Huobi’s operations are already suspended in Thailand and the top regulatory authority has given the cryptocurrency exchange a time period of three months to return all crypto assets parked in exchange wallets to their clients. 

Huobi has been charged for failing to comply with local regulations. The SEC has said that the crypto exchange had already been informed about non-compliance with the rules back in February 2021. 

Despite the repeated failure to comply with local regulations, Huobi was allowed to operate until August. However, now the SEC has put a ban on crypto exchange’s operations and is requesting the concerned ministry to revoke its license. 

The SEC has also said that Huobi will have to make a security deposit with the regulator. It will be used as a measure to ensure Huobi doesn’t fail to return the client assets in time. Thailand has been supportive of crypto transactions and operations but recently it has been strict with non-compliance. 

Thai SEC keeps on issuing new guidelines both for cryptocurrency exchanges and investors. Recently, it put a ban on cryptocurrency exchanges to list high-risk coins like Meme tokens, fan-based tokens and NFTs. 

The post Huobi Cryptocurrency Exchange Could Have Its License Revoked, Operations Suspended appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Reuters writes that the bank explained its decision saying that transacting with crypto poses security risks. In particular, these risks are connected to crypto’s decentralized nature and lack of regulation. This ban will come into effect on April 30.

Bitcoin and some altcoins have decreased in price after the announcement. Bitcoin has lost around 3% and Ethereum has lost about 3%. Moreover, Binance Coin is down by about 9%, and XRP fell by about 12% in the last 24 hours, per Coin Market Cap data.

The cryptocurrency that is outperforming today with its massive 24-hour gains of almost 200% is Dogecoin. According to CNN, the significant boost of DOGE price could be related to Elon Musk tweeting about the meme-like crypto. He tweeted a photo of a painting by a Spanish artist captioning it “Doge Barking at the Moon,” the source says.

Support for DOGE already pushed it to the tenth place among cryptocurrencies by market cap this week. Now, it has already climbed to fifth, per Coin Market Cap data, and is trading at around $0.39 at the time of writing.

The post Turkey bans crypto payments; Bitcoin and some altcoins drop appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

According to the source, the decision of the government to issue the mandate was welcomed by experts in the industry. That is because a step to regulating cryptocurrency transactions could provide an alternative solution to the full ban on crypto.

The Indian government has been discussing the introduction of a bill to ban cryptocurrencies. In particular, the ban would prohibit any activities with crypto such as holding, buying, selling, mining, and so on. Those violating the rules would receive a fine or up to 10 years imprisonment, The Entrepreneur writes.

Despite the possibility of a ban, cryptocurrencies are popular in India. The country’s largest crypto exchange WazirX has a 24-hour trading volume of over $97 million at the time of writing, per CoinMarketCap.com data. In addition, cryptocurrency exchange Coinbase has recently announced setting up operations in India.

The post Companies in India have to disclose crypto transactions starting today appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Regulations on crypto vary from country to country and authorities take measures against those who evade paying tax. In the U.S., Internal Revenue Service (IRS), for instance, this month launched a program under the name “Operation Hidden Treasure.” It is designed to keep track of the crypto income of the taxpayers who did not report it on the tax form.

In India, the government made it compulsory for companies to disclose crypto investments or trading activities, Business Today reports. According to the source, experts expect taxation regulations to follow. The Indian government has been discussing the introduction of a law that would ban all private cryptocurrencies. As a result, this law could make it illegal to hold or trade crypto.

The post Canadian crypto trading platform to forward client data to tax authorities appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The certainty around the introduction of the bill to ban private cryptocurrencies in India started to take shape in January 2021. However, the officials also mentioned that despite banning crypto, the bill could allow the promotion of its underlying technology. While banning private tokens, the bill would provide a framework for the Reserve Bank of India (RBI) to issue its own digital currency.  

A few weeks ago, several major Indian banks asked their clients to provide information about their crypto-related activities. In particular, this includes banks like Citi, HDFC, HSBC, and several others.

Bitcoin has gained over 14% in the past 7 days and lost over 4% in the last 24 hours, per CoinMarketCap.com data. It is trading at around $58,000 at the time of writing.

The post Cryptocurrency ban in India will make holding and trading crypto illegal appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.