🚀 Introducing Pi42: India’s New Crypto Perpetual Futures Exchange

Pi42 to Enable More Than 30 Million Indian Cryptocurrency Investors to Participate in Derivatives Trading Using Local Currency

The CEOs of India’s WazirX and Zebpay are teaming up to launch a new crypto venture.

By Sujha Sundararajan, Last updated: February 7, 2024

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Indian crypto veterans Nischal Shetty and Avinash Shekhar have launched their new crypto-INR perpetual futures exchange dubbed ‘Pi42.’ 🎉

🔒 Legally Compliant and Aligned with PMLA Guidelines

WazirX founder Shetty and former CEO of Zebpay , Shekhar, have set out to create one of the most legally compliant exchanges in India. Pi42 aligns with the country’s Prevention of Money Laundering Act (PMLA) guidelines, which is a commendable feat. 🏛️

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📈 Derivatives Trading in Local Currency

Pi42 aims to empower over 30 million crypto investors in India to engage in derivatives trading using their local currency. According to Shetty, around 7 to 10 million people, accounting for approximately 20% to 25% of the current spot market for crypto in India, are potential candidates for futures trading. So, Pi42 opens up exciting opportunities for many Indian crypto enthusiasts! 💰

✅ Application for FIU Approval

Pi42 has also applied for approval from the Financial Intelligence Unit (FIU), an organization under the Department of Revenue. This action demonstrates their commitment to providing a compliant and regulation-friendly platform for crypto futures trading. 💼

“Recent regulatory actions by FIU against unregistered individuals have created a demand for compliant alternatives, and we aim to provide this option for crypto futures trading.” – Pi42 spokesperson

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India Still Holds 1% TDS on Cryptos

Despite being at the forefront of grassroots crypto adoption, India’s tax regime and regulatory environment can be challenging for investors. Currently, crypto gains are taxed at a high rate of 30% with an additional 1% deduction at the source. Understandably, this has driven many Indian users to turn to international crypto exchanges. 😮

However, with Pi42’s futures trading feature, users do not need to worry about the 1% Tax Deducted at Source (TDS). This makes Pi42 a great alternative for crypto traders, especially day traders who have been directly affected by the TDS. 🎯

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Beta Version Launched, Instant Withdrawals Coming Soon!

Pi42 has already released its beta version of the website and Android app. This means that users can start exploring the platform’s features and experience seamless trading. Additionally, Pi42 plans to facilitate instant withdrawals in the coming weeks, making it even more convenient for traders. 🌐

Nischal Shetty, the visionary behind WazirX, will lead the growth strategy of the firm, while Avinash Shekhar takes charge of finance, regulatory compliance, and operations. With their combined expertise, Pi42 is poised to revolutionize the crypto futures market in India! 💪

❤️🚀 Pi42 currently supports five tokens – Bitcoin, Ether, Solana, MATIC, and XRP – with a leverage of up to 20% and no expiry. So, get ready to take your trading to new heights with Pi42!

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🗂️ Reference List:

1. Local media report on Pi42’s compliance with PMLA guidelines
2. Chainalysis’ 2023 Global Crypto Adoption Index – India at the forefront
3. Pi42’s website – Beta version launched
4. Tax regime and regulatory challenges for Indian investors
5. FIU’s actions against unregistered individuals

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