- Pi42: Empowering 30M+ Indian investors with seamless crypto-INR futures trading.
- Overcoming tax challenges: Pi42 eliminates the 1% TDS deduction for Indian traders.
- Beta launch and upcoming features: Experience Pi42’s user-centric platform with instant withdrawals.
Indian crypto veterans Nischal Shetty and Avinash Shekhar have recently launched Pi42, a crypto-INR perpetual futures exchange. Designed to cater to the needs of over 30 million crypto investors in India, this platform aims to provide a seamless trading experience while prioritizing legal compliance in accordance with India’s Prevention of Money Laundering Act (PMLA) guidelines.
Empowering Indian Crypto Investors
With the current spot market for crypto in India boasting a staggering user base of approximately 30 to 35 million people, Pi42 aims to tap into the immense potential of derivatives trading. Shetty, the brilliant mind behind WazirX, acknowledges that around 20% to 25% of these users, equating to 7 to 10 million individuals, possess the ideal profile for engaging in futures trading. Pi42 seeks to empower these potential candidates by offering them the opportunity to trade derivatives in their local currency, the Indian Rupee (INR).
A Legally Compliant Exchange
Pi42 sets itself apart from its competitors by focusing on stringent legal compliance. In accordance with the PMLA guidelines, the exchange takes every precautionary measure to prevent money laundering and illicit activities within the crypto space. This commitment to regulatory compliance ensures a safe and secure environment for Indian investors to engage in futures trading.
Seeking Approval from Financial Intelligence Unit
To further solidify its commitment to regulatory compliance, Pi42 has applied for approval from the Financial Intelligence Unit (FIU), an organization operating under the Department of Revenue. This step not only highlights the exchange’s dedication to adhering to financial regulations but also reinforces its position as one of the most trustworthy and transparent platforms in India.
Overcoming Tax and Regulatory Challenges
Despite the rising popularity of cryptocurrencies in India, investors often grapple with the complexities of the country’s tax regime and regulatory environment. Presently, crypto gains in India are subject to a 30% tax, with an additional 1% deduction at the source. Consequently, many Indian users have turned to international crypto exchanges to circumvent these challenges.
However, Pi42 presents a game-changing solution for Indian traders. Nischal Shetty emphasizes that futures trading on Pi42 eliminates the need to worry about the 1% TDS deduction. This development is particularly significant for day traders, as it offers them a viable alternative that mitigates the impact of the TDS deduction on their earnings.
Unveiling the Beta Version and Upcoming Features
Pi42 has already launched its beta version website and Android app, allowing users to experience the platform’s functionalities firsthand. The exchange is committed to delivering an exceptional user experience, and in the coming weeks, it aims to introduce the much-anticipated feature of instant withdrawals. This enhancement will further streamline the trading process, ensuring that users have quick and convenient access to their funds.
Leadership and Token Support
To ensure the success and growth of Pi42, Nischal Shetty will spearhead the firm’s growth strategy, leveraging his extensive experience in the crypto industry. Avinash Shekhar, the former CEO of Zebpay, will oversee finance, regulatory compliance, and operations, ensuring that the platform operates smoothly and securely.
Currently, Pi42 supports five prominent tokens, namely Bitcoin, Ether, Solana, MATIC, and XRP. This diverse selection provides users with a range of options for their trading activities. Additionally, retail investors can access the crypto market with leverage of up to 20%, maximizing their potential returns without the constraints of expiry dates.
Conclusion
Pi42 emerges as a game-changing force within the Indian crypto landscape, offering a legally compliant and user-centric platform for futures trading. With its emphasis on regulatory compliance, Pi42 aims to address the challenges faced by Indian investors, providing them with an alternative that combines convenience, security, and profitability. As Pi42 continues to evolve and introduce new features, it is poised to become the go-to destination for crypto-INR perpetual futures trading in India.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
