Pi42, co-founded by Nischal Shetty and Avinash Shekhar, has recently launched INR-margined futures, marking an important step for the Indian crypto market considering current tax burdens.
Launch of Pi42 Futures
Pi42, led by Nischal Shetty of WazirX fame, has introduced a trading platform offering **INR-margined perpetual futures**. This initiative targets Indian traders and responds to the **30% capital gains tax and 1% TDS** imposed on crypto transactions.
Approach to Tax Challenges
Co-founder Avinash Shekhar emphasizes the platform's **compliance and security focus**. The launch simplifies trading by eliminating the need for conversion to other currencies.
CITE_W_A: "By offering perpetual futures trading without requiring conversion to USDT or paying TDS/VDA taxes, we aim to retain Indian crypto trading volume domestically."
Potential for the Indian Crypto Market
Pi42 aims to **retain trading activity within India**, potentially diminishing volumes on foreign exchanges. The 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 launch of INR-margined futures by Pi42 could be a pivotal moment for the Indian cryptocurrency market, fostering greater regulatory trust and shaping future strategic steps in the sector.
