CoinSwitch Adds 'Recurring Buy Plan' For Crypto Assets

CoinSwitch Kuber, the Indian crypto exchange platform, has taken a step to help investors stay alert against the market volatility and take informed decisions. The platform has rolled out a new feature called Recurring Buy Plan (RBP) to enable long-term investors to invest systematically rather than having them make impulsive trading decisions depending on market fluctuations. The company that claims to have 15 million registered users made the official announcement on February 7.

The plan will require users to allocate a fixed monthly amount to buy some units of a particular asset at a given price for 12 months. As the time period for this monthly deposit extends, users will have better chances of bagging bigger average prices.

“Crypto 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,” Ashish Singhal, Founder and CEO, CoinSwitch told Gadgets 360. “It will also empower users with a lower risk profile to explore this new asset class.”

Interested customers can register to get early access to the new feature. Android users will get the feature before those on iOS, the company said.

The development comes just days after India announced a tax of 30 percent on crypto-based incomes.

At the Union Budget session on February 2, Finance Minister Nirmala Sitharaman said, “I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition.”

Industry insiders welcomed the decision with the majority saying that this taxation decision has indirectly legitimised the crypto sector in India.

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