Russia has used export-version surface-to-air missiles intended for foreign customers to strike ground targets in Ukraine, according to an investigation published Friday by Defense Express. Fragments recovered after recent strikes show that Russia fired 48N6E2 missiles, an export variant of the long-range interceptor used by the S-300PMU2 Favorit and S-400 air defense systems. As reported […]The Indian Army has flagged off the first batch of Armoured Recovery Vehicles (ARVs) repaired at its newly established Tank Medium Repair Facility in Ladakh, marking the start of frontline maintenance operations at the world’s highest armored repair site. The facility, located in the high-altitude Ladakh region, is designed to provide on-site repair and restoration […]
OnePlus has firmly denied rumours of a shutdown after a viral report claimed the company was collapsing, confirming that operations and customer support remain normal.
The post OnePlus denies shutdown rumours, says reports of dismantling are “false” appeared first on Digital Trends.
India’s crypto industry is renewing its call for tax reform ahead of the Union Budget, arguing that the current regime is driving trading activity offshore.
Key Takeaways:
Senior executives from WazirX and Delta Exchange say the government has an opportunity in Budget 2026 to recalibrate its approach by easing the 1% transaction-level tax deducted at source (TDS) on crypto trades and revisiting the flat 30% tax on virtual digital asset (VDA) gains, which currently does not allow losses to be offset.
India introduced the 30% VDA tax and the 1% TDS in 2022 as part of a broader push to bring digital asset activity into the formal tax net.
While the measures succeeded in improving transaction traceability, industry participants say they have also had unintended consequences, including a sharp drop in onshore liquidity and a migration of traders to overseas platforms beyond Indian jurisdiction.
“As India prepares for Budget 2026, there is a clear opportunity to fine-tune a framework that supports transparency and compliance while fostering innovation,” said Nischal Shetty, founder of WazirX.
He added that a reduction in TDS and a review of loss set-off rules could help keep more economic activity within India’s regulated perimeter without weakening oversight.
Executives argue that the global crypto market has evolved significantly since the tax rules were introduced, with greater institutional participation and clearer regulatory approaches emerging in several major jurisdictions.
Sad to see
— Sujal Jethwani (@SujalJethwani) January 7, 2026
India
Yet, we still have no clear crypto policy.
While countries like Singapore, Dubai, and U.S are trying to become crypto hubs, India is stuck with:
– 30% tax on every trade
– 1% TDS on every… pic.twitter.com/2pIrL5U8oT
The industry is also framing the debate in terms of economic leakage.
According to estimates cited by Delta Exchange, Indian users contributed nearly ₹5 lakh crore in trading volume on offshore exchanges between October 2024 and October 2025.
Executives warn that when platforms operate outside Indian oversight, consumer protection weakens and jobs and tax revenues flow overseas.
“Relying on non-accountable foreign platforms for critical financial infrastructure introduces systemic risk,” said Pankaj Balani, CEO and co-founder of Delta Exchange, calling for a “Make in India” approach that backs compliant domestic platforms while acting decisively against unauthorised operators.
Earlier this month, Indian tax officials renewed concerns over cryptocurrency activity, warning that the growing use of digital assets could undermine the country’s ability to enforce tax rules effectively.
The caution was raised by the Income Tax Department (ITD), which operates under the Central Board of Direct Taxes, during a recent parliamentary standing committee on finance.
As reported, India has also moved to tighten oversight of cryptocurrency platforms, with the Financial Intelligence Unit introducing stricter identity and monitoring requirements aimed at curbing illicit activity.
The new rules require platforms to go beyond basic document uploads during onboarding.
Reporting entities must carry out live identity verification and implement stronger Client Due Diligence (CDD) processes, reflecting concerns about the speed and pseudonymous nature of crypto transactions.
The post India Crypto Executives Push to Roll Back 1% TDS, Ease 30% Tax Ahead of Budget appeared first on Cryptonews.
