The Indian government, traditionally against cryptocurrency, is re-evaluating its regulatory stance due to its adoption by other countries.
Here are the latest updates from the crypto world
The Indian government, traditionally against cryptocurrency, is re-evaluating its regulatory stance due to its adoption by other countries.
Reuters reported that Ajay Seth, India's economic affairs secretary, stated that digital assets 'Don't believe in borders,' indicating India's intention not to fall behind in the digital asset revolution.
This potential policy shift comes alongside a new tax of up to 70% on previously undisclosed crypto gains under India's Income Tax Act.
The government's evolving position aligns with the high-level game theory suggested by pro-crypto analysts and Bitcoin maximalists, which predicts that the adoption of digital currencies by one or two countries could spark a global race among nations to amass these assets.
Uphold, a cryptocurrency trading platform has restarted staking services in the United Kingdom following local regulatory developments.
In a Feb. 2 announcements shared with Cointelegraph, Uphold has relaunched staking in the UK in compliance with a UK Treasury amendment that came into force on Jan. 31.
This relaunch comes into effect a year after Uphold notified its users that it will no longer be offering staking in the UK and the European Union, reportedly citing new regulations.
Uphold CEO Simon McLoughlin told Cointelegraph, “We stopped offering staking services to UK customers previously because it was a legal gray area.”
Although 2024 was a difficult year for non-fungible tokens (NFTs), the Getgems marketplace, which operates on The Open Network (TON), is hopeful for increased adoption via the Telegram instant messaging platform.
On January 15, blockchain analytics platform DappRadar labeled 2024 as one of the poorest years for NFTs since 2020. The platform reported that trading volumes and sales numbers for digital collectibles decreased by nearly 20%.
The economic decline has affected NFT platforms, leading to the closure of projects such as MakersPlace. The NFT marketplace ceased operations on January 15, attributing the decision to 'ongoing market challenges.'
Despite this, some developers and companies remain optimistic about the long-term potential of NFTs. For instance, Getgems is leveraging Telegram's user base and tools to explore new opportunities.