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Managing Crypto Transactions Outside India: A Practical Overview
Some crypto users structure their activities through overseas exchanges and foreign bank accounts, ensuring that digital assets and transaction flows remain outside India’s domestic financial system. In such setups, cryptocurrencies are held on global blockchains and linked to non-Indian accounts, without directly interacting with Indian exchanges or wallets.
When structured correctly and transparently reported, this approach focuses on cross-border income management, not concealment.

Is Using Foreign Crypto and Bank Accounts Legal?
Holding crypto assets on international platforms and maintaining overseas bank accounts is not illegal under Indian law by default. Assets that remain outside India and do not pass through Indian exchanges or wallets are generally considered foreign assets.
However, legality depends on accurate disclosure and compliance, not geography alone. Indian residents are required to declare foreign assets and overseas income under applicable income tax rules.
Bringing Funds Into India
Funds earned abroad can be remitted to India through standard international channels such as:
SWIFT bank transfersWestern UnionPayPal or similar regulated platforms

These inflows are typically classified as foreign-sourced income or export-related income, depending on the nature of the activity. Proper documentation and reporting are essential to remain compliant.
How Crypto-Related Foreign Income Is Reported in India
To stay fully compliant under Indian tax regulations, two disclosures are generally required:

Declaration of Foreign Assets

Overseas bank accounts and financial holdings must be disclosed in the relevant schedules of the Income Tax Return (commonly under foreign asset reporting sections).
Reporting Foreign Income

Any income earned during the financial year-regardless of where it originates-must be declared in the annual return.

In certain cases, authorities may request clarification or conduct an audit. Engaging a qualified chartered accountant or tax advisor is strongly recommended.
Are You Liable for Taxes Overseas?
This depends on the jurisdiction where the foreign account is held. Some countries impose personal income tax, while others do not.
For example, jurisdictions such as the UAE currently do not levy personal income tax. If income is earned and retained there, local tax liability may be nil-subject to residency rules and evolving regulations.
Double taxation agreements (DTAA) may also apply depending on the country involved.
Frequently Asked Questions
Do banks in the UAE offer zero-balance accounts?

Yes. Several UAE banks provide zero-balance or low-maintenance accounts, depending on account type and residency status.
What documents are typically required to open a UAE bank account?

Requirements usually include a valid passport, Emirates ID or residency visa, proof of address, and source-of-funds documentation. Specific requirements vary by bank and account category.
Final Note
Cross-border crypto activity is not a loophole-it is a regulated financial reality. The key is transparency, proper reporting, and professional guidance. Laws evolve, enforcement tightens, and assumptions can be costly. Structure first. Disclose always. Consult experts.

In straightforward terms, Solana is designed as a flexible, multi-purpose blockchain, while Bitcoin was built for a single core function.
Core Design Philosophy
Solana represents a newer generation of blockchains focused on speed, scalability, and application development. Bitcoin, by contrast, was created primarily as a peer-to-peer digital money system, with limited functionality beyond value transfer.
Consensus Model
Solana operates on a Proof-of-Stake framework. Validators must lock up a significant amount of SOL to participate in transaction validation and earn rewards. This system is energy-efficient and typically runs on high-performance consumer or enterprise hardware.
Bitcoin relies on Proof-of-Work, where miners compete using computational power to validate transactions. This approach is far more energy-intensive and capital-heavy. While smaller machines can technically participate, profitability and efficiency are extremely limited at that scale.
Transaction Throughput
Solana comfortably handles around 4,000 transactions per second under normal conditions and can scale far beyond that when demand spikes. This capability was demonstrated during high-traffic events such as the Trump memecoin launch in January 2025.
Bitcoin processes transactions at a much slower pace, prioritizing security and stability over throughput.
Network Decentralization
Bitcoin remains one of the most decentralized networks in existence, with over a million miners distributed globally. Solana, in comparison, operates with a smaller validator set of roughly a few hundred participants.
A broader validator or miner base generally reduces systemic risk and increases resistance to manipulation.
Security Track Record
Bitcoin is widely regarded as highly secure, supported by its long operational history and minimal critical incidents since its early days in 2010. Solana has faced multiple network outages and reliability issues in the past, particularly before 2024, which has impacted its security perception.
DeFi Capabilities
Solana is built to support decentralized finance at the protocol level and hosts an active ecosystem with billions of dollars in total value locked. Bitcoin does not offer native DeFi functionality.
Application Development
Solana supports smart contracts, enabling developers to build decentralized applications directly on the network. Bitcoin lacks native smart contract functionality, which limits on-chain application development.
Where Solana Excels
Solana enables open development through smart contracts, decentralized applications, and DeFi infrastructure, allowing anyone to build on top of the network.
Where Bitcoin Leads
Bitcoin benefits from unmatched global recognition, deep liquidity, and strong institutional adoption. These factors contribute to its relative price stability and long-term positioning as a digital store of value.
Why Bitcoin Is More Valuable Despite Fewer Features
Bitcoin launched in January 2009, more than a decade before Solana’s debut in 2020. This early start allowed Bitcoin to establish dominance, trust, and scale long before competitors emerged. By the time Solana entered the market, Bitcoin had already grown into a half-trillion-dollar asset.
Frequently Asked Questions
Who created Solana?

