How to Buy Cryptocurrency in India: Step-by-Step Guide
Cryptocurrency trading is rapidly gaining traction in India. To buy cryptocurrency safely: first, choose a reputable exchange like WazirX or CoinDCX. Complete KYC verification and fund your account. Select the crypto asset—like Bitcoin or Ethereum—review its price, then execute your purchase. Regulatory frameworks require tax reporting (30% on profits), so keep transaction records updated. Always enable two-factor authentication to ensure security. Remember, the crypto market is volatile, so invest wisely and stay updated on legal changes from SEBI and RBI.
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FAQ:
Is buying crypto legal in India?
Yes, but users must follow evolving regulations and lawful disclosures.
What taxes apply on crypto purchases?
30% profit tax, 1% TDS for transactions.