Crypto industry can do much better with TDS reduction: CoinSwitch

BENGALURU: Ever since 1% TDS (tax deducted at source) for virtual digital assets was introduced, the crypto industry has been seeing reductions in trading volumes, but as crypto market rebounds, crypto trading platform CoinSwitch expects TDS reduction in the next budget at least, and this will attract more new users.

CoinSwitch, which has over 2 crore registered users, has plans to introduce Futures and Options on its crypto platform and wants to simplify features for its users.

Ashish Singhal, Co-founder and Group CEO of PeepalCo, which houses CoinSwitch crypto retail app, said on Wednesday that since the market has picked up, many new users are getting onboarded and that the industry can do much better with TDS reduction.

As far as the crypto market is concerned, Ethereum (ETH) price has been witnessing a significant surge and it is believed that prices are going up before the launch of the first spot Ether exchange-traded funds in the US. Ethereum is the second largest cryptocurrency by market capitalisation and on Wednesday the price stood at about $3,779.

Singhal also said that the CoinSwitch app supports a wide range of crypto, with over 150 coins listed on the platform including Bitcoin (BTC), ETH, Ripple (XRP), Dogecoin (DOGE), and Litecoin (LTC).