Tag: mudrex

Mudrex, ClearTax Partner to Assist Users Compute and File Crypto Taxes for a Fee

Mudrex, a crypto investment platform founded by Indian entrepreneurs, has struck a partnership with tax computing platform ClearTax. The crypto exchanges operating in India now have a set of rules they need to adhere to, in order to stay compliant in conducting their operations here. One important critera that Indian crypto players are prioritising to ensure is that their users pay the taxes they owe on their crypto profits. Computing these taxes has been confusing and tricky for many, leading to several evading these crypto taxes in the last two years since these charges were levied.

Mudrex aims to alleviate the complexities associated with tax reporting with this new partnership. The aim is to help users save their time by not having to navigate the complexities of the crypto tax filing process. As part of this partnership, the trader and investor communities using Mudrex will get an access to the tax computing solutions offered by ClearTax. This access will simplify the process of generating detailed tax reports, leveraging automated tax calculation services, and gaining valuable portfolio insights. Mudrex users will also be able to download VDA-compliant tax reports essential for filing their Income Tax Returns (ITR).

It is, however, noteworthy, that Mudrex users will have to pay a ‘nominal fee’ to use ClearTax’s suit despite this partnership. Speaking to Gadgets360, the company said that ClearTax’s services plan that starts at Rs. 299, will cost lesser for Mudrex users. The exact price was not disclosed. 

“Mudrex’s users are well-positioned to leverage this opportunity as a pivotal moment in their financial journey and further equip themselves with the tools and resources they need to achieve their financial and compliance goals efficiently,” said Avinash Polepally, Senior Director (Consumer Business Head) at ClearTax as commenting on the matter.

The crypto community in India has time and again urged members of their circle to be compliant in paying their crypto taxes – to demonstrate to the government that the crypto sector can follow legal discipline. This way, they believe, the government could get more confident in supporting the growth of this sector.

As per the Indian law levied in 2022, profits generated by crypto activities are taxed by 30 percent. Also, one percent tax is deducted at source on each crypto transaction.

In a recent conversation with Gadgets360, another crypto tax computing platform Taxnodes had said that tax compliance amongst the Indian crypto community is very low. Between 2022 and 2023, merely 0.07 percent crypto holders in India paid their crypto taxes, a report by Sweden-based tech research firm Divly had claimed last year.

As per Taxnodes, the primary reason for low tax compliance in India is from a lack of awareness among taxpayers.

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Hong Kong Approves BTC and ETH Spot ETFS, Indian Web3 Community Lauds ‘Landmark’ Decision

In a rather pro-crypto move, Hong Kong has greenlit the trading of Bitcoin and Ether Spot Exchange-Traded Funds (ETFs). With this move, traders in Hong Kong will get the chance to invest in Bitcoin and Ether via traditional stock markets. This eliminates the need for traders to enter the ecosystems of crypto exchanges just to engage with assets like BTC and ETH. Following the development, several members from India’s crypto community have lauded Hong Kong’s ‘landmark’ decision.

The Hong Kong unit of Bosera Asset Management and China Asset Management have received regulatory approvals to offer Spot ETFs for BTC and ETH. The final approval was signed by the Hong Kong Securities and Futures Commission (SFC), said a report by Nikkei Asia on Monday, April 14. Spot ETFs track the current price of commodities and allow traders to get exposure to the current price of BTC without having to purchase and hold the asset.

Hong Kong is now Asia’s first region that has legitimised cryptocurrency as an officially considerable investment tool. This move will also reduce the dependency of traders on the US’ investment service offerings.

With the move, Hong Kong has become the second global location that has approved engagement with crypto ETFs for traders. In January this year, the US approved 11 BTC ETFs, marking a historic development for the crypto sector. The ETFs listed in the US had reportedly clocked $4.6 billion (roughly Rs. 38,065 crore) worth of shares trading hands within the first 24 hours itself.

As of March 31, the total inflows in BTC ETFs in the US reportedly breached the mark of $12 billion (roughly Rs. 1,04,298 crore) — indicating investors’ interest. ETH ETFs are still not approved in the US.

In India, members of the Web3 community lauded Hong Kong for setting a precedence for other Asian nations to expand experiments and trials with crypto assets.

“Chinese Real Estate and Equity markets have been under pressure since the Pandemic and haven’t recovered. The local wealth is searching for other assets to deploy as can been seen from the record gold demand from investors,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, told Gadgets360. “The ETF approvals will provide a new avenue for Chinese capital to explore some exposure to crypto as an asset class and bodes well for the industry in the medium term.”

Praises for Hong Kong’s decision have also been pouring on X.

In March this year, crypto investment firm Mudrex launched spot BTC ETF investment service for Indian traders. The minimum amount for people to start investing in BTC ETFs on Mudrex stands at $5,000 (roughly Rs. 4.13 lakh) whereas the maximum amount could be $250,000 (roughly Rs. 2 crore).

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Mudrex Opens BTC ETF Investments for Indians with Minimum Commitment of $5,000

Members of India’s crypto community can now invest in spot Bitcoin ETFs (exchange-traded funds) through Mudrex. The Indian crypto investment platform announced the roll-out of this service on its app on Monday, March 11. Both, retail as well as institutional investors will be able to use this service to engage with Bitcoin trading without having to create an account on an exchange and purchase the cryptocurrency. Ever since BTC ETFs were approved in the US this January, the cryptocurrency has seen a massive inflow of capital from investors.

ETFs track the value of the underlaying asset, and they trade on traditional market exchanges rather than crypto exchanges. This lets people engage with Bitcoin without having to register with a crypto platform.

Mudrex, in its announcement said, it decided to bring this service to the platform after seeing repeated demands from its users. The minimum amount for people to start investing in BTC ETFs on Mudrex stands at $5,000 (roughly Rs. 4.13 lakh) whereas the maximum amount could be $250,000 (roughly Rs. 2 crore). While this amount could be manageable for retail and institutional investors, it could be a large financial undertaking for individual investors.

For starters, the platform will let Indians invest in four spot ETFs — BlackRock, Fidelity, Franklin Templeton, and Vanguard.

“Investors can choose between systematic investment plans (SIP) or lump-sum investments, aligning with their financial goals. Mudrex lets investors choose individual spot ETFs, create a personalised basket, or opt for pre-listed options depending on market capitalisation,” the company said in its official announcement.

People who wish to experiment with investments in BTC ETFs, will first need to complete their KYC with the platform.

“We aim to empower investors with the flexibility to invest across a diverse range of crypto products, offering a seamless and accessible avenue to navigate the dynamic digital asset landscape,” Edul Patel, CEO and Co-founder of Mudrex said in a statement.

In a historic development, the US SEC finally gave the green signal to 11 Bitcoin ETF applications in January this year. The ETFs listed in the US had reportedly clocked $4.6 billion (roughly Rs. 38,065 crore) worth of shares trade hands within the first 24 hours.

The approvals of these BTC ETFs have played a vital role in setting Bitcoin’s value to spike to its current pricing of $69,225 (roughly Rs. 57.2 lakh). Bitcoin is now rapidly moving towards making a new all-time high.

India could also see the approval of ETFs for BTC an ETH in the coming days. In January this year, a memorandum of understanding (MoU) has reportedly been signed between Torus Kling Blockchain IFSC and India INX to launch the first Bitcoin and Ethereum futures ETFs, outside of the US. India INX is the country’s first international stock exchange platform.

 

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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