Just a few days after Budget 2022 proposed 30% tax on income from virtual digital assets, crypto investing app CoinSwitch on Monday (7th February 2022) announced the launch of recurring buy plan (RBP), a systematic way to buy Crypto assets in India. RBP will allow users to buy small amounts of crypto assets on a regular basis.
With this launch, CoinSwitch aims to enable users to beat market volatility and avoid making impulsive buying or selling decisions.
In a statement, the exchange said that users can now sign up through a waitlist to get early access to explore this new feature.
CoinSwitch claims to be catering to 15 million registered users, primarily retail crypto investors.
Commenting on the launch, Ashish Singhal, Founder and CEO, CoinSwitch, said: “At CoinSwitch, we want to help users across their financial journey. Crypto is an emerging but attractive asset class and has a higher degree of volatility in comparison to traditional assets. Recurring buy plan allows users experience the power of compounding by systematically buying cryptos and making regular, distributed purchases.”
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“As more Indians continue to diversify their investment portfolio with Crypto, the CoinSwitch recurring buy plan will allow long-term investors to invest systematically and avoid the impulse to time the market and make emotional trading decisions. It will also empower users with a lower risk profile to explore this new asset class,” Singhal added.
With the RBP feature, users will be able to make systematic investments across more than 80 coins, including Bitcoin, Ethereum, and Dogecoin.
The feature is currently available to Android users and will soon be available on iOS. As per the statement, users can deposit only Indian Rupees from their verified bank account. The exchange permits only resident Indian bank accounts on the platform and conducts a name screening (for Politically Exposed Person status, Sanctioned list, and negative news) if any user makes a payment beyond a threshold, it added.
Meanwhile, the Government of India has proposed a 30% tax (plus cess and surcharges) on income from crypto and other virtual digital assets. While crypto exchanges welcomed this step by the Government, the steep 30% tax rule has not been welcomed acceptance among crypto investors and community. They say that the proposed tax is very high and would stop small investors from taking benefit of the emerging crypto market.
Crypto assets are still unregularised in India and the Government is expected to introduce a Bill for this soon.
(Crypto coins and tokens are unregularised assets in India. Investing in them could lead to losses. Please consult your financial advisor before making any investment decision.