Latest Crypto News: Crypto Industry Unveils Bharat Web3, High Taxes Could Kill Indian Crypto Industry

Industry leaders across the Web 3.0 verticals unveiled Bharat Web3 Association (BWA), to enable and support the growth of India’s Web 3.0 ecosystem.

Members of BWA span multiple verticals, including non-fungible tokens (NFTs), Web 3.0 gaming, infrastructure providers, virtual digital assets (VDAs), and token projects.

According to a press release by the association, their focus will be on — 1) driving awareness through research to help keep pace with this evolving technology; 2) promoting dialogue between key stakeholders; 3) setting standardised principles in the Web 3.0 industry; 4) encouraging and promoting Web 3.0 and Blockchain innovation; and (5) nurturing India’s talent pool.

Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and WazirX are significant members of the new association, which is India's leading supporter of Web 3.0.

Binance CEO CZ on Crypto Taxation In India

Changpeng Zhao, the CEO of global crypto exchange, Binance, has said that India’s onerous taxes on cryptocurrency transactions will probably “kill the industry” there, Bloomberg reported.

“India has high tax, which is probably going to kill the industry,” Zhao said in livestreamed remarks during panel at a fintech conference in Singapore on Thursday.

Following the Centre’s introduction of a tax package this year that caused trading volumes to collapse, Zhao’s views are the latest in a long line of cautionary statements about the future of India’s cryptocurrency business. India imposed high taxes on capital gains and transactions in crypto assets.

Plans for Meta’s Instagram NFT Minting

Instagram is creating a minting and sales tool for non-fungible tokens (NFTs) within its app, according to a statement made on Wednesday by parent company Meta.

According to Meta, with the help of the future ‘end-to-end toolset’ for NFTs, users will be able to design and market their own NFTs for sale on Instagram.

“A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram,” said Meta’s head of commerce and fintech, Stephane Kasriel in a statement.