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CoinDCX, India’s first unicorn crypto exchange, said Thursday that it has launched a Crypto Investment Scheme (CIP) under which investors will be able to invest a fixed amount in cryptocurrencies at regular intervals.
With this feature, investors won’t have to stress about market timing and can invest over the long term to better manage market volatility and enjoy the compounding effect of wealth over time, the company said in a statement.
“The Crypto Investment Plan (CIP) serves as an ideal channel for crypto investors looking to enhance their investment journey through disciplined investing, allowing them to invest according to their risk appetite,” the statement added.
He also said that CIP, which is designed to provide a disciplined approach to investing, offers investment premiums on a weekly basis where investors can invest a fixed amount each week.
This allows users to take advantage of the average cost of the rupee, reduce the risk of market volatility over time and face the volatile nature of cryptocurrencies. Customers benefit from compound returns, enabling them to build their digital fortune over the long term.
“As we continue to enhance the user journey, the launch of CIP will make investing in crypto much easier, enabling more people to enjoy the rewards from the future of finance,” said CoinDCX CEO and Co-Founder Sumit Gupta.
A crypto investment plan is similar to a regular investment plan, under which investors buy mutual fund units at regular intervals.
In his 2022 budget speech, Finance Minister Nirmala Sitharaman said India will impose a hefty flat-rate tax of 30 percent on virtual assets, including cryptocurrencies and non-fungible tokens (NFTs).
The 2022 budget also proposed a one percent discounted tax at source on payments made from the transfer of virtual assets.
The budget proposed introducing a new section 115BBH to levy income tax on cryptocurrencies and other virtual assets. “Accordingly, for the taxation of virtual digital assets, I propose that any income from the transfer of any virtual digital asset be taxed at 30 percent,” the finance minister said while presenting the 2022 budget.
“The proposed Section 115BBH seeks to provide that when the resident’s total income includes any income from the transfer of any virtual digital asset, the income tax payable shall be the total amount of income tax computed on the transfer income of any virtual digital asset at a rate of 30 percent and the amount of income tax that It would have been charged to the assessed person had the resident’s total income been reduced by the total income from the transfer of virtual digital assets,” according to the union’s budget note.
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