#crypto exchange with lowest fees in india

[yacrypto]

Get the Top Crypto Trading Platform - YaCrypto

YaCrypto gives the top crypto trading platforms. Our platform is designed to provide comprehensive guidance and support. YaCrypto is your go-to destination for cryptocurrency trading for beginners.

[pankajfinance]

Best Platform to Buy Cryptocurrency in India 2024 | Top Trading Options

Explore the best platforms to buy cryptocurrency in India with our comprehensive guide. Compare leading crypto exchanges based on features, fees, and user experience to find the ideal platform for your investments. Discover your top choice now!

[indiancryptoexchanges]

Bitcoiva is the top crypto exchange in India with high liquidity and lowest fees. It offers 360+ cryptocurrencies with fast and secure transactions

[bitbse]

Bitbse Made Simple: Your Gateway to Crypto Adventure.

Welcome to BitBSE, your global gateway to the exciting world of cryptocurrency! Based in India, BitBSE is a secure and user-friendly crypto exchange platform that enables you to effortlessly buy, sell, and trade popular digital currencies like Bitcoin, Ethereum, MTG, Green Gold, and more. Dive into the world of secure and seamless crypto transactions with BitBSE – your trusted partner in cryptocurrency exploration and investment! 🌐💰 #BitBSE #CryptoExchange #DigitalCurrency

Key Features of BitBSE Exchange 

1- Signup Bonus.

Are you new to BitBSE? Join now to get a huge welcome bonus worth Rs. 1,000 in MTG and an incredible Rs. 1,000,000 in Shiba! Start your crypto adventure off right with this amazing bonus increase.

2- Lots of digital choices to check out.

BitBSE offers support for six main blockchains, such as TRC-20, ERC-20, Bitcoin, Doge coin, XRP, and more, so you may explore a wide range of digital assets. Explore the rich and broad world of cryptocurrencies with simplicity.

3- Transactions are Quick and Easy! ⚡💸

With fast and easy options for both INR and cryptocurrency deposits and withdrawals, enjoy seamless trading. You can now transact more quickly and conveniently than ever before.

4- Quick KYC and Fast Bank Verification , No More Hold-Ups! 🕒🛡️

Say goodbye to waiting times! With BitBSE's Fast and Easy KYC and bank verification process, you can begin trading without having to deal with any extra hassles.

5- Multiple Layers of Security!

The most important thing is your safety. With 2FA (Two-Factor Authentication), SMS OTP, and Mail OTP, BitBSE provides an additional layer of security, offering complete protection for your money and data.

6- Dual trading adventure at Bitbse 🔄💹

Customize your BitBSE trading experience! Enjoy the flexibility to select your preferred trading method and take full advantage of every market opportunity, whether you prefer spot or instant trading.

7- Security Certified by ISO! 🔐🏆

Put your trust in BitBSE, which is proud to hold ISO certification, and the highest standards of quality and security. Your cryptocurrency assets are extremely well-protected.

8- Multisignature Wallet -

For security, Bitbse uses a multisignature wallet and offers $50 million in insurance coverage for Bitbse assets.

9 - Also Available on Playstore

Bitbse's mobile app is also available for trading on.You can simply visit it on playstore.

10- Lowest Trading Fees - 

At Bitbse we offer trading with some of the lowest trading fees , and our crypto prices are similar to those on binance, making us a competitive exchange 

Join BitBSE today and unlock a world of exciting features that make your crypto journey simple, secure, and incredibly rewarding! 🌐💰

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#BitBSE #CryptoFeatures #DigitalSecurity #TradingFreedom

[crypto9599]

 crypto app with lowest fees in india

There are numerous cryptocurrencies around the globe, and every crypto has its own selling point. From an investor's point of view, they look for low transaction fees and security as their priorities. CoinCred is one of the best crypto exchange in India because it has low transaction fees. People can easily start their trading journey through the platform of CoinCred.

[platinxexchange7]

Get a Guide to Understanding the low withdrawal Fee Indian crypto exchange

Are you looking for a reliable cryptocurrency exchange platform in India? You should know more about this app is designed to provide you with a seamless experience when it comes to buying, selling, and trading digital currencies.

