India brings crypto trading under anti-money laundering rules
The Indian government has taken a new step to regulate virtual digital assets, which includes cryptocurrencies, to prevent money laundering. The Prevention of Money Laundering Act (PMLA) 2002 has been extended to cover crypto trading, safekeeping, and related financial services.
With the new rules, Indian crypto exchanges will now have to report suspicious activity to the Financial Intelligence Unit India (FIU-IND). This move follows a global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stockbrokers.
India did not have a clear policy on regulating or taxing such asset classes until last year. In the Budget for 2022-23, the government introduced a 30% tax on income from transactions in such assets and a 1% TDS (tax deducted at source) on transactions in such asset classes above a certain threshold.
Finance Minister Nirmala Sitharaman has stated that India is discussing the need to develop a standard operating protocol for regulating crypto assets with G-20 member countries. This is a new and evolving sector and requires significant international collaboration for specific legislation to be effective.
Apple Puts Spotlight on India by making it a New Sales Region
Apple is focusing even more on India by making it a separate sales region for the first time ever! This is a big deal and shows just how important India has become for the tech giant.
Demand for Apple products has been surging in India, so it’s no surprise that the company is making this move. The new structure will give India increased prominence within the company and put a bigger emphasis on the market. In fact, the company posted record revenue in India last quarter, even as its total sales slipped 5%.
The company is also making other moves to expand in India, such as creating an online store and planning to open retail outlets later this year. And it’s not just about sales – India is also becoming more critical to Apple’s product development, with key suppliers moving to the region and plans for new iPhone production facilities. It looks like Apple is just getting started in India, so get ready for even more exciting news to come!
Byju’s seeks $250M in pre-IPO round for Aakash unit
Byju’s, the world’s most valuable edtech startup, is looking to raise up to $250 million through its tutoring service unit.
Aakash Educational Services was acquired by Byju’s for nearly $950 million in 2021. It will issue convertible notes that will convert into equity at a 20% discount to the listing price of the unit’s planned initial public offering, according to insiders. The round will help the company tide over a liquidity crunch as conversations to raise funds at the parent level are getting delayed due to a prolonged due diligence process.
Aakash, which has been in business for over three decades, operates brick-and-mortar centers to assist teenagers in preparing for rigorous entrance exams such as those for the Indian Institute of Technology. Byju’s, on the other hand, is currently in talks with creditors to renegotiate a $1.2 billion loan that has breached covenants. Founder Byju Raveendran is working on a turnaround plan for the company and aims to make it profitable this year.