India is set to publicly unveil its Long Range Hypersonic Anti-Ship Missile (LRAShM) during the Republic Day parade on January 26, marking the first official presentation of the country’s longest-range hypersonic strike weapon developed for maritime operations. The missile, formally known as the Long Range Anti-Ship Missile, is a boost-glide hypersonic system developed by the […]
India’s central bank wants BRICS members to connect their official digital currencies, aiming to make cross-border trade and tourism payments easier as geopolitics harden and more countries look for rails that rely less on the US dollar.
Reuters reported Monday the Reserve Bank of India (RBI) has recommended that the government place a CBDC connectivity proposal on the agenda for the 2026 BRICS summit, which India is set to host.
If New Delhi signs off, the idea would reach the BRICS table as a formal proposal for the first time.
For crypto markets, the pitch lands in a familiar spot. Payments infrastructure has become a strategic battleground, and tokenized money, whether state-issued CBDCs or privately issued stablecoins, now sits at the centre of the debate over speed, cost and control.
The plan could still draw heat from Washington. US President Donald Trump has earlier called the bloc “anti-American” and has threatened tariffs on BRICS members, according to the Reuters report.
The RBI’s move builds on language from the 2025 BRICS Rio de Janeiro declaration, which backed greater interoperability between members’ payment systems to make cross-border transactions more efficient.
India’s central bank has also publicly signalled interest in linking the digital rupee with other CBDCs, presenting it as a way to speed up cross-border payments and expand the rupee’s usage, according to the report. It has stressed that its push to expand the rupee’s global use is not intended to drive de-dollarisation.
BRICS still has groundwork to cover before any bridge goes live. None of the core members, Brazil, Russia, India, China and South Africa, has fully launched a CBDC, and each is still running pilots. India’s e-rupee pilot has reached about 7M retail users since Dec. 2022.
Execution also hinges on hard choices that crypto builders will recognize, shared technical standards, governance rules and a mechanism to settle trade imbalances that can build up when one side exports more than it imports.
One option under discussion reportedly involves bilateral foreign exchange swap arrangements between central banks.
That imbalance problem is not theoretical. Reuters noted that earlier attempts by Russia and India to expand local-currency trade ran into complications after Russia accumulated large rupee balances with limited ways to use them, leading the RBI to allow investment of those balances in local bonds.
Even so, India continues to frame its CBDC push as a regulated alternative to the private stablecoin boom, and the RBI has warned that widespread stablecoin use can threaten financial stability and trust in money.
The post India Central Bank Suggests BRICS CBDC Link-Up As Members Look Beyond Dollar Rails appeared first on Cryptonews.
A new sophisticated ‘crypto hawala’ network, mirroring the traditional hawala system, is reportedly being used to funnel funds to support terrorist activities in Jammu and Kashmir, Indian security officials warn on Sunday.
According to the Press Trust of India, the shadow foreign funds bypass the financial safeguards, operating entirely off the grid.
Under Indian regulations, Virtual Digital Asset Service Providers are required to register with the Financial Intelligence Unit (FIU). From the 2024-25 fiscal year, only 49 exchanges have registered as legal reporting entities.
The untraceable crypto hawala has sparked serious concerns, with officials warning that it would revive separatist elements in the region.
The network uses “mule accounts” to temporarily park funds. These accounts layer transactions to obscure the money trail. Further, the syndicates behind the network pay a commission of 0.8 to 1.8 per cent per transaction for such account holders who are generally ordinary people, the officials added.
The syndicates lure these account holders with a promise of commissions, assuring them that their role is safe and is merely to park funds. They then handle the bank accounts and passwords of all mule account holders.
“This effectively ‘breaks the financial trail,’ allowing foreign money to enter the local economy as untraceable cash,” officials said.
The foreign handler sends cryptos directly to these wallets without involving a regulatory financial institution. Further, the wallet holder travels to major Indian cities like Delhi and Mumbai to meet unregulated peer-to-peer (P2P) traders to sell cryptos at negotiable prices.
According to the Jammu and Kashmir Police and central security agencies, people from countries including China, Malaysia, Myanmar and Cambodia have involved in creating private crypto accounts for local Indian people. These international handlers use a Virtual Private Network (VPN) to avoid detection and require no KYC verification.
Usage of VPNs is already suspended in the region, the police confirmed, adding that registering in crypto wallets was increasingly seen in recent times.