Continue reading: https://blog.platinx.exchange/the-lowest-withdrawal-fee-crypto-exchange-in-india-a-guide-to-platinx-exchange/

[cryptowanderer]

Features of KoinBX

If you’re an experienced crypto trader or beginner, looking forward a simple and secure cryptocurrency exchange app which allows you buy, sell and trade popular cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin and more) then you are in the place! The best cryptocurrency exchange apps make it easy to buy and sell the currencies you want with low trading fees and high security features.

Major Features of KoinBX Cryptocurrency Exchange App:

Instant KYC

Instant INR Deposit & Withdrawal

Lowest Trading Fee

Superfast Account Creation

Deposit and Track Crypto

Electric Auto-Matching Engine

High liquidity

Best In-class Security

Referral Program

24x7 Support

Furthermore, crypto exchanges, investors, and enthusiasts unitedly accelerate crypto adoption worldwide. Although, KoinBX is one of the emerging popular Indian crypto exchanges, its crucial step towards global expansion by venturing into Europe showcases its commitment to its users.

The journey of KoinBX is in sync with the evolving nature and trends of the crypto industry. As India and Europe continue to fine-tune their legal frameworks, the crypto sector in both nations holds enormous potential for traders, investors, and blockchain supporters.

Download the KoinBX cryptocurrency exchange app now and start trading in world’s leading cryptocurrency exchange platform.

Sign-up KoinBX on 👉 http://koinbx.com/signup

Download KoinBX Android App 👉 https://play.google.com/store/apps/details?id=com.application.koinbazar

Download KoinBX iOS App 👉 https://apps.apple.com/in/app/koinbazar/id1567360326

[youroriginaltimemachinestudent]

Cnxcoin  Review 2023 Latest : Its Pros & Cons

Today we discuss about Cofinex . We Written details review about Cofinex . Also we include Cofinex crypto pros & cons .

What Is Cnxcoin?

Cnxcoin (Minos Blockchain s.r.o ), a leading fintech company, is regulated by The CNB Czech Republic. With over 115,000+ users, Cofinex is claimed to be a trusted and secure crypto asset exchange application across the world. Headquartered in Singapore, with branch offices in the USA, UK, India, Czech Republic and Thailand, their operations are already running in South Korea, Thailand, Laos, Indonesia, Cambodia, Malaysia, the Philippines, and other APAC countries. Cofinex Exchange offers its users an easy and secure platform to buy and sell Bitcoin, Ripple, Ethereum, Tron, CNX, and over 70+ crypto assets. Cofinex Coin Point Table Coin BasicInformationCoin NameCnxcoin  Short NameCNXCirculating Supply2,100,000 CNXMax Supply500,000,000Source CodeClick Here To View Source CodeExplorersClick Here To View ExplorersTwitter PageClick Here To Visit Twitter GroupWhitepaperClick Here To ViewSupport24/7Official Project WebsiteClick Here To Visit Project Website

What Is Current Price Of Cofinex?

The live Cofinex price today is $0.090384 USD with a 24-hour trading volume of not available. They update CNX to USD price in real-time. Cofinex is down 0.18% in the last 24 hours. The current CoinMarketCap ranking is #8172, with a live market cap of not available. The circulating supply is not available and a max. supply of 500,000,000 CNX coins. If you would like to know where to buy Cnxcoin at the current rate, the top cryptocurrency exchange for trading in Cofinex stock is currently Finexbox. You can find others listed on crypto exchanges page.

Trade on the go

A powerful Bitcoin and cryptocurrency exchange in your pocket. Buy, sell and trade crypto on the go. View real-time cryptocurrency prices Buy and sell BTC, ETH, XRP, CNX and other digital assets with ease Get live price-change alerts for cryptocurrencies you follow Check BTC spot, futures and options prices Compare cryptocurrency prices across exchanges.

Benefits

Cofinex offers the highest referral commission with the highest payout. Users can invite friends to sign up and earn 50% of the commission on their trading fee. There's no limit, unlike other cryptocurrency exchanges in India. Collateral to borrow money The currency of borrowing can be realized and withdrawn at any time, with ultra-low interest rate and large amount of borrowing, so the security is guaranteed. Earn Upto 90%p.a. on your crypto Cnxcoin  operate validators on these projects. Token holders can stake with us to help secure these networks and earn staking rewards. Multiple Cryptocurrencies Cofinex offers trading for a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and others. User-Friendly Interface To provide straightforward navigation for users, the platform is developed with a simple and intuitive interface. High Security Cofinex uses cutting-edge security techniques, such as two-factor authentication (2FA), cold storage, and DDoS protection, to safeguard users' funds and personal information. Competitive costs With a flat rate of 0.1% per trade, Cofinex has some of the lowest trading costs in the sector. Fast Execution Orders are carried out swiftly, allowing customers to profit from possibilities in the market as they present themselves. Customer Support Cnxcoin provides customer service around-the-clock via a range of platforms, including live chat, email, and social media.

