Indian cryptocurrency pioneers Nischal Shetty and Avinash Shekhar have introduced Pi42, a crypto-INR perpetual futures exchange, aiming to set a new standard for legal compliance in the country.
Founders’ Roles and Vision
WazirX Founder and CEO Shetty will lead the firm’s growth strategy, while Shekhar, former CEO of ZebPay, will oversee finance, regulatory compliance, and operations.
Unique Features of Pi42
Pi42 stands out as the first exchange allowing users to trade using Indian rupees directly, eliminating the need for stablecoins or complex intermediaries. The founders emphasize the platform’s commitment to regulatory compliance from the outset.
Compliance at the Forefront
Pi42 has prioritized compliance, applying for recognition under the Financial Intelligence Unit (FIU) and ensuring adherence to the Prevention of Money Laundering Act (PMLA) guidelines.
Market Potential and Accessibility
The company anticipates attracting 7 to 8 million Indian users post-launch, representing about 20% of the country’s cryptocurrency investors. The platform is accessible via Android app and website, with an Apple version in the pipeline.
Empowering Indian Investors
Shekhar highlights Pi42’s significance in providing opportunities for Indian investors to trade cryptocurrency derivatives compliantly, addressing limitations faced when trading with rupees.
Advantages of Futures Trading
Shetty emphasizes the benefits of futures trading, particularly the avoidance of the 1% Tax Deducted at Source (TDS), offering an appealing alternative for day traders.
Optimism for Regulatory Reforms
Both founders express optimism regarding cryptocurrency regulation in India, noting positive shifts in government attitudes. They believe in the continued momentum towards a supportive regulatory environment.
Entrepreneurial Vision
Shetty and Shekhar underscore their commitment to building a robust ecosystem and fostering growth within the cryptocurrency sector through Pi42, leveraging their deep understanding and expertise in the field.
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