrencies in 2024, according to a Chainalysis study. In 2022, India imposed a steep 30% capital gains tax and a 1% tax deducted at the source on cryptocurrency transactions over INR 10K.

    India’s Financial Intelligence Unit (FIU) sent show-cause notices to nine cryptocurrency exchanges in December 2023, including Binance, Kucoin, and Bitfinex, for allegedly “illegally” conducting business in the nation through offshore businesses. Several federal organisations are currently looking into WazirX after hackers took about $235 million from one of its wallets in July of last year.

    Over 4 million Indians have yet to fully recoup from the losses caused by the breach. Several cryptocurrency companies, including OKX, Pillow, Flint, and WeTrade, have had to close their doors as a result of India’s crackdown on the sector.

    India’s market watchdog suggested last year that multiple regulators monitor cryptocurrency trading, indicating that at least some Indian officials are willing to permitting the usage of private virtual assets. The country’s central bank, which has insisted that private digital currencies pose a macroeconomic danger, disagreed with that stance.

    Paytm to Acquire 25% Stake in Brazilian Fintech Dinie
    Paytm is set to acquire a 25% stake in Brazilian fintech company Dinie, expanding its global footprint in digital lending and financial services.
    StartupTalkyNitin Konde

  • Changes To the Outsourcing and Remote Work Industry

    This article looks at the main changes that have occurred in the remote working and sub-contracting or outsourcing sector. It’s an important sector for small and emerging businesses to be aware of and keep up to date with the latest changes, so continue reading to find out more.

    Increase in tech and blockchain options for work

    Web3, crypto, and blockchain tech and software have become some of the major areas of work and employment in the current age. If you’re looking for contract work or to work from anywhere in the world, then the Web3, virtual and augmented reality, and cryptocurrencies and NFTs are those sectors that are growing fastest at the moment.

    More ways to pay and reward than ever before

    The manner in which employees can be paid and rewarded has changed forever. Whether they are rewarded with a unique NFT, or digital assets that hold value in the company, or are paid in crypto, employees now have access to a whole new way of being paid or rewarded for going over and above. There is a detailed explanation of the NFT sector provided by the professional platform OKX, and it is advised that those who are interested in such digital assets as payments should be as informed as possible. As a remote or contracted worker, it is important to look for additional sources and forms of income wherever you can, and being able to diversify the manner in which you are paid will go a long way to increasing the job possibilities that you are ready for.

    The metaverse is making a massive change to where we can work

    The metaverse is here and with the right tech, virtual and augmented reality has changed not only how we work, but also where we work. The jobs that may have required face-to-face contact have gone virtual, and as such, there will be a whole new range of jobs (and a new way of doing the jobs of old) in virtual or augmented reality. Freelancing and remote work has expanded exponentially as the metaverse becomes a reality. As headsets and the tech to implement a workable version of the metaverse becomes more real it is changing the nature of contract and remote work forever. It may be remote, but you’ll still be able to go into the office.

    A better understanding of productivity in remote or outsourced work

    The recent pandemic proved our ability to work from home and still be as productive as when working from the office. The tech has been proven, and as such, it is now simply about using it to produce the same quality and standards of work from anywhere in the world.

    With the rise in remote and hybrid work, those entering the job market and young professionals are all now looking for ways to work remotely. It is about being able to develop a productive work-life balance, and many find that having the option to work from wherever you are (or simply from home) is one of the best ways to develop and institute a work-life balance that will serve to prolong your health, happiness, and hopefully also create some wealth.