CoinDCX, India’s first crypto exchange unicorn start-up, on Thursday said 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 will not have to stress about the timing of the market and spend longer periods of time to better manage market volatility and enjoy the compounding effect of funds over time, the company said in a statement. can invest for.
The statement said, “Crypto Investment Plan (CIP) serves as an ideal channel for crypto investors who wish to enhance their investment journey through disciplined investments, enabling them to invest according to their risk appetite. is permitted.”
It also said that the CIP, which is designed to provide a disciplined approach in investing, offers investment installments on a weekly basis where investors can invest a fixed amount every week.
This enables users to reduce the risk of rupee cost averaging, market volatility over time, and counter the volatile nature of crypto. Clients benefit from compounded returns, allowing them to build up their digital assets on a longer-term basis.
CoinDCX CEO and Co-Founder Sumit Gupta said, “As we continue to strengthen the user journey, the launch of CIP will make investing in crypto even more accessible, allowing more people to enjoy the rewards from the future of finance. Will be able.”
The crypto investment scheme is like a systematic investment scheme, whereby investors buy mutual fund units at regular intervals.
In the Budget Speech 2022, Finance Minister Nirmala Sitharaman said that India will impose a stable tax on virtual assets including cryptocurrencies and non-fungible tokens (NFTs) at a flat rate of 30 per cent.
A provision for deduction of tax at source at the rate of one per cent was also proposed in Budget 2022 for payments made from transfer of virtual assets.
The budget proposes to introduce a new section 115BBH to levy income tax on cryptocurrency and other virtual assets. Presenting the Budget for 2022, the Finance Minister said, “Accordingly, for the taxation of virtual digital assets, I propose to provide that income from transfer of any virtual digital asset is taxed at the rate of 30 per cent. Will go.”
“The proposed section 115BBH seeks to provide that where the total income of an assessee includes any income from transfer of any virtual digital asset, the income-tax payable shall be the aggregate of the amount of income-tax computed on the income of transfer of any virtual digital assets at the rate of 30 per cent and the amount of income-tax with which the assessee would have been chargeable, if the total income of the assessee falls short of the aggregate of the income from transfer of virtual digital assets,” according to the Union Budget Memorandum.
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