Former ZebPay CEO Avinash Shekhar, in collaboration with WazirX co-founder Nischal Shetty, recently launched Pi42, a crypto-INR perpetual futures exchange tailored for Indian investors. In the wake of recent regulatory concerns around crypto, Pi42 serves as a relief for the Indian crypto community.

Pi42 Doesn’t Charge TDS Or Conversion Fees

Pi42 distinguishes itself by offering crypto derivatives trading in INR without conversion fees or TDS (Tax Deducted at Source) but how is this possible? Well, crypto futures do not qualify as Virtual Digital Assets (VDAs) under Section 2(47A) of the Income Tax Act, hence, crypto derivatives don’t qualify for tax deduction levied on VDAs

Pi42 currently features five prominent tokens including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polygon (MATIC) , and XRP. Moreover, the platform’s fee structure is notably customer-friendly, with free INR deposits via manual bank transfers. In addition, it charges a nominal 0.1% fee for instant bank transfers and a flat Rs 15 withdrawal fee per transaction.

Moreover, Pi42’s trading fees are exceptionally competitive, with a mere 0.05% maker fee and 0.10% taker fee. This fee structure, coupled with the absence of TDS, positions Pi42 as an attractive option for Indian investors seeking to engage in crypto futures trading. Moreover, the community is still holding up the ‘Reduce Crypto Tax‘ trend in India, which could be a catalyst in increasing Pi42’s adoption.

Also Read: Indian Crypto Executives Launch Pi42 Crypto Futures Exchange

WazirX Founder & Ex-ZebPay CEO Join Hands For Pi42 Launch

As mentioned earlier, Nischal Shetty and Avinash Shekhar, renowned figures in India’s crypto realm, introduced Pi42 recently. The crypto exchange stands out as a rupee-based futures exchange, specially tailored for Indian traders’ needs, aiming to meet the growing demand for crypto futures trading. Furthermore, the platform has initiated registration with the Financial Intelligence Unit to ensure transparency and adhere to anti-money laundering.

Shetty and Shekhar led the launch by injecting initial capital and planning future funding rounds. Their vision extends beyond seamless trading, aiming to catalyze innovation and foster growth in India’s digital currency ecosystem. Moreover, the platform aims to onboard over 30 million Indian crypto investors within two to three years. In addition, it aims to maintain compliance with the Prevention of Money Laundering Act (PMLA) guidelines.

Also Read: Trading on Pi42: All You Need to Know

The post This Indian Crypto Exchange Offers 0% TDS & No Conversion Fee appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am