The move to tax virtual digital assets at 30% in the Union Budget has encouraged the crypto industry players to come out with financial products on the asset.
The feature, currently available on Android and soon on iOS, will help users make systematic investments across more than 80 coins, including Bitcoin, Ethereum, and Dogecoin. Chennai: The move to tax virtual digital assets at 30% in the Union Budget has encouraged the crypto industry players to come out with financial products on the asset. Crypto exchange CoinSwitch on Monday launched a recurring buy plan (RBP) (RBP) — a systematic investment plan (SIP) to buy crypto assets in India. Users can sign up through a waitlist to get early access to explore this new feature, the company said.
With this, the startup wants users to beat market volatility and avoid making impulsive buying or selling decisions. Ashish Singhal, founder and CEO of CoinSwitch, said that the plan is for people who take a more systematic and long-term approach to buying crypto assets and is not really meant as a product for traders. “We are still reading the Budget fine print. Our initial understanding is that the 1% TDS will usually impact frequent traders who operate on smaller margins,” he said.“The plan will allow long-term investors to invest systematically and avoid the impulse to time the market and make emotional trading decisions, and will also empower users with a lower risk profile to explore this new asset class,” he added.
Tax experts TOI spoke to said that though the Budget is silent on products such as crypto RBPs, the taxation will likely be along the same lines as SIPs, which are taxed on withdrawal.
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The feature, currently available on Android and soon on iOS, will help users make systematic investments across more than 80 coins, including Bitcoin, Ethereum, and Dogecoin.
The company said it permits only resident Indian bank accounts on the platform and conducts a name screening (for politically exposed persons status, sanctioned list, and negative news, etc) for users making payments beyond a threshold.
CoinSwitch says in RBPs, prices are best averaged across multiple time frames and hence the long-term exposure is expected to give users an edge over short-term buying and selling. The digital exchange caters to around 15 million registered users, primarily retail investors.
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