Kazakhstan setback for Coinbase as government blocks website access

According to India’s Finance Ministry, Binance and a number of other virtual asset service providers (VASPs) are not tax-compliant in India. Cases of tax evasion detectedNews of this matter emerged via written answers, published on Dec. 2, provided in response to parliamentary questions which had been put to India’s Finance Minister, Pankaj Chaudhary. The minister confirmed that a “few cases of evasion of Goods and Services Tax (GST) by cryptocurrency exchanges and investors” had been detected. The document goes on to list 17 crypto entities who are currently being investigated on that basis, with Binance being the most well-known among them. Notable Indian exchanges listed include WazirX, CoinDCX and CoinSwitch. Chaudhary included details of cases booked against these exchanges. In Binance’s case, it was required to pay 722 crore Indian rupees, which amounts to around $85.2 million. While Binance doesn’t appear to have incurred penalties, in the case of WazirX, the exchange had an assessed tax shortfall of 40.51 crore Indian rupees ($4.78 million), but after fees and interest, it was provided with a demand for 49.19 crore Indian rupees ($5.8 million). CoinDCX and CoinSwitch were also assessed with a demand for 20.86 crore Indian rupees ($2.46 million) and 19.38 crore Indian rupees ($2.28 million), inclusive of penalties and interest. In the case of WazirX, CoinDCX and CoinSwitch, the exchanges have had to pay an additional 21%, 24% and 37% respectively in fees and interest over and above their original tax liabilities.Photo by Naveed Ahmed on UnsplashPrevious tax and regulatory issuesTo date, the Finance Ministry has recovered 122.3 crore rupees ($14.4 million) as part of these investigations. Binance has as yet not paid the funds demanded by the authorities. It emerged in August that India’s Directorate General of Goods and Services Tax Intelligence (DGGI) had imposed an $86 million tax demand on the company, with Binance contesting the assessment. The global crypto exchange platform had previously paid a $2.5 million fine for having engaged with Indian customers despite not having been approved by the authorities to trade within the country. After a number of months during which it didn’t trade within the Indian market, in August Binance regularized its standing and gained approval to trade. In a request for comment on the matter from Cointelegraph, a Binance representative stated: “We continue to work closely with regulatory authorities and attend necessary hearings to address any concerns and questions. Binance remains responsive and cooperative and is committed to addressing all necessary tax inquiries.” The company recently hired UK-based accounting and business advisory firm Grant Thornton to assist with accounting, tax and audit preparedness. In the case of WazirX, a spokesperson said that “GST law on cryptocurrencies was not clear in India,” and that on this basis, the company found itself being assessed for non-payment of the applicable taxes.

Japanese Financial Giant SBI Extends Use of Ripple’s Remittance TechSBI Remit Co., Ltd., a prominent player in the international money transfer sector and a subsidiary of Japanese financial services conglomerate SBI Group, has unveiled a significant expansion of its collaboration with Ripple in Asia.Photo by Kanchanara on UnsplashPhilippines, Vietnam, and IndonesiaThe strategic alliance between the two companies will enable international remittance services utilizing Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.The partnership, announced via a statement published to SBI’s website on Wednesday, builds upon SBI Remit’s history of utilizing Ripple Payments for its international remittance services, which dates back to 2017. The company has been a pioneer in Japan, leading the way in offering an international remittance service that leverages XRP as a bridge currency between two sovereign currencies.This latest move underscores SBI Remit’s interest in furthering its exploration and use of XRP-based remittances. In 2021, it introduced a service targeting digital wallets in the Philippines, marking a milestone in using XRP for international remittances in Japan.Simplifying international remittancesThe newly introduced scheme aims to simplify the international remittance process significantly. The process involves SBI Remit initiating a customer’s remittance request, followed by SBI VC Trade facilitating real-time XRP transfers in response to the request. This dynamic approach has been made feasible through a strategic partnership with Tranglo Pte. Ltd., a long-standing Ripple partner. It ensures that customers receive their remittances in their respective local sovereign currencies.SBI emphasized the advantages of using XRP as a bridge currency, highlighting its ability to enable fast and cost-effective money transfers. XRP also boasts excellent scalability, allowing users to seamlessly send funds to Ripple’s global partners. SBI believes that this will enhance its competitiveness in the international remittance sector.Targeting important remittance marketsThe decision to target the Philippines, Vietnam, and Indonesia was not arbitrary. These countries have a substantial share of remittances channeled into bank accounts, making them ideal candidates for XRP adoption. SBI Remit anticipates that the introduction of the XRP-based remittance service will further accelerate cryptocurrency adoption in these nations.Yoshitaka Kitao, chairman and CEO of SBI Holdings, expressed the company’s commitment to transforming international remittance services. The press release also conveyed SBI Remit’s dedication to extending its reach beyond the initial three Asian countries. At the time of publication, XRP was trading at $0.5022.The significance of the announcement was not lost on retail investors with an ongoing interest in XRP. Taking to X (formerly Twitter) one wrote:“Everyone who says Ripple does not utilize XRP, and that nobody uses XRP is WRONG.”At Paris Blockchain Week earlier this year, Monica Long, President of Ripple, stated: “The past couple of years have been a real tipping point for institutional DeFi, where even the biggest of banks are embracing this technology as the future, and they have to adapt or die.” That statement is relevant when this latest expansion of the Ripple/SBI partnership is considered.SBI Remit’s expanded partnership with Ripple marks a significant step in the evolution of international remittance services. By harnessing the power of XRP as a bridge currency, SBI Remit aims to revolutionize cross-border transactions while targeting countries with substantial remittance markets.

