Global cryptocurrency platform Coinbase to end services in India
Representational image of cryptocurrencies. (Credit: Pixabay)
Mumbai:
Global cryptocurrency platform Coinbase has planned to end all services for its users in India later this month, a report stated.
Regulatory hurdles
The company said that it planned to end its business in India because of regulatory hurdles.
Informal restrictions
In 2022, Coinbase co-founder and CEO Brian Armstrong visited India and questioned “informal restrictions” on crypto trading in the country.
Withdraw funds before September 25
Coinbase has asked the users to withdraw their remaining funds from their accounts before September 25. The global cryptocurrency platform has disabled new signups for the Indian users, and suggested to download the Coinbase Wallet.
Coinbase exchange app in India
Tech Crunch reported that the Coinbase exchange app attracted just under 50,000 monthly active users in India.
G20 leaders decide on swift implementation of crypto reporting framework
In the recently held G-20 in India, the country heads decided on swift implementation of the reporting framework for crypto assets.
Information exchange by 2027
The G20 leaders agreed to look into the issue of cryptocurrency, saying a significant number of member nations want information exchange on such non-financial assets to start by 2027.
Swift implementation of CryptoAsset Reporting Framework
“We call for the swift implementation of the CryptoAsset Reporting Framework (“CARF”) and amendments to the CRS. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions,” the G20 Leaders’ declaration read.
Progress on international tax package
“We remain committed to the swift implementation of the two-pillar international tax package. Significant progress has been made on Pillar One including the delivery of a text of a Multilateral Convention (MLC), and work on Amount B (framework for simplified and streamlined application of the arm’s length principle to in-country baseline marketing and distribution activities) as well as the completion of the work on the development of the Subject to Tax Rule (STTR) under Pillar Two,” the declaration said.
