CoinSwitch, a crypto investment software, announced the launch of a recurring buy plan (RBP), a systematic way to buy Crypto assets in India, just days after Budget 2022 suggested a 30% tax on revenue from virtual digital assets.
Users will be able to purchase tiny amounts of crypto assets regularly with RBP.
CoinSwitch’s goal with this launch is to help consumers fight market volatility and avoid making rash buying or selling decisions.
Users can now join a waitlist to obtain early access to this new functionality, according to a statement from the exchange.
CoinSwitch claims to have 15 million registered users, the majority of whom are retail cryptocurrency investors.
“At CoinSwitch, we want to empower consumers across their financial journey,” said Ashish Singhal, Founder, and CEO of CoinSwitch, in response to the announcement.
Cryptocurrency is a new but appealing asset class with a higher level of volatility than traditional assets.
By deliberately buying cryptos and making regular, distributed purchases, individuals can feel the power of compounding.”
“As more Indians diversify their investment portfolio with cryptocurrency, the CoinSwitch recurring buy plan will allow long-term investors to invest systematically while avoiding the urge to timing the market and make emotional trading decisions.”
Users with a lower risk profile will be able to explore this new asset class as well,” Singhal noted.
Users will be able to make systematic investments across more than 80 coins, including Bitcoin, Ethereum, and Dogecoin, using the RBP feature.
Android users may use the functionality now, while iOS users will be able to utilize it soon.
Users can only deposit Indian Rupees from their confirmed bank account, according to the notification.
Only native Indian bank accounts are allowed on the platform, and any user who makes a payment above a certain threshold is subjected to a name screening (for Politically Exposed Person status, Sanctioned list, and unfavorable news), according to the exchange.
Meanwhile, the Indian government has suggested a 30% tax on revenue from crypto and other virtual digital assets (plus cess and surcharges).
While crypto exchanges applauded the government’s move, the exorbitant 30% tax rate has been met with skepticism by crypto investors and the community.
They claim that the proposed tax is excessively high and will prevent small investors from profiting from the burgeoning cryptocurrency sector.
In India, crypto assets are still illegal, and the government is likely to submit a bill to regulate them soon.