Crypto industry can do much better with TDS reduction: CoinSwitch

CoinSwitch, which has over 2 crore registered users, has plans to introduce Futures and Options on its crypto platform and wants to simplify features for its users.
Ashish Singhal, Co-founder and Group CEO, PeepalCo
Ashish Singhal, Co-founder and Group CEO, PeepalCo

BENGALURU: Ever since 1% TDS (tax deducted at source) for virtual digital assets was introduced, the crypto industry has been seeing reductions in trading volumes, but as crypto market rebounds, crypto trading platform CoinSwitch expects TDS reduction in the next budget at least, and this will attract more new users.

CoinSwitch, which has over 2 crore registered users, has plans to introduce Futures and Options on its crypto platform and wants to simplify features for its users.

Ashish Singhal, Co-founder and Group CEO of PeepalCo, which houses CoinSwitch crypto retail app, said on Wednesday that since the market has picked up, many new users are getting onboarded and that the industry can do much better with TDS reduction.

As far as the crypto market is concerned, Ethereum (ETH) price has been witnessing a significant surge and it is believed that prices are going up before the launch of the first spot Ether exchange-traded funds in the US. Ethereum is the second largest cryptocurrency by market capitalisation and on Wednesday the price stood at about $3,779.

Singhal also said that the CoinSwitch app supports a wide range of crypto, with over 150 coins listed on the platform including Bitcoin (BTC), ETH, Ripple (XRP), Dogecoin (DOGE), and Litecoin (LTC).

Recently, the crypto trading platform, which is valued at $1.9 billion, published the third edition of its Proof of Reserves (POR) and as of March 31, 2024, its total customer holdings (Crypto + INR) stood at Rs 2,774.10 crore and total CoinSwitch holdings (Crypto + INR) was at Rs 3,497.22 crore.

As per CoinSwitch’s India portfolio 2023 report, Bengaluru, alongside Delhi and Mumbai are among the top 10 cities with the highest crypto adoption in India. Out of the total CoinSwitch users, 6.6% are from Karnataka.

"Going forward, we will continue our growth trajectory and have plans to expand our product offerings and user base. The focus will remain on maintaining high standards of regulatory compliance," the co-founder said, adding their focus is on Indian users.

CoinSwitch founders have also launched stock investing platform Lemonn. Singhal said, "Crypto is a new asset class and we believe only 5-6% of your portfolio should be in crypto." The rest should be diversified.

He said Lemonn helps users in their decision-making process and it provides different tools so as to simplify stock investing.

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