Unocoin Exclusively Introduces Toncoin Officially On Its Platform

New Delhi, India, 11, July 2022; Unocoin, India’s first Bitcoin platform, intends to reward its users with exclusive access to Toncoin, the native token of TON, a fully decentralized layer-1 blockchain designed by Telegram. Giving impetus to its flexible architecture of offering trade through more than 80+ coins, the Bengaluru-based startup aims to become the pioneer in making Toncoin the most valuable stake in the web3 economies. 

This newly listed coin on Unocoin boasts speedy transactions, low costs, user-friendly interfaces, and environmental friendliness. TON can be scaled, shared and equipped to adapt to the market requirements. The architecture enables it to expand without suffering any significant performance loss. It solves various exchange needs and is used for transaction fees, network development, blockchain security through staking, and payment settlement. Its mainnet is fully operational and supports economical, swift, and environmentally friendly transactions.

Commenting on the development, Mr Sathvik Vishwanth, Co-Founder & CEO of Unocoin, said, “We are the platform committed to providing a plethora of opportunities for Unocoiners to trade on the platform. We are always introducing innovative and trendy solutions to become a one-stop solution for all crypto exchange requirements. Toncoin stands from other layer-1 blockchains with various distinctive features and is equipped to fulfil multiple transaction needs. With this inclusion, we look forward to ultra-fast transaction onboarding more users on the platform”.

TON, Solana, and Ethereum 2.0 are a few instances of blockchains that use Proof of Stake. But crucial design and implementation variations mean TON outperforms performance, adaptability, and design. 

How to buy Toncoin in India?

As of now, Unocoin is the only crypto exchange in India to list Toncoin on its platform. The Toncoin can be traded at Unocoin either on iOS, Android, or web versions. A trader must download the application/visit the website, create a free account, complete the KYC process, and be a verified Unocoin user.

About UnocoinStarting in 2013, Unocoin is a Bangalore-based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s most significant (in Indian customer base) BTC-INR trading platform, enabling Indians to buy, sell, store, use and accept bitcoin. At its peak, Unocoin processed transactions worth more than INR 2B per month for its 2,300,000+ customers. The startup has been featured among the Top 20 companies in The Fintech20: India list and has won prestigious titles like ‘The Golden SABRE award’ in financial communications for the project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30′ award from YourStory.

New TDS rules around Crypto. What does it mean for you?

Hey Unocoiner,

As you are likely aware, Tax Deduction at Source or “TDS” will be applicable on the transfer of “Virtual Digital Assets”, including crypto assets, from 1 July 2022, as per Section 194S of the Income-tax Act. To help make your trading experience as simple and stress-free as possible, Unocoin has jotted down every pointer that you need to know about the upcoming changes.

For anyone, one of the two TDS slabs applies to their crypto-asset transfer. The reader/Unocoiner can select one of the below slabs they fall into and change it in their User Settings in the app or website.

a) 1% if the user has filed Income Tax Returns for the last two years; or

b) 5%, if the user has not filed Income Tax Returns in at least one year of the last two years and has TDS deductions of equal to or more than INR 50,000 in at least one year (of the last two years).

For explanation purposes below, we consider that you fall under the 1% TDS bracket.

Few pointers:

  1. The TDS only applies if your total/cumulative/aggregate trades for TDS cross INR 10,000 in the financial year. (Explained with an example at a later stage)
  2. The TDS amount will be deducted by Unocoin from your trade value and deposited on your behalf.
  3. As per TDS guidelines, Unocoin will deduct the applicable percentage on both Sell and Buy orders for Crypto-to-Crypto transactions.

Within the prescribed timeline of TDS return filing, the deducted TDS amount will reflect in your Form 26AS. Readers/Unocoiners can claim this tax from the Income Tax department while filing their yearly Income Tax Return.

When is TDS applicable?

– INR-to-Crypto (Fiat to Crypto or F2C) Buy Orders — There is no TDS which is applicable

– Crypto-to-INR (Crypto to Fiat or C2F) Sell orders — 1% TDS applicable on the net order value

– Crypto-to-Crypto (C2C) Both Buy and Sell Orders — 1% TDS applies to the net order value.

Let us simplify this for you.

Example 1: Your trade is less than or equal to INR 10,000 in a financial year — No TDS deduction is applicable.

Sell Trade 1 of INR 10,000 — NO TDS applicable.

