Indian crypto trading is plummeting after the government introduced a 30% income tax and a 1% tax per transaction on crypto trades, Crypto Telegraph reports.

The Tax Deducted at Source (TDS) came into effect on July 1 and appears to have negatively affected traders as exchange volumes dropped from 37.4% on BitBNS and 90.9% on CoinDCX by July 3.

The new tax law is forcing crypto exchanges to leave the country and set up shop in Singapore and Dubai.

Nischal Shetty and Siddharth Menon, co-founders of WazirX, have now reportedly shifted operations to Dubai, although they still plan on doing business out of Mumbai, Block Works reports.

While the new taxation in India appears restrictive and discouraging to investors, Dubai has a full exemption on cryptocurrency taxes — similar to its treatment of personal income.

The emirate’s crypto regulator, the Virtual Assets Regulatory Authority, began handing out crypto exchange licenses in March, and two months later Dubai announced its first law regulating digital assets.

EU officials on Thursday secured an agreement on what is likely to be the first major regulatory framework for the cryptocurrency industry, CNBC reports.

The European Commission, EU lawmakers and member states hammered out a deal in Brussels after hours of negotiations. The move came a day after the three main institutions finalized measures aimed at stamping out money laundering in crypto.

Stefan Berger, the lawmaker who led negotiations on behalf of the European Parliament, said:

Today, we put order in the Wild West of crypto assets and set clear rules for a harmonized market that will provide legal certainty for crypto asset issuers, guarantee equal rights for service providers and ensure high standards for consumers and investors.

DTTcoins will be exhibiting at DIFC Fintech Week taking place June 28-29 and the Ritz Carlton DIFC. 

At its booth, No. B24, DTTcoins will be showcasing its White Label solutions for companies interested in launching their brokerage exchange with a globally regulated and trusted broker.  

For more information on DTTcoins White Label solutions, please click here. 

According to a survey conducted by MasterCard in March and April this year, 51% of Latin American consumers have conducted at least one transaction with crypto assets, and over 33% of them have used stablecoins for everyday purchases.

The survey further revealed that 54% of Latino consumers are optimistic about the performance of digital assets as an investment. Meanwhile, two-thirds of Latinos want a hybrid payment option that includes both crypto and traditional payment methods for their day-to-day operations.

Walter Pimenta, executive vice president, Products and Engineering, Mastercard Latin America and the Caribbean, said:

More and more Latin Americans are showing interest in cryptocurrencies and want solutions that facilitate access to the crypto world. At Mastercard, we are designing these solutions to expand digital inclusion and strengthening alliances that guarantee operability and support

Tether is releasing a crypto token tied to the value of the British pound as part of a push into new stablecoins, Bloomberg reports.

The GBPT token will be available to trade early July.

Paolo Ardoino, chief technology officer at Tether, said:

The UK’s ambition of becoming a crypto hub makes it an attractive destination. Tether is ready and willing to work with UK regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins.

Tether offers tokens pegged to the US dollar, euro, Chinese yuan and Mexican peso.

Accodring to a Deloitte survey, polled with 2,000 executives across different retail organizations in the US, 75% said they plan to accept crypto or stablecoin payments within the next two years, The Daily Hodl reports. 

More than 50% of the responding large retailers (with revenues of $500 million and up) have already invested more than $1 million in the service of enabling digital asset payments. 

In a statement, Deloitte said:

Our survey confirms the direction and strength of the trajectory toward broad adoption of digital currency payment solutions across US retail organizations. Respondents understand the value and benefits of such capability and have taken steps toward enablement.

 You can read the full report here.