Cryptocurrency

Bittensor

DeFi

Bitcoin

Million

<ul class="wp-block-list"> 
 <li>Binance, a centralized cryptocurrency exchange, received a notice from DGGI demanding Rs 722 crores as Goods and Service Tax (GST)</li> 
 <li>The exchange has gathered approximately Rs 4000 crores in trading fees from Indian users- Source.</li> 
 <li>According to Statista, The total number of users in the DeFi market from India is likely to reach 6,674.00k users by 2025.</li> 
</ul> 
The popularity of blockchain-based currencies is surging tremendously; the global cryptocurrency market is valued at $1.96 Trillion. India is one of the fastest-evolving nations for cryptos in the Asia Pacific.&nbsp; 
As per recent news sources, the Directorate General of GST (DGGI) has issued a show cause notice to Binance, one of the biggest centralized cryptocurrency exchanges. Meanwhile, in a significant development, the DGGI’s regional unit in Ahmedabad has explicitly issued the notice. 
DGGI notice demands Binance to pay Rs 722 crores as Goods and Service tax; it is the foremost time the institution has issued any notice to a crypto exchange.&nbsp; 
The exchange received the notice, as it was charging Indian customers trading virtual digital assets (VDAs), categorized under the online information database access or retrieval (OIDAR) service.&nbsp; 
Earlier, Binance secured a green signal from the Financial Intelligence Unit (FIU) to register as a virtual asset service provider (VASP) in India. In July 2024, FIU imposed a fine of Rs 18 crores on the exchange for non-compliance with Anti-money Laundering (AML) regulations. 
A person aware of the information asserts that Binance has made around Rs 4000 crore in transaction fees from Indian users.&nbsp; 
Nest Service Limited, a Seychelles-based company, claimed to have a close association with the leading cryptocurrency exchange and received the funds earned in Fess from India on its platform.&nbsp;&nbsp; Overview of Indian Cryptocurrency Market 
TechSci cites in its research that the Indian cryptocurrency space is valued at $211.5 Million in 2023. It is expected to flourish with a CAGR of 6.75% between 2025- 2029.&nbsp; 
The projected revenue of the Indian cryptocurrency space till the end of 2025 is $6.04 Billion. India will contribute around 107 Million crypto users to the global market by the end of 2025, as per Statista.&nbsp; 
The NFT market in India is projected to witness significant revenue growth, with an estimated $80.3 Million by the end of 2024. By 2025, the projected total revenue is expected to reach $77.5 Million.&nbsp; 
According to Statista, The total number of users in the DeFi market from India is likely to reach 6,674.00k users by 2025. Market Price Update 
As of writing, the fear and greed index of the broader <a href="https://news.todayq.com/jump-crypto-unstaked-ether-worth-millions-planning-sell-out/" target="_blank" rel="noreferrer noopener">cryptocurrency </a>market 32 reflects fear in the market and among investors. The global crypto market capitalization reached $1.98 Trillion, adding 8.95% in the past 6-8 hours.&nbsp; 
On August 05, 2024, the broader market was bleeding at its verge, resulting in losses of over $500 Million in cryptocurrencies. In the past 24, the lowest recorded trading price of Bitcoin was $49,121; at the press time, it was trading at $55,897, adding 10.85% to its cost.&nbsp; 
Bittensor (TAO) added 49.71% to its trading price intraday reaching $257.44. <a href="https://news.todayq.com/ethereum-added-76m-new-addresses-post-etf-filing-approval-data/">Ethereum’s </a>market capitalization surged by 13%, and its trading price showed a reversal, adding 12.80%.&nbsp; 
The trading volume of all stablecoins markets is $175.55B, contributing 93.57% to the total crypto market 24-hour volume.

DGGI Ahmedabad Unit Issued Notice to Binance Over GST Payment

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