Team

Meet Creative and Dedicated People who play a very important role behind the business..

Cnxcoin Use the Crypto card like a regular plastic card

Cnxcoin Crypto card links Bitcoin with traditional finances. It’s perfect for anyone involved in cryptocurrencies, and works with any point of sale terminal in the world which accepts major cards! Bring cryptos to your everyday life. Now available in the Europe, SEPA & South Asia Orders in the worldwide are live!

FAQ

What is Cofinex?CNX in the utility token issued by Binace Blockchain Foundation which comes under the category of BEP-20 tokens. CNX has a very significant role in synching various products and services available at CNX for its users. Unlike many other cryptocurrencies, CNX is also a deflationary token by its core structure, all thanks to its buy-back and burn initiative on a regular basis.How will I receive the CNX Token after I send my contribution?BEP20 based CNX token will be issued to the Cofinex wallet you used once the Seed funding finishes. Make sure you use an address with Cofinex exchange only. Do not use a wallet address from other exchanges.Where are you based and what is your legal structure?CoFinex is a digital assets exchange service owned and operated by Minos Blockchain s.r.o based in Czech Republic.Please visit https://cofinex.io/ to find out more and start to trade cryptocurrencies and assets.How to download Cofinex mobile app?If you are using the Cofinex Exchange app on your mobile device, please download and update the wallet application in the App Store (iOS) or Google Play Store (Android). Read the full article

[besttradingplatform1]

10 Best Crypto Trading Apps in India 2023

 Recent years have seen tremendous growth in the crypto market. And many Indians, especially youth have started trading in various cryptocurrencies. But how do you get started and begin investing in cryptocurrencies to make a quick profit? Using cryptocurrency exchange apps is the solution. So in this article, we’re going to talk about the best crypto trading apps in India, and a brief overview of them.

1.      WazirX: This one is the best trading app in India when it comes to cryptocurrency. This cryptocurrency exchange app lets you invest in INR, USD, BTC, and also P2P. They also offer their own coin called WRX, and this can be bought using INR. The most attractive part of the app is that you can earn coins by participating in various contests available on the app. They offer a seamless trading platform with the added benefit of educational materials on crypto. WazirX trading fees are 0.2% for both makers and takers.

2.      Unocoin: Unocoin is India's oldest cryptocurrency trading platform. You can easily sign-up in the app in just ten minutes by adding your bank details and registration information. For security purposes, they offer you biometric features like finger ID and passcode. Users can invest in Bitcoin through Unocoin's Bitcoin Systematic Buying Plan (SBP) by paying fractional amounts weekly or monthly. All buy and sell orders are subject to a 0.7% commission fee. Users can reduce this fee to 0.5% if they buy or sell at least 100 BTC.

3.      CoinSwitch Kuber: We may have heard this name in the IPL ads recently. This platform has received funding from well-known investors and venture capital firms such as Sequoia and others. It provides over 100 cryptos with different payment methods like UPI and fiat currency. For the first 100 days, there are no trading fees. However, once the trial period expires, users must pay CoinSwitch fees ranging from 0% to 0.5%.

4.      Bybit: It offers a large number of cryptocurrencies with the lowest trading fees. Also, they offer 0% spot trading fees and many rewards and bonuses for users that can be claimed after completing certain tasks. Bybit allows you to trade cryptocurrencies with up to 100x leverage with advanced trading options.

5.      ZebPay: It prioritises security by storing 98% of all tokens registered with ZebPay in cold/hardware wallets rather than online servers. This, combined with stringent internal controls, ensures that user assets are safeguarded regardless of what happens. The platform supports the refer-and-earn function. So, if you successfully sell the idea of crypto trading to others through Zebpay and if they sign up, then you will receive 50% of the trading fees made through your links for a year. The maker fee is 0.15%, the taker is 0.25% and for intraday 0.10%.

