AICoin Daily Report (February 3)

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11 days ago

1. Trump's Tariff Plan Causes Market Decline

2. India Considers Adjusting Cryptocurrency Policy

India's Minister of Economic Affairs stated to Reuters that the Indian government is considering adjusting its stance on cryptocurrencies. Bybit recently restricted access to its platform for India citing regulatory developments. -Original

3. U.S. Treasury Secretary Says Crypto Economy Will Persist

U.S. Treasury Secretary Scott Bessent stated in an interview with FOX Business, "The spirit of cryptocurrency is about freedom, and the cryptocurrency economy will continue to exist." -Original

4. SEC Strengthens Oversight of Crypto Investigations

Sources: The Republican-led committee of the U.S. Securities and Exchange Commission has strengthened oversight of formal investigations. -Original

5. Whales Continue Accumulating WBTC and ETH

Whales/institutions that have been accumulating WBTC and ETH since December 2022 spent another 15 million USDT in the past 2 hours to purchase 151.3 WBTC, with an average purchase price of about $99,124. To date, this whale/institution has invested a total of 228.5 million USDT to buy BTC and ETH, currently realizing a profit of 93.89 million USD, with specific holdings as follows: • 178.8 million USDT for 2,687 WBTC, average price $66,570 • 49.63 million USDT for 17,792 ETH, average price $2,790 -Original

6. Crypto Market Liquidations Exceed $135 Million

7. India to Impose 70% Tax Penalty on Undisclosed Crypto Gains

According to Odaily Planet Daily, Indian Finance Minister Nirmala Sitharaman stated in the 2025 federal budget announcement that cryptocurrencies will be included under Section 158B of the Income Tax Act for reporting undisclosed income. This amendment allows for collective assessment of unreported cryptocurrency gains, treating them similarly to traditional assets like currency, jewelry, and gold bars. Under the new amendment, cryptocurrencies will fall under the definition of virtual digital assets (VDA), and the amendment stipulates: "According to the existing definition of virtual digital assets, crypto assets have been defined in Section 2 (47A) of this Act […] According to Section 285BAA of this Act, reporting entities will be required to provide information on crypto assets." As a signal of concern for cryptocurrency holders, Indian authorities may impose tax penalties of up to 70% on previously undisclosed cryptocurrency profits. According to the document, this penalty may apply to undisclosed crypto gains for up to 48 months after the relevant tax assessment year, stating: "The total tax and interest payable on additional income disclosed in the updated Income Tax Return [ITR] shall be 70%." -Original

The above is a selection of hot topics from the past 24 hours. For faster news, please download AiCoin (aicoin.com)

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