Pi42 launches an innovative platform for crypto futures trading that allows Indian traders to minimize tax obligations.
New Solution for Indian Traders
Pi42 introduces a unique trading solution that minimizes tax burdens for cryptocurrency traders in India. The platform allows trading of futures on cryptocurrencies like Bitcoin and Ethereum with INR margin, helping to bypass significant tax duties.
Founders' Insights on Pi42
The founders of Pi42, Nischal Shetty and Avinash Shekhar, emphasize the importance of legal tax compliance and regulatory standards. Avinash Shekhar stated, 'If you look at it, we launched this about a year ago. The Indian government introduced punitive taxation on spot trading... At each stage, you are paying taxes—1% TDS is deducted, and for every conversion, you pay 30% tax on any profit.'
Impact of Pi42 on Market and Taxation
Pi42's approach could influence regulatory reviews as it highlights inefficiencies in current tax structures. The platform adheres to strict AML standards, reinforcing its commitment to legal operations while offering a new strategy for tax avoidance. Regulatory attention to this platform may lead to long-term market shifts and potential reductions in tax rates for crypto trading.
Pi42 represents a significant step towards tax optimization for Indian cryptocurrency traders by providing innovative solutions that may reshape the market in the future.