Metaplanet, a Japanese Bitcoin treasury company listed on the Tokyo stock exchange, is targeting a holding of 10,000 BTC in 2025.2025 targetTaking to the X social media platform on Jan. 5, the company’s CEO, Simon Gerovich, set out a number of objectives which the company will strive to reach in 2025. Among them is the objective to expand the company’s Bitcoin holdings to 10,000 BTC. Gerovich said that the expansion of the firm’s Bitcoin holding would be achieved “by utilizing the most accretive capital market tools available to us.” He followed up on Jan. 6 with an announcement that Metaplanet has completed its 12th series stock acquisition rights. Gerovich claimed that the successful completion of the stock issuance marked “a milestone in Metaplanet’s financing and Bitcoin acquisition strategy.” The 12th series stock issuance was first announced back in November, with a six-month exercise period opening on Dec. 17. Additionally, the company issued 4.5 billion yen ($28,562,451) and 5 billion yen ($31,736,057) in ordinary bonds, with a maturity date of June 2025. Other objectives the company has set out for 2025 include enhancing transparency and shareholder engagement through new initiatives. Furthermore, Metaplanet intends to leverage its partnerships to advance Bitcoin adoption in Japan and further afield. Gerovich said that Metaplanet will explore innovative opportunities to grow the firm’s impact in Japan and within the Bitcoin ecosystem.Photo by Vasilis Chatzopoulos on Unsplash2024 ‘transformational’The Metaplanet CEO claimed that 2024 had been “transformational” for the company. He added: “We broke records, expanded our Bitcoin treasury, and reinforced our position as Asia’s leading Bitcoin Treasury Company.” Shifting its attention to 2025, the firm is focused on its efforts to drive greater value for shareholders. Metaplanet’s fortunes are now heavily dependent upon the performance of Bitcoin. In an interview at a New Year’s Eve party held in Miami by Microstrategy founder Michael Saylor, Gerovich commented on Bitcoin adoption, stating:"I’m slowly but surely seeing Bitcoin becoming a topic of discussion at the highest levels of government. Corporations around the world are beginning to adopt it as a Bitcoin standard." The Metaplanet CEO is optimistic that the U.S. will adopt a strategic Bitcoin reserve once the Trump administration commences. Should that happen, he believes that other countries will follow. He sees Japan as one of those countries where they do look to the U.S. as a guide on such matters. “So I think if President Trump does adopt it as a strategic reserve, then Japan and many countries in Asia will do the same,” he stated. Metaplanet is understood to be pursuing a business model very similar to the one pioneered by Microstrategy in the United States. The company increased the rate at which it acquired Bitcoin in H2 2024. Metaplanet made its first Bitcoin purchase in April 2024. At that time, its stock was trading at $1.90. Just as the Bitcoin unit price surged, so too did Metaplanet stock, closing the year at $22.05 per share.