6.      CoinDCX: It is one of the versatile trading apps which lets you trade in 200+ trade coins. The main attraction of this app is that they provide highly-advanced trading features like future, margin trading, etc. It is also known for its crypto educational content like videos and blogs. At CoinDCX, maker fees and taker fees are both 0.1% with a minimum withdrawal limit of Rs. 1,000 without any additional fees.

7.      Bitbns: This app has more than 100 cryptocurrencies listed offering a wide range of features. With advanced tools and features, BNS allows you to automate your orders and is specially designed for beginners with a user-friendly interface.  They also have a lot of security options like 2FA, KYC, fingerprint, etc. They charge 0.25% for both the maker and taker fees.

8.      Binance: They are the largest crypto platform in terms of trade volume. They also offer a margin trading facility which is easy to use and for that, you need to complete your KYC verification process. Derivatives trading can have margins of up to 125X and spot trading can have margins of up to 10X. The fee for both maker and taker is 0.1%.

9.      KuCoin: This platform is a trustworthy, secure, and user-friendly trading platform that operates in over 200 countries. It is known as the largest exchange for trading over 700 cryptocurrencies. To earn more, you can use the Kucoin trading bot, duel investment, and staking feature. The fee for both maker and taker is 0.1%.

10.   BuyUcoin: A popular choice among millennials, BuyUCoin offers a simple user interface, real-time spot trading, a free wallet, cashback, and lifetime referral commissions. You can trade in cryptocurrencies using INR and they provide more than 130 pairs like BTC-INR, ETH-INR, etc. They charge you a fee of 0.24% for the maker as well taker.

[lifestyle-healthzone]

WazirX is one of the most trusted and cheapest place to buy, sell, and trade Bitcoins, Ripple, Ethereum, Tron, Bitcoin Cash, and more crypto assets in India. Trade in USDT, BTC or INR market with high volume and liquidity.

WazirX app for android, WazirX app for IOS

[pankajfinance]

Best Cryptocurrency Trading Platform in India 2024 | Top Exchanges Reviewed

Find the best cryptocurrency trading platform in India with our expert reviews. Compare top exchanges for features, security, and fees to choose the ideal platform for your crypto trading needs. Read our detailed guide now!

Reach Out At:-info@financeconductor.com

[tethereumtoken]

Tethereum T99 : An Emerging Contender Amidst the Web 3.0 Revolution Providing Platform for Hassle-free Token Swapping

Web 3.0 is a term coined by Tim O’Reilly, the founder and CEO of O’Reilly Media, to describe a potential next major wave in the evolution of the web. It is a successor to Web 2.0. Web 2.0 generally refers to a collection of technologies, principles and design patterns which facilitate the production and consumption of user-generated content.

Web 3.0 is a term currently being used to describe a collection of technologies, principles and design patterns which facilitate the production and consumption of distributed content, as well as the production and consumption of services oriented towards a decentralised system of services. The term has been used to describe both a new application layer on top of the existing web, as well as the new internet protocol suite of standards required to power such a layer. Web 3.0 offers people ability to turn their content into asset-class. This becomes possible because it enables the tokenization of things/assets/etc.

How Cryptocurrencies Work and How T99 Can Make a Difference?

Cryptocurrency is also an asset class which is currently attracting a number of investors and traders and that is why we see so many trading platforms emerging. In India alone, we saw two Unicorns in the Crypto space in the last month. This all indicates why we need more efficient platforms that can cater to this demand. T99/ Tethereum is one such platform where users can swap their tokens without any risk and hassle. Tethereum (T99) is a limited supply token that is mathematically guaranteed to beat Dogecoin less than in 180 days.

Understanding the Demand

Tethereum saw that it’s often tough for the cryptocurrency investors to move from one token to another. The ability to transfer tokens from one chain to another is a powerful move that makes Tethereum a stellar option for the crypto traders. Tethereum understood the need for a decentralized exchange which supports trade of large number of tokens and can handle huge volumes of transactions quickly. Tethereum(T99) is a platform which provides a decentralized, secure and fast trading environment for swapping and market making of cryptocurrencies. The platform offers a very diverse set of options to have a complete control over the trading process.

Why T99 is Special?

Tethereum (T99) is more than a token swap and also facilitates its users with an automated market maker that is built into the platform. To understand AMM or Automated Market Maker, we need to understand the term market making in context of cryptocurrencies and blockchain, Market making consists in providing liquidity on a defined cryptocurrency by submitting both bid and ask limit orders on a crypto exchange. Tethereum’s (T99) short term goal is to make itself as the token swap platform with the lowest fee and provide highest fee earnings to its liquidity providers.

