March is always a busy time of year for us. It represents the annual closing of books, calculating taxes and preparing for a new start. Speaking of taxes, I’ve noticed quite a few questions around how to file returns for your crypto transactions. We’ve made the process simpler for you on the app, and we have also published several articles and videos to help you in this process.This explains Crypto TDS in detail and this piece tells you how we’ve simplified the process. If you have any more questions, feel free to contact us at bit.ly/newcskticket.
It’s also been a big month for crypto in India. On 7th March, the Indian government announced that all crypto transactions will be brought under the Prevention of Money Laundering Act or PMLA, as it’s commonly known. This is something CoinSwitch and the Bharat Web3 Association (BWA) have been asking for a long time and I see it as a positive development for the industry. It will help us weed out bad actors and create a healthier crypto ecosystem in India. I wrote about it on Twitter for you to read.
I am pleased to inform you that CoinSwitch is now registered as a Reporting Entity under the rules, providing us a framework to monitor transactions and report to the authorities when we see any malpractice.
Now, I’d like to address another question I hear often: What is CoinSwitch doing to keep my data and investments safe? Short answer: We’ve implemented industry leading authentication mechanisms to safeguard our community. We store your crypto in leading custodial wallets and secure your data with advanced SSL/TLS infrastructure. There’s more of where that came from, in this article.
And lastly, I want to share an interesting observation from a startup-tech event I was invited to in Mumbai. Midway through my fireside chat while sharing my thoughts on how Web3 could become a force for public good, I noticed the eagerness and deep interest the Web2 industry leaders showed in crypto technology. To me, this is a sign of the great strides Web3 has made, and of the bright future that lies ahead!
As the seasons turn, I hope you and your families are healthy and well!