Solana was founded in 2020 by Anatoly Yakovenko.
Who created Bitcoin?

Bitcoin was introduced between 2007 and 2009 by the pseudonymous cryptographer Satoshi Nakamoto.

How Is Crypto Tax Calculated?
Crypto tax is computed on income that has not been disclosed or reported, whether it is treated as personal income or capital gains.
Under normal circumstances, profits from crypto transactions are taxed at a flat rate of 30%, regardless of any losses incurred during the same financial year. Losses cannot be set off against gains.
However, when crypto income is undisclosed, a significantly higher penalty applies.
Example:

If you earned ₹5,000 in crypto profits in 2023, the standard tax liability would be ₹1,500 at the 30% rate. But if this income was not reported, the tax payable rises to ₹3,500, which is 70% of the total crypto income.
Is 70% the Standard Tax Rate?
No. The 70% rate is a penalty, not the standard tax.
Standard taxation: 30% tax plus 4% cess under Section 115BBH of the Income Tax ActPenalty on undisclosed income: 70% tax under Section 158BFailing to report crypto income triggers punitive taxation instead of regular tax treatment.
How Can You Check If You Owe Crypto Tax?
Review your income tax returns for both previous and current financial years. If crypto transactions were accurately reported, your tax liability may already be settled.
If they were omitted, you must disclose the information immediately and calculate tax based on your transaction history.
Most Indian crypto exchanges, along with FIU-registered international platforms, provide detailed dashboards showing:
Total number of tradesNet gainsLossesTransaction history
These records can be used to compute your exact tax obligation.
Frequently Asked Questions
How do you report VDA in your ITR?

Virtual Digital Assets (VDAs) can be declared through the designated section on the Income Tax Department’s portal or via authorised ITR filing software.
Can crypto tax be legally avoided in India?

There is no lawful way to avoid declaring crypto income. Even if funds are routed through a foreign account, income earned abroad must still be disclosed under foreign income rules.
Why is crypto taxed so heavily in India?

Authorities view crypto trading as high-risk for retail investors. As a result, strict taxation has been imposed by the government, supported by the RBI and the Ministry of Finance, to limit speculative activity.

Disclaimer:

BFM Times provides information strictly for educational purposes and does not offer financial or tax advice. Readers should consult a qualified financial advisor before making investment or tax-related decisions.

Common Trading Pitfalls to Avoid
Greed
Many traders allow profitable positions to run longer than planned in pursuit of marginal gains. This mindset has no natural stopping point. When markets reverse, unrealized profits often disappear, or winning trades turn into losses.
The most effective way to control greed is to define exit levels in advance. Setting clear take-profit targets before entering a trade removes emotional decision-making when prices move quickly.
Fear
Fear surfaces when traders become overly focused on protecting short-term gains or react to market noise and FUD. This often results in premature exits, cutting strong trades before trends have fully played out.
Traders should rely on structure rather than sentiment. Exits should occur only when technical trends break or when price moves beyond a predefined stop-loss level.
Negligence
Entering trades without proper confirmation is a common mistake. Relying on a single indicator or acting on incomplete information increases the risk of false breakouts and failed setups. These errors frequently lead to avoidable losses.
Using multiple indicators and understanding broader market context improves accuracy and reduces impulsive decisions. Strong foundational knowledge is critical before risking capital.
Recklessness
Early success can create a false sense of confidence. After a few winning trades, beginners often assume markets are predictable and begin increasing position sizes aggressively. This behavior usually ends in outsized losses.
Each trade should be treated independently, with risk calibrated to current market conditions rather than past outcomes. Consistency matters more than speed.
Following the Crowd
Many traders blindly follow peers, influencers, or self-proclaimed experts. However, every trader operates with different strategies, risk tolerance, and psychology. A setup that works for one participant may fail for another.
Developing personalized indicators, rules, and execution frameworks is essential before committing real capital.
Emotional Discipline
Emotions influence every trading decision. Controlled emotions support discipline, while poor emotional regulation leads to inconsistent entries, ignored stop-losses, and impulsive exits.
Building a strong trading mindset takes time. Practicing in simulated environments and refining decision-making processes helps traders maintain control when real money is on the line.
Frequently Asked Questions
How can traders avoid catching a falling knife?

