Is WazirX legal in India?
WazirX is one of the oldest crypto trading apps founded by Nischal Shetty in India. In March 2020, the Supreme Court lifted the crypto ban in India, saying that the RBI's decision to ban them was 'unconstitutional'.
The crypto industry boomed, and the WazirX crypto exchange has been the largest proponent of crypto in the country and is still campaigning to legalize the crypto industry in India. To begin trading in WazirX, users must know that they must complete the KYC process before they can effectively start crypto trading.
The central bank imposed a complete ban on virtual coins in the country in March 2018, three weeks after the launch of Mumbai-based crypto currency exchange app WazirX. The investors troubled by the ban and some players in India had to close their shop.
But WazirX managed to make its newness work for its own benefit. Being smaller than other players, it gained the ability to tide over.
The Co-founder of WazirX Nischal Shetty said that "The ban was a difficult for the exchanges which are already large and established. We are only three weeks old, we are already at zero level and we knew that we couldn't go below that. So the ban didn't bother us more."
Shetty resolves the most challenging battles she has ever fought. To overcome regulatory hurdles, the agile WazirX launched a peer-to-peer system two days after the ban. This will eliminate the need for financial institutions and connect to the sellers and buyers directly. "At the time, the launch was very important because no one else had," Shetty recalled smiling. "It was the moments where development skyrocketed."
Since then, WazirX has not looked back.
Combining these factors has enabled WazirX to hit a user based of over 17.5 lakhs with a monthly trading volume of Rs 171 crores.
Adoption of cryptocurrency
Shetty's optimism is not wrong. There are indeed immense possibilities. But this possibility has been overshadowed by policy uncertainty that is disturbing the space.
India's Finance Minister Nirmala Sitharaman said that the government will take a "calibrated" approach to cryptocurrencies. "The crypto bill is prepared by the government in 2019, suggesting that all private cryptocurrencies should be banned in India. The worst part for the stakeholders is that there is no regulator to control the crypto industry.
In such situation, the exchanges have taken the responsibility of making rules. They implement self-regulation and know the customers and anti money laundering.
Cryptocurrency is not illegal in India. WazirX is a trusted Bitcoin and cryptocurrency exchange & trading platform.
There are even tax rules which are made by the Central Board of Direct Taxes.
There are 2 types of tax you have to pay -
1. Short term capital gain
If you sell the Bitcoin within 3 years then the profit will be clubbed with taxable income and you will taxed as per your taxable income bracket.
2. Long term capital gain
If you hold bitcoin for more than 3 years then you have to pay 20% tax with the benifit of indexation.
You can open your account from the below-given link and referral code:
Referral Code: pnamr4h4