The post Indian Security Agencies Flag ‘Crypto Hawala’ Network for Terror Funding in Kashmir – Report appeared first on Cryptonews.
India has reportedly acquired dozens of Belarus-made Berkut-BM one-way attack drones, according to defense industry sources. The Berkut-BM is a jet-powered kamikaze drone developed by the Indela company in Belarus and designed to strike time-sensitive battlefield targets before they can relocate. The system is powered by compact Chinese-made micro turbojet engines produced by Swiwin, giving the […]India is moving toward approving a large-scale purchase of Rafale fighter jets, as New Delhi prepares for French President Emmanuel Macron’s visit next month, according to senior officials familiar with the process. Indian Air Force leaders have submitted a proposal to acquire what the service described as a “substantial” number of new aircraft under a […]India publicly showcased its new Suryastra multiple launch rocket system during rehearsals for the Army Day parade in Jaipur, marking the first public appearance of the indigenous long-range rocket artillery platform. The system was displayed on a wheeled launcher carrying two 370mm Predator Hawk missiles and four 306mm extended-range rockets, highlighting its ability to fire […]India is accelerating its push to regulate the crypto sector as enforcement agencies sharpen their focus on financial crime risks linked to digital assets.
During the 2024–25 financial year, 49 cryptocurrency exchanges formally registered with the Financial Intelligence Unit, marking a decisive step toward tighter anti-money laundering and counter-terror financing controls.
The move reflects a broader regulatory recalibration as authorities respond to growing evidence of crypto misuse and expand scrutiny across platforms operating in the country.
The regulatory shift has also triggered wider discussion within the domestic crypto ecosystem.
A recent post on X by CoinDCX CEO Sumit Gupta drew attention to the intensifying compliance environment, as exchanges increasingly operate under FIU supervision.
The post circulated as registration, monitoring, and enforcement became central themes in India’s crypto policy during the financial year.
A review of Suspicious Transaction Reports submitted by crypto platforms during FY 2024–25 revealed repeated patterns of high-risk activity, reported the Press Trust of India.
The analysis found crypto funds linked to scams, fraud, gambling networks, unaccounted transfers, and peer-to-peer misuse.
The FIU also identified more serious risks, including links to dark net services, terror financing, and child sexual abuse material.
Of the 49 registered exchanges, 45 are based in India, and four operate overseas.
Unlike several jurisdictions where crypto oversight is split across multiple agencies, India has designated the FIU, which operates under the Ministry of Finance, as the single authority responsible for supervising crypto exchanges.
Industry leaders have pointed out that India’s crypto market is more competitive than it is often perceived, with multiple platforms vying for users and liquidity.
This competitive environment, they argue, can support innovation, provided regulatory expectations are clear and consistently enforced across all players.
Crypto exchanges in India are classified as Virtual Digital Asset Service Providers and have been covered under the Prevention of Money Laundering Act since 2023.
As part of this framework, platforms are required to submit Suspicious Transaction Reports, identify wallet owners, track token fundraising activity such as IPO-style launches, and monitor transfers between hosted and un-hosted wallets.
Following registration, exchanges must also disclose their banking relationships, appoint compliance officers, conduct internal audits, apply risk-based customer checks, screen transactions against sanctions lists, and carry out regular risk assessments.
All relevant data must be shared with the FIU to support ongoing supervision.
Enforcement has accompanied registration. During FY 2024–25, crypto platforms that failed to meet Anti Money Laundering (AML) obligations were fined a combined ₹28 crore.
The FIU also mapped regional transaction hotspots and identified digital assets frequently associated with illicit activity, strengthening the government’s broader monitoring and intelligence capabilities.
The post India tightens crypto oversight as exchanges move under FIU monitoring appeared first on CoinJournal.
India on Dec. 29 conducted the first successful flight test of the Pinaka Long Range Guided Rocket, validating a maximum strike range of 120 kilometers during a trial at the Integrated Test Range in Chandipur, according to an official statement issued in New Delhi. The maiden test of the Pinaka Long Range Guided Rocket, designated […]India’s competition regulator has cleared Coinbase’s plan to deepen its ties with CoinDCX, marking another step in the US-based exchange’s renewed engagement with the Indian crypto market.
