India Observers

Cryptocurrency platform CoinSwitch has announced the launch of a new brand called PeepalCo. PeepalCo will house CoinSwitch, the retail app for buying and selling cryptocurrencies. The new brand will also manage CoinSwitch PRO, the advanced trading platform. In addition, PeepalCo plans to expand into wealth management and cater to high-net-worth individuals (HNIs).  The restructuring will allow each business segment to operate independently and innovate while adhering to compliance and regulatory standards .  The founders of CoinSwitch, Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, will guide the initiatives of PeepalCo and each business segment will have its own professional management team. The goal of the restructuring is to unlock the full potential of the organization and allocate resources more effectively. PeepalCo aims to democratize wealth creation in India by providing accessible investment opportunities. Under the new structure, CoinSwitch will be led by Balaj...

 The Indian government has brought crypto transactions under money laundering law by imposing PMLA provisions against cryptocurrency & crypto assets. The Finance Ministry has informed transactions involving the exchange, transfer, and safekeeping of cryptocurrency assets under the Prevention of Money-laundering Act, bringing virtual digital assets under money laundering provisions.  The PMLA’s coverage of exchange between virtual digital assets and fiat currencies is expected to broaden the taxation and regulatory net. The Enforcement Directorate and Income Tax Department are already looking into several such cases against businesses that conduct cryptocurrency exchanges and transactions, so it is anticipated that this measure will help them in their efforts to take legal action against crypto companies. In August of last year, the ED searched the offices of a director of the company Zanmai Labs and froze bank balances totaling Rs. 64.67 crore that belonged to a business o...