This Indian company is launching a recurring “buy plan” for crypto assets

By Puja Sharma

CoinSwitch plans to launch a recurring buy plan for Crypto assets. The Crypto investing app in India announced a limited waitlist opening for a recurring buy plan for virtual assets. Income from virtual assets will be taxed at 30%, and 1% TDS (tax deducted at source) will be deducted on these investments, as announced during the 2022 union budget.

The Finance Minister of India, Nirmala Sithraman’s announcement during the budget 2022  on 1st February had taken crypto traders by surprise. According to Sithraman, income from virtual assets (crypto) will be taxed at 30%, and a 1% TDS (tax deducted at source) will be deducted on these investments. Any digital representation of an asset generated through cryptographic means is regarded by the government as a virtual asset. In other words, it refers to all private cryptocurrencies.

On India launching its digital currency and imposing a 30% tax rate on income made from virtual assets, Mark Basa, Global Brand and Business Manager at $800m meme token HOKK Finance, said: “Any positive move towards crypto adoption, especially from governments, is a good thing. I just want to wait and see what it means one year after Indian citizens owe 30% of their earnings.

“A digital rupee is interesting, but I am concerned at what level of control this will come with. Just because it’s crypto doesn’t mean that it is decentralized. For example, the white papers from other superpowers launching their digital currencies were much worse than the current centralized banks,” he added.

Crypto investing app CoinSwitch has launched a recurring buy plan (RBP), a systematic way to buy such assets in India, as part of its mission to make money equal for all. With this launch, the firm aims to enable users to beat market volatility and avoid making impulsive buying or selling decisions. Users can now sign up through a waitlist to get early access to explore this new feature.

Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of crypto exchanges, CoinSwitch is India’s valued crypto unicorn with 15 million users. Today, users can choose from over 80 coins, including Bitcoin, Ethereum, Dogecoin. Catering to 15 million registered users, primarily retail investors. The company is on a mission to evolve into a wealth-tech destination for every Indian and ‘make money equal for all’ by offering the right assortment of financial products, keeping customer protection at the forefront.

The early access application process to the RBP feature, opened today, will help users discover this innovative feature and make systematic investments across more than 80 coins, including Bitcoin, Ethereum, and Dogecoin.

CoinSwitch has been working on several measures to make Crypto investing safe in India. The users can deposit only Indian Rupees from their verified bank account. The company permits only resident Indian bank accounts on the platform and conducts a name screening (for Politically Exposed Person status, Sanctioned list, and negative news) if any user makes a payment beyond a threshold. In December, CoinSwitch also launched Riskometer, a new feature inside the app which warns users before they buy into riskier cryptos.

CoinSwitch is India’s largest Crypto company, catering to 15 million registered users, primarily retail investors. The company is on a mission to evolve into a wealth-tech destination for every Indian and ‘make money equal for all’ by offering the right assortment of financial products, keeping customer protection at the forefront. The company in September 2021 had become India’s most valued Crypto Unicorn at a valuation of $1.9 billion.

“At CoinSwitch, we want to help users across their financial journey.  Crypto is an emerging but attractive asset class and has a higher degree of volatility in comparison to traditional assets. Recurring buy plan allows users experience the power of compounding by systematically buying cryptos and making regular, distributed purchases,” said Ashish Singhal, Founder, and CEO, CoinSwitch.

“As more Indians continue to diversify their investment portfolio with Crypto, the CoinSwitch recurring buy plan will allow long-term investors to invest systematically and avoid the impulse to time the market and make emotional trading decisions. It will also empower users with a lower risk profile to explore this new asset class,” Singhal said.

The early access application process for the RBP feature, opened today, will help users discover this innovative feature and make systematic investments across more than 80 coins, including Bitcoin, Ethereum, and Dogecoin.

Sample investment scenario: User invested through RBP in January 2021