TethereumSwap & Automated Market Maker

It's being carefully developed and designed for you.

https://tethereum.exchange/

contract Address :

0xe9A5C635c51002Fa5f377F956A8CE58573D63d91

[tethereum]

Tethereum T99 : An Emerging Contender Amidst the Web 3.0 Revolution Providing Platform for Hassle-free Token Swapping

Web 3.0 is a term coined by Tim O’Reilly, the founder and CEO of O’Reilly Media, to describe a potential next major wave in the evolution of the web. It is a successor to Web 2.0. Web 2.0 generally refers to a collection of technologies, principles and design patterns which facilitate the production and consumption of user-generated content.

Web 3.0 is a term currently being used to describe a collection of technologies, principles and design patterns which facilitate the production and consumption of distributed content, as well as the production and consumption of services oriented towards a decentralised system of services. The term has been used to describe both a new application layer on top of the existing web, as well as the new internet protocol suite of standards required to power such a layer. Web 3.0 offers people ability to turn their content into asset-class. This becomes possible because it enables the tokenization of things/assets/etc.

How Cryptocurrencies Work and How T99 Can Make a Difference?

Cryptocurrency is also an asset class which is currently attracting a number of investors and traders and that is why we see so many trading platforms emerging. In India alone, we saw two Unicorns in the Crypto space in the last month. This all indicates why we need more efficient platforms that can cater to this demand. T99/ Tethereum is one such platform where users can swap their tokens without any risk and hassle. Tethereum (T99) is a limited supply token that is mathematically guaranteed to beat Dogecoin less than in 180 days.

Understanding the Demand

Tethereum saw that it’s often tough for the cryptocurrency investors to move from one token to another. The ability to transfer tokens from one chain to another is a powerful move that makes Tethereum a stellar option for the crypto traders. Tethereum understood the need for a decentralized exchange which supports trade of large number of tokens and can handle huge volumes of transactions quickly. Tethereum(T99) is a platform which provides a decentralized, secure and fast trading environment for swapping and market making of cryptocurrencies. The platform offers a very diverse set of options to have a complete control over the trading process.

Why T99 is Special?

Tethereum (T99) is more than a token swap and also facilitates its users with an automated market maker that is built into the platform. To understand AMM or Automated Market Maker, we need to understand the term market making in context of cryptocurrencies and blockchain, Market making consists in providing liquidity on a defined cryptocurrency by submitting both bid and ask limit orders on a crypto exchange. Tethereum’s (T99) short term goal is to make itself as the token swap platform with the lowest fee and provide highest fee earnings to its liquidity providers. TethereumSwap & Automated Market MakerIt's being carefully developed and designed for you.https://tethereum.exchange/

contract Address :

0xe9A5C635c51002Fa5f377F956A8CE58573D63d91

[coincodecap]

What is the way to Buy ADA (Cardano) in 2021?

This post will explain how you may purchase Ada (Cardano). Various cryptocurrency exchanges and swapping platforms that offer Ada buying and selling services will be discussed. We'll also walk you through how to buy Ada on your phone and laptop in detail.

What is ADA (Cardano)?

Cardano was established in 2015 by Ethereum co-founder Charles Hoskinson. Cardano is the first blockchain platform to be developed on peer-reviewed research, and it employs the Ouroboros proof of stake consensus system. Cardano, which aspires to be a decentralized application (DApp), also allows for verified intelligent contracts and multi-asset ledgers.

Cardano's native coin, ADA, is one of the world's fastest-growing digital assets. Since its launch in 2015, ADA has continuously been listed among the top ten cryptocurrencies in market capitalization. In addition, it has a rapidly growing community and may quickly overtake Ethereum to establish an extensive blockchain ecosystem. You can learn more about Cardano from here.

What is the purpose of ADA (Cardano)?

ADA, which was named after Ada Lovelace, the first computer programmer, may be used for various applications:

It may be used to hold value, for starters.

It makes sending and receiving money easier.

Peers might utilize it to do business between themselves.

You may exchange ADA for fiat currencies and other crypto assets.

Where can I get Cardano (ADA)?

