Crypto SIP is similar to regular SIP in mutual funds, allowing one to invest a fixed amount in crypto at regular intervals. Investors can avail themselves of daily, weekly, or monthly instalments based. The SIP route enables investments as low as Rs 75 while automating and scheduling regular purchases of popular crypto-assets such as Bitcoin and Ethereum, among others.
According to Bitbns, the initiative aims to remove the taxation burden from the back of the investors while encouraging them to undertake SIP to leverage the benefits of rupee cost averaging to counter volatility.
“Investors availing of SIP for a minimum period of 12 months can now invest seamlessly without worrying about paying the TDS,” the company said in a press release. While there is no minimum tenure for redemption “Bitbns will bear the TDS for SIP investments redeemed after 12 months,” the company added.
As per the new taxation rule, effective July 1, all cryptocurrency transactions will attract 1 per cent...
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