India's Crypto Industry Advocacy Body Disbanded - Top Crypto Updates

India's crypto industry advocacy body disbanded

The Internet and Mobile Association of India (IAMAI) has disbanded The Blockchain and Crypto Assets Council. It was the only advocacy body representing the interests of India's crypto industry. There is high uncertainty surrounding the regulatory environment for the crypto industry. Thus, the IAMAI wants to utilize its limited resources for other emerging digital sectors that make a more immediate and direct contribution to digital India.

Crypto prices today: Bitcoin up 0.8%, ETH rises 0.7%

Bitcoin is currently trading at $20,814.75, an increase of 0.79% over the previous day. Ethereum rose 0.77% over the last 24 hours to $1,212.23. Solana rose 0.3% to $37.17, while Cardano is trading higher by 0.02% at $0.442. Polygone (MATIC) rose 0.8% to $0.699. The global crypto market cap stands at $930.09 billion, a 4.23% increase over the previous day.

Global crypto rules needed to "keep markets clean": UK's FCA

The United Kingdom's Financial Conduct Authority (FCA) said global rules are needed to regulate international crypto firms and "keep markets clean". Crypto firms are largely unregulated across the world. However, many countries have forced them to show they have adequate controls to combat money laundering. Last year, FCA said Binance was not allowed to undertake any regulated activity in the UK as it was "not capable of being effectively supervised".

Finance Minister asks G20 members to bring crypto under auto info exchange

Finance Minister Nirmala Sitharaman has asked the G20 nations to bring crypto and immovable properties under the purview of automatic exchange of information among countries. Many often create layers of entities to evade taxes and conceal unaccounted assets. Due to its decentralised nature, crypto transactions can happen without any identification with the internet protocol (IP) addresses of users as the only available information.

Brazil’s Itaú to launch tokenization platform

Brazil's largest private bank, Itaú Unibanco, plans to launch an asset tokenization platform that transforms traditional finance products into tokens. It will also offer crypto custody services for its customers. The platform, called Itaú Digital Assets, will be available for institutional clients in the initial stage.