- The launch of Pi42 reflects a significant stride in aligning cryptocurrency trading with legal frameworks in India.
- Founders Nischal Shetty and Avinash Shekhar emphasize compliance with the Prevention of Money Laundering Act (PMLA) guidelines, showcasing a commitment to regulatory standards. By creating a platform that adheres to local regulations, Pi42 aims to cater to the burgeoning crypto market in India, providing a legal avenue for over 30 million investors to engage in derivatives trading.
Indian crypto pioneers Nischal Shetty, founder of WazirX, and Avinash Shekhar, former CEO of Zebpay, have ventured into the crypto space once again, unveiling their latest creation, ‘Pi42.’ This crypto-INR perpetual futures exchange is positioned to be a legal paragon in India, aligning closely with the country’s Prevention of Money Laundering Act (PMLA) guidelines.
Legal Compliance and Market Accessibility:
- Pi42 sets itself apart by focusing on legal compliance, a crucial aspect in India’s evolving crypto landscape. The exchange ensures adherence to PMLA guidelines, providing a secure platform for over 30 million Indian crypto investors to partake in derivatives trading using their local currency. Nischal Shetty emphasizes the importance of aligning with regulatory standards, paving the way for a compliant and accessible crypto futures market.
FIU Approval and Regulatory Demand:
- Pi42’s proactive approach extends to seeking approval from the Financial Intelligence Unit (FIU), a key organization under the Department of Revenue. Recent regulatory actions by FIU against unregistered individuals have created a demand for compliant alternatives. Pi42 aims to fill this void by offering a secure avenue for crypto futures trading, presenting a regulatory-friendly alternative amid the evolving Indian crypto landscape.
Addressing Taxation Challenges:
- Despite India’s high crypto adoption rates, users grapple with a challenging tax regime, including a 30% tax on crypto gains and a 1% Tax Deducted at Source (TDS). Pi42 emerges as a solution, particularly for day traders affected by the 1% TDS. By venturing into futures trading, users can potentially navigate these tax challenges more efficiently. Nischal Shetty underscores the significance of futures trade in mitigating the impact of TDS on daily traders, positioning Pi42 as a viable alternative.
Beta Launch and Future Features:
- Pi42 has already launched its beta version, inviting users to explore the platform through its website and Android app. Looking ahead, the exchange plans to introduce instant withdrawals in the coming weeks, enhancing user convenience. The platform currently supports five major tokens, including Bitcoin, Ether, Solana, MATIC, and XRP, extending its reach to a diverse range of crypto enthusiasts.
Leadership Roles and Token Leverage:
- Nischal Shetty and Avinash Shekhar will play pivotal roles in Pi42’s growth and operational strategies. The exchange allows retail investors to engage in the crypto market with a leverage of up to 20%, providing them with a flexible and accessible trading experience. Pi42’s leadership and strategic features aim to position the platform as a cornerstone in India’s crypto futures landscape.
Pi42: Revolutionizing Crypto Futures in India with Legal Prowess
In the ever-evolving landscape of Indian cryptocurrency, Pi42 stands as a testament to innovation and legal integrity. Spearheaded by industry stalwarts Nischal Shetty and Avinash Shekhar, this crypto-INR perpetual futures exchange not only prioritizes legal compliance but redefines market accessibility for over 30 million Indian crypto enthusiasts. With a strategic focus on aligning with regulatory frameworks, seeking FIU approval, and addressing taxation challenges, Pi42 emerges as a pioneering force. As the platform launches its beta version and plans instant withdrawals, it signifies a promising step forward in India’s crypto journey. The leadership’s commitment to growth, regulatory adherence, and user-friendly features positions Pi42 as a transformative player in India’s crypto futures landscape, setting new standards for legal and innovative excellence.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
