Crypto bourse comes up with SIP-like plan to beat high volatility

economictimes.indiatimes.com:

tax virtual digital assets at 30% in the Union Budget has encouraged the crypto industry players to come out with financial products on the asset. Crypto exchange CoinSwitch on Monday launched a recurring buy plan (RBP) (RBP) — a systematic investment plan (SIP) to buy crypto assets in India. Users can sign up through a waitlist to get early access to explore this new feature, the company said. With this, the startup wants users to beat market volatility and avoid making impulsive buying or selling decisions. Ashish Singhal, founder and CEO of CoinSwitch, said that the plan is for people who take a more systematic and long-term approach to buying crypto assets and is not really meant as a product for traders. “We are still reading the Budget fine print. Our initial understanding is that the 1% TDS will usually impact frequent traders who operate on smaller margins,” he said.“The plan will allow long-term investors to invest systematically and avoid the impulse to time the market and make emotional trading decisions, and will also empower users with a lower risk profile to explore this new asset class,” he added. Tax experts TOI spoke to said that though the Budget is silent on products such as crypto RBPs, the taxation will likely be along the same lines as SIPs, which are taxed on withdrawal.

Did you Know?

Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs

The feature, currently available on Android and soon on iOS, will help users make systematic investments across more than 80 coins, including Bitcoin, Ethereum, and Dogecoin. The company said