Swapping ADA for previously held crypto assets or stable currencies is one method of getting it. The following are the top venues for exchanging other digital currencies for ADA:

Swapzone 

SwapSpace

Crypto exchange platforms are another option for purchasing, selling, or trading ADA Cardano.

What are the best cryptocurrency exchanges to invest in Cardano?

Binance: ADA Cardano purchases, trades, and transactions are secure and straightforward on the platform. Read our Binance review to find out more.

Coinbase: ADA has been added to the exchange's list of supported coins.

Huobi: Huobi allows you to purchase, sell, and trade ADA Cardano with credit cards, debit cards, and bank transfers. 

Bittrex: Bittrex customers are encouraged to purchase ADA because of the increased security and one of the lowest fees.

Where can I get ADA Cardano?

As ADA grows in popularity, an increasing number of investors are considering purchasing it. ADA (Cardano) is available for purchase on mobile platforms, including Android and iOS devices and computers and PCs. ADA Cardano may be bought with US dollars, Indian rupees, and a variety of other fiat currencies. Furthermore, you may exchange ADA for other digital currencies.

How can I purchase ADA on Binance?

To begin, use your phone number or email address to create or log into your Binance account.

Use the verification code given to your address to confirm your account.

A 'Buy Crypto' button may be found in the top left corner of the main page. Choose it.

ADA can be purchased with a credit card:

Select the debit and credit card option from the drop-down box after selecting the Buy crypto option.

Select the ADA Cardano option under the Buy BTC option.

Enter the amount of ADA you'd like to purchase.

Select Buy ADA from the drop-down menu.

P2P Service

Binance also allows you to trade directly with other users in your currency. From the 'Buy crypto' drop-down menu, select the P2P trading option. In addition, you can choose from a variety of trade offers from other vendors.

Third-party payment:

Many fiat currencies, such as the INR, may not allow for direct purchases. In such instances, though, a third-party payment mechanism can be used. For example, Binance works with Simplex, Paxos, and other exchanges to allow customers to buy ADA from anywhere globally.

How do I purchase ADA on WazirX?

The platform's services are flexible, and they can be used on Windows and Mac computers and mobile devices. Furthermore, it is considered one of the best platforms in India, and to learn more about the platform you can click here.

What is WazirX, and how can I utilize it?

On WazirX's official website, select the "sign-up" option.

Fill in your information, consisting of your email address, password, and referral code (if applicable), and then click the "Submit" button.

Log in after verifying your account.

By completing the relevant information and submitting a selfie, you may complete the KYC verification procedure.

In the account area, select INR as the currency.

Select Deposit INR as well as the deposit method.

Within a short period, the money will appear in your WazirX account.

Steps to buy ADA on WazirX:

Click the 'Exchange' option after successfully login into your WazirX account.

In the INR area, look for ADA (Cardano).

Select the 'Buy' option in the trade window.

You can choose the market as the order type or specify a price limit.

Hit the purchase button after entering the amount of ADA you want to buy.

Within a few minutes, your order will be completed successfully.

What is the Cardano price forecast?

The dynamics of the bitcoin market are unexpected, and no one can predict what will happen in the future with certainty. As a result, you should conduct an extensive study and make an informed selection.

[platinxexchange7]

Want to trade crypto with lowest fees with Platinx Exchange?

PlatinX Exchange has full license to operate in India and complies with all the diligence & regulations set for crypto trading in India. Now, You can Trade crypto at lowest fees.

[thecryptobaba7]

Legality of Cryptocurrency in India Explained

Crypto regulation in India took a new turn in 2020: The Supreme Court proved the RBI decision to ban crypto-related activities to be unconstitutional. This shed some light on the legality of crypto in India and clarified that no bank can deny banking to traders trading in Crypto assets as long as they report and pay taxes on transactions.

Cryptocurrency adoption is growing massively in India. In the last two years, the country has seen the crypto asset market grow to USD 15 billion as well as a rising count of investors and companies, with many new exchanges currently opening up their branches in the country. This has been fueled by the Supreme Court case of 2020, which reversed the RBI ban and the new taxation clarity for cryptocurrency transactions, portrayed in the so-called CREBACO report.

CREBACO report

In terms of tax implications, the CREBACO report, made by Think Tank CREBACO and the prominent law firm Khaitan & Co, states that cryptocurrency transactions are fully taxable under Indian laws. They are liable to pay GST, capital gains tax, and corporate income tax on income generated from such activities.

