Indian Crypto Veterans Launch New Crypto-INR Perpetual Futures Exchange
Indian crypto veterans Nischal Shetty and Avinash Shekhar have launched a new crypto-INR perpetual futures exchange called ‘Pi42.’ They aim to make it one of the most legally compliant exchanges in India, aligning with the country’s Prevention of Money Laundering Act (PMLA) guidelines. Pi42 will allow over 30 million crypto investors in India to engage in derivatives trading in their local currency.
The founders estimate that around 7 to 10 million people in India are potential candidates for futures trading. Pi42 has also applied for approval from the Financial Intelligence Unit (FIU), an organization under the Department of Revenue.
India Still Holds 1% TDS on Cryptos
Despite India’s high crypto adoption rates, investors struggle with the country’s tax regime and regulatory environment. India currently taxes crypto gains at 30% and deducts 1% at the source. As a result, many Indian users turn to international crypto exchanges. Pi42 aims to provide an alternative for day traders affected by the 1% Tax Deducted at Source (TDS).
Pi42 has already launched its beta version website and Android app, with plans to facilitate instant withdrawals in the near future. Nischal Shetty will oversee growth strategy, while Avinash Shekhar will handle finance, regulatory compliance, and operations.
The exchange currently supports five tokens and offers retail investors up to 20% leverage with no expiry.
Hot Take: Indian Crypto-INR Perpetual Futures Exchange Launched by WazirX and Zebpay CEOs
Nischal Shetty and Avinash Shekhar, founders of WazirX and Zebpay respectively, have joined forces to launch Pi42, a crypto-INR perpetual futures exchange. This new venture aims to provide a legally compliant platform for over 30 million crypto investors in India. By aligning with the country’s PMLA guidelines and applying for FIU approval, Pi42 offers an alternative for Indian users struggling with the 1% TDS on cryptocurrencies.
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