Nischal Shetty and Avinash Shekhar, former cryptocurrency leaders, launch Pi42, a compliant rupee-denominated crypto exchange in India, offering features like derivative trading and tax benefits.

Indian cryptocurrency pioneers Nischal Shetty, formerly of WazirX, and Avinash Shekhar, ex-CEO of Zebpay, have joined forces to launch Pi42, a unique new rupee-denominated cryptocurrency exchange. Pi42 aims to ease concerns around tax deducted at the source (TDS) for crypto investors. The platform allows Indian enthusiasts to engage in derivative trading in local currency and offers benefits such as leveraged positions, margin trading, stop-loss orders, and advanced risk management tools. The founders say it will be one of the most legally compliant exchanges in the country and has already applied for registration with the Indian government's Financial Intelligence Unit.

February 07, 2024
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