The report also presented a proposal for a comprehensive regulatory framework stating that “decentralised ecosystems are unprecedented and hold great potential. We must learn from the leading countries of the world who have regulated this space, and also highlights a fact that banning something like this is not even an option. India is mainly looking at the Blockchain technology and the possibilities of crypto assets cannot be ignored”.

2018 RBI ban and 2020 Supreme Court Decision

When it comes to the legal history of cryptocurrencies in India, the first drawback was the 2018 RBI ban. Back then, RBI issued a circular that directed the entities-

(i) Not to deal in virtual currencies nor to provide services for facilitating any person or entity in dealing with or settling virtual currencies;

(ii) To exit the relationship with such persons or entities, if they were already providing such services to them.

That ban, however, proved to be unconstitutional. In 2020, The Supreme Court of India overturned the RBI decision. The Court found that a blanket ban was disproportionate and that virtual currencies had caused no visible damage to banks regulated by the RBI. As such, the Court held that the impugned circular was “manifestly arbitrary, based on non-reasonable classification and it imposes disproportionate restrictions”.

This judgment offers hope for cryptocurrency traders in India. Now, no bank can deny banking to traders trading in crypto assets, as long as they report and pay taxes on their transactions.

The recent tax developments and the Supreme Court rule can be viewed as a hint that crypto will not be banned in India, that the trend is likely to continue and that the outlook on cryptocurrency regulation in India must be optimistic.

Growth of cryptocurrency exchanges in India

The legal clarity and the Supreme Court ruling has made a positive impact on the industry. Since the last time CREBACO evaluated the Indian ecosystem in 2018, the crypto asset market has gone up by over 40%. This means that from the previous estimate of USD 12.9 billion, the current crypto ecosystem has grown to a potential market size of over USD 15+ billion with an investor pool of around 6 million users.

This has driven a number of exchanges and crypto-based companies to recently open up their offices in India, and with great success.

One of them is award-winning crypto exchange Coinsbit, which is opening in India under the name of Coinsbit India. Coinsbit’s features include lowest trading fees, safe transactions, telephone IVR customer support, and many more, which can be found here.

As Coinsbit India founders, Akshit Khanna, said: “We believe that India deserves blockchain & cryptocurrencies as it not only helps the crypto Investors in India but will also provide a massive opportunity to thousands and thousands of developers, technological genius minds, and entrepreneurs who can now solve the world’s most challenging problems by leveraging and using this amazing technology.”

Since its inception in 2015, Coinsbit has been one of the most trusted exchange platforms for cryptocurrency traders worldwide. Coinsbit does daily transactions worth 2 billion $/day and has a user base of around 6–7 million clients. It looks to become the foremost trading ground for a market that’s just beginning to see cryptocurrency’s potential. It operates in compliance with the guidelines set out by the government of India at all times.

And there are others opening in the country too. In the case of cryptocurrency exchange WazirX, “for the full financial year, trading volume during the financial year 2020–21 on WazirX has surged nearly 2,600% to $8.4 billion year-on-year”. Moreover, Between January to May 2020, Paxful reported 883% growth from around $2.2 million to $22.1 million. Even a Sequoia-backed CoinSwitch Kuber, which allows virtual currency purchases in Indian rupees, was founded during the coronavirus economic downturn. It managed to add over 200,000 users, reporting volumes of about $200–300 million.

Conclusion

An outright ban would only fuel the black market — something that would not be of benefit to anyone. As the CREBACO report shows, big businesses are overwhelmingly looking for clarity in the area, and, with the latest developments in taxation, the trend is likely to continue.

As stated in the report itself: “Innovation and technology should not be controlled or banned. If they are banned, the country of the ban is usually punished, whereas other jurisdictions expedite development. Cryptocurrencies are here to stay — Better regulate than ban them.”

About Coinsbit

Coinsbit India is a joint venture between Cryptic Coinsbit India and Prof-it Limited, intending to bring the best cryptocurrency exchange platform to India. With its headquarters in Estonia, the popular cryptocurrency exchange platform has a reported user base of 5 million users and a monthly transaction volume of around $30 billion-plus USD. It was named the best 2018 crypto exchange at Asian Blockchain Life, 2019.. Their strengths include well-timed order execution, local market insight, and multi-tier crypto asset security management bringing a full suite of services that a blockchain and a global exchange provides to the users.

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