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Hong Kong Adds ‘Potential Tailwind’ for East Asia Crypto Trading Volumes: Chainalysis - Decrypt
5 minutes ago
Binance News
Binance News
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According to Cointelegraph, Mário Centeno, the Governor of Banco de Portugal, has emphasized the need for a global framework to regulate cryptocurrencies. In his opening speech at the 2023 Banco de Portugal Financial Stability Conference on Oct. 2, Centeno called for international cooperation to establish a robust framework and prevent regulatory arbitrage. He stated that it would be short-sighted to believe that regulating and supervising global risks and international players at the national level would be sufficient. Centeno also discussed the undeniable risk of crypto assets and decentralized finance (DeFi) being unviable in the long run. He expressed skepticism about the democratizing potential of digital assets and their ability to survive. He cited the collapse of several products during the Covid-19 pandemic as evidence of their unsustainability. While praising the European Union's first comprehensive crypto framework, Markets in Crypto Assets (MiCA), Centeno insisted on further international consolidation of regulatory efforts under the principle of 'same risk, same regulation.' Similar sentiments have been expressed by officials from Germany and India, highlighting the need for global collaboration on formulating crypto regulations.

about 2 hours ago
Sonia
Sonia
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🔥🔥🔥🔥🔥🔥🔥🔥🔥BREAKING: Big Changes for Investors Starting Oct 1, 2023, a SHOCKING 20% Tax on Your Foreign Stock Investments and #crypto ? Here's what you MUST know 👉Introduction: Starting October 1, 2023, the tax collected at source (TCS) on foreign remittances, including investments in foreign stocks, mutual funds, and #crypto , has been increased to 20% from the previous 5%. 👉 What is TCS? TCS is an additional amount collected by a seller on certain goods over the sale amount and remitted to the government. 👉 Criteria for TCS: If you're investing abroad and the amount surpasses Rs 7 lakh in a financial year, you'll be subject to this 20% TCS. 👉 Domestic Mutual Funds: If you invest in a domestic mutual fund that has exposure to foreign stocks, it won't be considered a foreign remittance under the Liberalized Remittance Scheme (LRS).Thus, it won't attract the 20% TCS. 👉Double Taxation & Currency Risk: Investing abroad can be profitable, but be aware of potential risks such as double taxation and currency fluctuations. 👉 Liberalised Remittance Scheme (LRS): Under the LRS, a 20% TCS is levied on foreign investments, regardless of the institution or method used.This TCS is non-refundable. 👉 Determining TCS applicability: If a fund primarily consists of foreign stocks, then it's subject to the 20% TCS. If it doesn't, it may escape this tax. 👉 #Crypto Regulations: The future of cryptocurrency regulation in India is still uncertain. This could have varying tax implications. 👉Brokerage Role: #Indian brokerage firms help investors adhere to Indian tax regulations. However, the liability for TCS still rests with the investor. 👉Alternative Investments: Due to these new regulations, investors might consider tax-efficient alternatives, such as domestic mutual funds with foreign exposure, to potentially avoid the 20% TCS. Summary: While diversifying investments abroad can be profitable, it's crucial to be informed about the taxes and regulatory environment to make the most out of your investments. #BTC #crypto2023

about 23 hours ago
Binance News
Binance News
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Alex Chehade, the Executive Director and General Manager of Binance FZE in Dubai, has expressed his vision for the future of cryptocurrency and blockchain technology in the Middle East, in an insightful interview about Blockchain & Crypto Innovation. With his 20 years of experience in finance, including 12 years in operations and trading, Chehade, who has focused on digital assets since 2016, is fervent about the potential societal impact of blockchain technology. Chehade highlighted the rapid expansion and adoption of the cryptocurrency ecosystem, particularly in Dubai, where Binance FZE has been established to provide localized services. He noted that the location was strategic and is fostered through collaborations with local governments and financial institutions to envelop the Middle Eastern market more readily. The company executive further spotlighted the hallmarks of Binance, especially its commitment to regulatory compliance through active engagements with regional regulators and authorities. This dedication involves strict adherence to local Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, which underpin the platform’s operations in the Middle East. Binance has also distinguished itself through a commitment to transparency, routinely updating users on platform developments and security measures. It places a significant emphasis on user education, hand-in-hand with maintaining high-security standards. As pioneers in the cryptocurrency sphere, Binance is actively involved in developing regulations and policies in cooperation with different governments. It is also continuously introducing cutting-edge financial products and services to the industry to bolster crypto adoption and increase understanding. Tailoring its services to the Middle Eastern market, Binance offers customized trading support and fiat-crypto solutions. Chehade emphasized the company’s dedication to promote cryptocurrency and blockchain adoption, meeting the region's unique needs and requirements. As part of its expansion and user adoption drive, Binance has also formed strategic partnerships in the Middle East. Chehade pointed out that Binance has collaborated with the UAE Banks Federation (UBF) to deliver training programs, and are continually involved in joint awareness campaigns and cyber intelligence exchange initiatives. Throughout his role at Binance, Chehade remains committed to Binance's mission while relentlessly seeking opportunities for strategic partnerships, growth, and collaboration. As a visionary, he continues to bridge the physical and digital worlds, propelling Binance onto further heights within the Middle East.  

about 21 hours ago

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