The approval allows Coinbase to acquire a minority stake in DCX Global Limited, the parent company of CoinDCX, at a time when global exchanges are reassessing their exposure to high-growth but tightly regulated jurisdictions.
For India, the decision signals a willingness to permit foreign participation in the digital asset sector under formal regulatory scrutiny, even as policy uncertainty and elevated taxes continue to shape market behaviour.
The clearance was issued by the Competition Commission of India on Wednesday, following a review of the proposed transaction.
It comes shortly after Coinbase reopened user registrations in India, ending a two-year pause in local onboarding.
Together, the developments point to a cautious but deliberate attempt by Coinbase to rebuild its presence in one of the world’s largest potential crypto markets.
The Competition Commission of India approved the transaction involving Coinbase Global Inc. and DCX Global Limited, enabling the acquisition of a minority shareholding.
The regulator confirmed the decision through an official disclosure shared on social media platform X, stating that the proposed combination had received approval.
Coinbase has been associated with CoinDCX since 2022, having invested in the Indian exchange during its earlier expansion phase.
The latest approval formalises an additional capital infusion that was disclosed by Coinbase in mid-October, but required regulatory sign-off before completion.
The investment approval aligns with Coinbase’s broader effort to re-enter India after scaling back operations in 2023.
Last week, the exchange resumed onboarding Indian users, initially enabling crypto-to-crypto trading.
According to company plans, a rupee on-ramp is expected to follow in 2026, expanding access beyond token swaps and improving local usability.
This phased approach reflects the constraints of operating in India’s regulatory environment, where compliance requirements and payment restrictions have previously limited foreign exchanges.
By strengthening its stake in CoinDCX, Coinbase gains indirect exposure to local market infrastructure while maintaining regulatory distance from day-to-day operations.
The approval also comes after a turbulent year for CoinDCX.
In July, the exchange disclosed a $44.2 million security breach involving one of its wallets.
The company said at the time that customer funds were not impacted, but the incident added pressure in an already cautious market environment.
India continues to pose challenges for crypto platforms due to high transaction taxes and unresolved regulatory frameworks.
Despite these hurdles, the competition watchdog’s decision suggests that authorities are prepared to accommodate global firms, provided investments are structured and subject to oversight.
For Coinbase, the clearance offers a regulated pathway back into India.
For the broader market, it highlights how foreign exchanges may increasingly rely on minority investments and partnerships to navigate complex local rules.
The post Coinbase gains India regulatory clearance for CoinDCX investment appeared first on CoinJournal.
Microsoft is pouring $17.5 billion into India — its largest investment in Asia — to boost the country’s AI infrastructure and diffusion, the company announced Tuesday.
The funding, planned over four years between 2026 and 2029, comes after an earlier $3 billion commitment announced earlier this year.
Microsoft’s aim is to help advance India’s cloud and AI infrastructure, skilling and ongoing operations. The tech giant said the partnership will help India make the leap from “digital public infrastructure to AI public infrastructure in the coming decade,” toward “a future that is more equitable and uniquely Indian in its scale and impact.”
Microsoft CEO Satya Nadella is in the country this month as part of a multi-city “India AI” tour. He met with Prime Minister Narendra Modi in New Delhi on Tuesday and will deliver a keynote address on Wednesday: “Leading in the New Age of AI.”
The investment will target three primary areas:
Microsoft also announced that 310 million informal workers in India will benefit from advanced AI capabilities being integrated into two key digital public platforms of the Ministry of Labour and Employment — e-Shram and the National Career Service.
Microsoft employs 22,000 people across Bengaluru, Hyderabad, Pune, Gurugram, Noida and other cities, representing numerous company business lines.
Elsewhere on Tuesday, Microsoft President Brad Smith announced new commitments to Canada, adding $5.4 billion over the next two years to its continued investment in building out digital and AI infrastructure in the country.
Smith highlighted many of the same goals the company outlined for India, including boosting skills training and digital sovereignty in Canada.
Login