A falling knife describes buying an asset during a sharp decline. Traders can avoid this by respecting dominant trends and waiting for clear confirmation before entering positions.
What is the 3-5-7 rule in trading?

The 3-5-7 rule limits risk by capping losses at 3% per trade, keeping total portfolio risk under 5%, and targeting a minimum reward-to-risk ratio of 7:1.
Disclaimer:

BFM Times provides information strictly for educational purposes. The content does not constitute financial advice. Always consult a qualified financial professional before making investment decisions.

The Fastest Route to Wealth in Crypto
In practical terms, building a crypto-native business remains the most reliable path to achieving millionaire status in the digital asset space.
What Defines a Crypto Millionaire?
A crypto millionaire is anyone who has generated at least $1 million in net worth directly from crypto-related activities. This includes wealth earned through founding or scaling crypto businesses, early-stage investments, trading, token launches, or even substantial rewards such as airdrops.
Well-known figures such as Changpeng Zhao, Justin Sun, and even public figures like Donald Trump and Melania Trump fall into this category due to direct crypto exposure and earnings.
Importantly, individuals who earn significant income in other industries and later deploy that capital into crypto can still qualify-provided the crypto component alone exceeds the $1 million threshold. However, this definition excludes those whose primary wealth was created outside crypto and merely parked into digital assets later.
The Most Realistic Way to Become a Crypto Millionaire
Despite popular narratives, trading and passive investing rarely produce consistent millionaires due to high failure rates and market volatility. The highest-probability path is entrepreneurship.
Launching crypto-focused ventures-such as blockchain development companies, token-based protocols, NFT platforms, cross-chain bridges, liquidity infrastructure, or crypto investment vehicles-offers asymmetric upside and direct exposure to value creation. This approach aligns wealth generation with innovation rather than speculation.
How to Build a Viable Crypto Startup
A crypto startup should ideally be incorporated in a jurisdiction with regulatory clarity and low operational friction. Regions like the UAE provide a favorable environment due to progressive digital asset policies and reduced compliance uncertainty.
To scale quickly and move toward a seven-figure founder valuation, a startup must meet several strategic criteria:
It must address a real structural problem, such as scalability limitations, excessive centralization, capital inefficiency, or financial risk.It should operate in a niche with limited direct competition.Pricing must be competitive, as many crypto verticals are already dominated by well-funded incumbents.The business model should remain resilient against foreseeable regulatory changes, including stricter KYC or compliance mandates.It should not depend entirely on the success, survival, or narrative momentum of another protocol or company.What You Need to Launch Your Own Crypto Project
Regardless of geography, establishing a crypto company requires a foundational setup that investors expect:
Valid passports or national IDs of all co-founders.Proper incorporation documents, including registration certificates and clarity on tax treatment-especially if equity or tokens are issued.At least one co-founder with deep technical expertise in blockchain or crypto development.At least one co-founder with hands-on crypto-native marketing and growth experience.A functional, credible website.A working Minimum Viable Product suitable for investor or partner demos.
A Shortcut Many Builders Overlook
One of the most efficient entry points into the crypto startup ecosystem is participating in well-funded hackathons. These events often provide direct access to grants, early-stage capital, ecosystem partnerships, and accelerated visibility-dramatically shortening the path to funding.
Frequently Asked Questions
How many crypto millionaires exist today?

CNBC estimates that there were approximately 241,700 crypto millionaires globally by late 2025.
Would investing $1,000 in Bitcoin five years ago make someone a crypto millionaire?

