- Pi42 co-founded by industry veterans, aiming for tax-efficient trading.
- Introduces INR-margined futures to reduce tax impact.
- Ensures compliance with Indian regulatory standards.
Pi42, co-founded by Nischal Shetty and Avinash Shekhar, recently launched INR-margined crypto futures to address tax burdens in India.
The launch signifies a strategic shift in the Indian crypto landscape, potentially retaining domestic trading activity and addressing the challenges posed by high crypto taxes.
Pi42, led by Nischal Shetty of WazirX fame, has launched an exchange offering INR-margined perpetual futures. Targeting Indian traders, this initiative responds to the punitive 30% capital gains and 1% TDS taxes imposed on crypto trades.
Industry veterans helm Pi42, with co-founder Avinash Shekhar emphasizing the platform’s compliance and security focus. This launch addresses Indian tax challenges, simplifying the trading process by eliminating conversion needs into other currencies.
“By offering perpetual futures trading without requiring conversion to USDT or paying TDS/VDA taxes, we aim to retain Indian crypto trading volume domestically.” – Avinash Shekhar, Co-Founder, Pi42
Pi42 aims to retain trading activity within India, potentially diminishing volumes on foreign exchanges. The platform’s focus on INR-based transactions could stimulate economic activity and liquidity in Indian markets.
This innovation could reshape the regulatory conversation, encouraging more crypto solutions compliant with national regulations. The focus on local currency usage suggests a shift towards more tailored responses to India-specific financial laws and constraints.
The Indian crypto sector may see increased adoption of compliant trading platforms, fostering greater regulatory trust and user confidence. This step could be pivotal for the Indian market, possibly influencing future technological and financial strategies.
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