Coinbase, the largest U.S. cryptocurrency exchange, has suspended payments via the United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent.
UPI is a payment gateway managed by the National Payments Corporation of India (NPCI) to facilitate purchase orders for Coinbase India services. The exchange has updated payment method information for Indian users on its website, encouraging users to try the instant payment service to place sell orders.
The NPCI is a special division of the Reserve Bank of India, reporting to the Ministry of Finance.
In a statement Thursday, the NPCI said it did not recognize the legal status of cryptocurrency exchanges using RBI’s federated payment interface, even after Coinbase announced the launch of its service.
The sudden shutdown of the service has not disturbed Coinbase users in India.
At this point, Indian crypto traders may have grown accustomed to the erratic accessibility of trading services. The Indian government has been scrambling to adopt a proper regulatory framework for cryptocurrencies. Since last year, market participants had experienced several moments when it looked like the country could ban cryptocurrencies.
Some Indian officials, such as RBI Deputy Governor T. Rabi Sankar, will support a blanket ban. However, such a ban has yet to materialize. The country imposed a 30 percent tax on cryptocurrency transactions on March 31, similar to a gambling tax.
Coinbase’s investment arm, Coinbase Ventures, announced its plans to invest $1 million in India’s crypto and Web3 industries. The disruption to the exchange’s services does not seem to have affected the fate of these plans.
Binance Can Now Operate As A Crypto Broker-Dealer In Abu Dhabi
On April 10, the United Arab Emirates Financial Services Regulatory Authority (FSRA) granted Binance its In-Principle Approval (IPA). This gave Binance a Financial Services License (FSP) to operate as a broker-dealer for virtual assets.
Dhaher bin Dhaher, CEO of Abu Dhabi Global Markets Registry, said they were happy with Binance’s approval.
Dhaher went on to say that Abu Dhabi Global Market (ADGM) will continue to expand its reach and open up new investment opportunities in the UAE.
Thanks to this “approval-in-principle,” Binance will be able to offer its virtual assets services to clients in the MENA region – notably through its subsidiary Binance (AD) Limited.
In March, the news follows an announcement that Binance would obtain a Virtual Asset Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). Earlier on March 15, Binance received a crypto asset service provider license from the Central Bank of Bahrain.
Shopify Crypto Payments Integration Raises Legal Issues In The Community
After payments app Strike announced its integration with e-commerce platform Shopify to accept Bitcoin via the Lightning Network, the crypto community has expressed concerns over the legal implications of the move.
Crypto researcher Matt Ahlborg believes the campaign is a significant development for BTC. It allows BTC to be offloaded without going through a know-your-customer (KYC) process.
However, lawyer Kevin Thompson said that the incident could be frustrating for regulators in a response. Thompson said the ability to use BTC without going through KYC allows users to dispose of BTC and avoid taxes. Regulators could respond to the incident by setting up reporting requirements for Shopify.
Twitter user Glennhodl also believes that the government can take steps to solve the problem of BTC being outsourced to large stores without KYC. However, he noted that while regulators can try to fight it, they can’t stop it.
David Hood suggested no tax on low-value transactions. In a tweet, he praised the recent development. He said that if there is no tax on BTC purchases under $600, more people will “take advantage” of the integration.
In February, e-commerce giant eBay also suggested integrating crypto payments into its platform.
eBay CEO Jamie Iannone said in an interview that the company is looking at different payment methods as they process billions of dollars in transaction volume on its platform.
Meanwhile, the New York Digital Investment Group recently launched a program letting employees of participating companies get salaries in Bitcoin. The Bitcoin Savings Plan allows employees to earn a portion of their salary in BTC without paying transaction costs.
Gaming Giant SEGA May Use NFTs In Supergame After Last Year’s Questioning
SEGA revealed more details about its five-year plan and may include NFTs after shelving its NFT pilot program last year.
Speaking of SEGA’s SuperGame, Kikuchi Masaya said that games have a history of expanding by blending different cultures and technologies. He cites social networking and lives streaming as examples.
Kikuchi added that they are also experimenting with their SuperGame and how far different games can connect.
In November 2021, SEGA initially said it planned to incorporate NFTs into its development. However, they put the program on hold due to the adverse reaction from fans. The gaming community then viewed the scheme as a money-making scheme.
Earlier that same year, the company said it planned to release SuperGame within five years. At the time, SuperGame was considered a one-off game. During the interview, it was different.
Uchikai further explained that various games are currently being developed within the SuperGame framework. According to him, these games will be interactive ones that go beyond traditional game frameworks. The company also plans to explore live streaming as it tries to create new entertainment.
Neihai said that SuperGame games should be cross-platform, global, multi-language development, simultaneous international release, and AAA-level games. Meanwhile, SEGA general manager Katsui Hisai also noted that the team is already working on the early stages of the project, and SuperGame is already underway.
In addition to NFT integration, the company can also integrate cloud technology into its SuperGame.
It’s worth remembering that despite previous misgivings about its plans, the Japanese gaming giant registered a trademark for SEGA NFT in December 2021, including the SEGA NFT logo.
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