No. In 2020, Bitcoin traded near $9,250. A $1,000 investment would have yielded roughly 0.1 BTC, which would be worth around $45,000 in 2026. Reaching millionaire status would have required an initial investment closer to $22,000.
Which cryptocurrencies do major billionaires hold?

Elon Musk has publicly acknowledged holding Bitcoin, Ethereum, and Dogecoin.

Disclaimer:

BFM Times provides information strictly for educational purposes and does not offer financial advice. Readers should consult a qualified financial professional before making any investment decisions.

The attackers appeared to be highly selective, prioritising psychological manipulation over sophisticated technical exploits. Instead of relying on complex malware, they exploited trust, routine, and human error.
Related: North Korean hackers linked to crypto theft via fake Zoom meetings
UK Retailers Hit by a Coordinated Cybercrime Campaign
A wave of coordinated cyberattacks recently swept through major UK retailers, with several high-profile brands suffering significant operational and financial damage during the Scattered Spider campaign.
Among the hardest hit were Marks & Spencer, The Co-operative Group, and Harrods. UK authorities confirmed that the group deployed DragonForce ransomware as a pressure tactic to extract leverage from victims.
In July, law enforcement arrested four suspects, all of whom were teenagers. The arrests highlighted a growing reality: modern cybercrime rings are increasingly young, decentralised, and alarmingly well-organised.
The financial impact was severe. Marks & Spencer estimated losses of roughly £300 million, while the Co-op disclosed revenue losses amounting to £206 million.
Inside the Marks & Spencer Breach
During a UK Parliament committee session, M&S chairman Archie Norman confirmed that the attack followed known Scattered Spider playbooks and involved DragonForce ransomware. He declined to confirm whether a ransom payment was made.
According to Norman, the breach began with social engineering and was compounded by a third-party supply chain weakness. Stolen credentials linked to Tata Consultancy Services played a role in enabling access.
Rather than engaging directly with the attackers, M&S chose to work through specialist intermediaries. The consequences were extensive. Online ordering was suspended for months, and core systems had to be rebuilt almost entirely from scratch.
Why the Co-op Bounced Back Faster
Although the Co-op was also compromised, its recovery was significantly quicker. Stock availability normalised by late May, and most stores resumed full operations by June.
Speaking at the Financial Times Cyber Resilience Summit, MP Alison Griffiths attributed the difference to contrasting technology strategies. The Co-op had already progressed far in moving away from legacy infrastructure, with cloud migration well underway.
This modernisation limited attackers’ ability to operate inside internal systems and sharply reduced recovery time. In contrast, M&S’s slower transition meant system restoration took close to four months, giving attackers a longer window to inflict damage.
Why Retailers Remain Prime Targets
Retail remains one of the most attractive sectors for cybercriminals. Large workforces increase exposure, and M&S alone employs around 50,000 people, expanding the attack surface dramatically.
Retailers also store high-value data, including payment information, consumer behaviour insights, and sensitive internal records. According to Kroll’s Brent R. Tomlinson, the sector is a “target-rich environment,” where outdated systems and constrained security budgets remain common.
The Bigger Lesson
The Scattered Spider incidents exposed uncomfortable truths for the UK and beyond. Cybersecurity is not purely a technical problem. Human behaviour, infrastructure decisions, and organisational readiness play an equally critical role.
Faster cloud adoption reduced downtime, while better coordination and information sharing improved response effectiveness. The message is clear: resilience is built long before an attack begins.
Disclaimer: BFM Times provides information strictly for educational purposes and does not offer financial advice. Readers should consult a qualified financial advisor before making any investment decisions.

Au fost furate peste 3,4 miliarde de dolari în criptomonedă în ultimul an, cu hackeri legați de Coreea de Nord responsabili pentru aproape 2 miliarde de dolari din total. Aceste cifre evidențiază o schimbare clară în dinamica infracțiunilor în criptomonedă, unde atacatorii efectuează mai puține operațiuni, dar țintesc sume mult mai mari.
Coreea de Nord provoacă pierderi record în criptomonedă
Firma de analiză blockchain Chainalysis estimează că actorii din Coreea de Nord au furat aproximativ 2,02 miliarde de dolari în criptomonedă, o creștere de 51% față de anul precedent. Această creștere a dus la pierderi cumulate atribuite țării la aproape 6,75 miliarde de dolari.