Yes. Investors can buy Bitcoin and other cryptocurrencies from government registered exchanges in India. However, it cannot be used as a currency and is only an investment product.
How do I know if I’m buying crypto from the right platform or exchange?
All crypto exchanges in India are required to register with the FIU (Financial Intelligence Unit- India). You will need to do KYC (Know Your Customer) through Aadhaar Card and PAN Card on the platform.
How do I go about buying Bitcoins?
Once you register on an FIU-approved platform, you can choose to buy Bitcoin directly for a certain amount or select a Systematic Investment Plan (SIP) according to the services offered by the various platforms.
do you know
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
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To buy Bitcoin, you must first transfer funds to your platform wallet. After crypto is purchased, it can be stored in a wallet provided by the exchange.
What if I can’t afford to buy the entire Bitcoin?
Investors can buy parts of Bitcoin and customize the amount to invest in it. You can start from as little as ₹100 on some platforms.
What types of taxes are imposed on crypto?
Investors must pay a flat tax rate of 30% on profits from selling crypto. An additional 1% TDS (Tax Deduction at Source) is levied on such transactions. Losses will not be offset against profits.
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