Order value = INR 10,000

Unocoin’s transaction fees (0.3% of INR 10,000) = INR 30

GST on transaction fees (18% of 0.3% of INR 10,000) = INR 5.4

Total receivable = INR 10,000 — (INR 30 + INR 5.4) = INR 9,964.6

Hence, TDS is not applicable.

When your subsequent Sell order adds to your previous Sell order(s) to make the total Sell order in a financial year more than INR 10,000:

Sell Trade 2 of INR 5,000 (in the same financial year) — TDS now applicable.

Order value = INR 5,000

Unocoin’s transaction fees (0.3% of INR 5,000) = INR 15

GST on transaction fees (18% of 0.3% of INR 5,000) = INR 2.7

Proceeds = INR 5,000 — (INR 15 + INR 2.7) = INR 4,982.3

TDS applicable (1% of (INR 9,964.6(Previous trade)+ INR 4,982.3)) = INR 149.46

Final calculation (Actual receivable amount) = INR 4,982.3 — INR 149.46 = INR 4832.84

All the subsequent trades hereafter will have regular 1% TDS till the end of the financial year.

Example 2: When your first Sell order is more than INR 10,000

Sell Trade 1 of INR 20,00,000 — TDS applicable.

If you place a Sell order for 1 BTC at INR 20,00,000, your order information will look something like this:

Order value = INR 20,00,000

Unocoin’s Transaction fees (0.3% of INR 20,00,000) = INR 6,000

GST on Transaction fees (18% of 0.3% of INR 20,00,000) = INR 1,080

TDS applicable = 1% of net order value, that is, 1% * (INR 20,00,000 — INR 6,000 — INR 1,080)) = INR 19,929.20

Final calculation (Actual receivable amount) = INR 20,00,000 — (6,000 + 1,080 + 19,929.80) = INR 19,72,990.80.

Crypto-to-Crypto trades: The TDS applies for both Buy and Sell transactions between one crypto and another crypto conversations.

What should you do now?

As a Unocoiner,

1. Please open Unocoin’s app and click on More.

2. Go to the User Settings section to find the new icon.

3. Select the appropriate tax slab you fall into. By default, the 1% slab would be selected.

What’s More?

  1. All Sell open orders on the exchange will be cancelled for lite users.
  2. All forms of transactions that will be executed, including exchange orders, will attract TDS from 1 July 2022.
  3. Users can find the information about their TDS in the invoices provided by Unocoin that gets generated within 48 hours of the trade.
  4. Please note that Unocoin (Website and Application) shall be under maintenance from 30 June at 10:00 PM IST until 30 June at 11:59 PM.

New coins on Unocoin

Unocoin has been the pioneer, but to be the best requires continual efforts. Unocoin has made sure that it strives to be the best crypto exchange. To keep up with its brand value, Unocoin: Crypto Ka Super App has developed multiple advancements in the past weeks.

With Unocoin, Indians can trade more than 88 crypto assets with a few taps. As per the timelines, on March 3rd – Solana (SOL) coin got listed on Unocoin, followed by the release of Algorand (ALGO) and Polkadot (DOT) coins on March 7th. Just in the next week, on March 16th, FTXToken (FTT) coin was listed, followed by Lepasa (LEPA) coin released on March 21st.

On March 28th, Enjin (ENJ), Decentraland (MANA), and SushiSwap (SUSHI) got listed on Unocoin. The internal team enabled the (Shiba Inu) SHIB -INR exchange pair. Shiba INU and Dogecoin are the two most popular meme coins extensively traded at Unocoin.

Unocoin welcomed the new financial year by hosting more coins on its platform. On April 6th, ApeCoin (APE), BNB, Compound (COMP), and Tezos (XTZ) coins were launched, followed by WAVES coin being listed on April 11th, TRON (TRX) on April 12th, and Audius (AUDIO), (Balancer) BAL and TONCOIN (TON) being listed on April 18th.

The latest addition to the crypto coins list is Avalanche (AVAX), Axie Infinity(AXS), Chiliz(CHZ), Terra (LUNA) and Zcash (ZEC). Also, the Zilliqa (ZIL) will support only Binance Smart Chain (BSC).

As of April 27th, the ZEC withdrawal is also enabled. For May 2022, CAKE, FIL, VET, Livepeer Token(ERC20), Flow Token (ERC20), and Helium (BSC) are listed, making the total number of coins to be 88 in total.

Guideline for listings of Coins, Tokens and Projects on Unocoin

At Unocoin, we strive to deliver the best crypto buying and selling experience to our Unocoiners. As the industry grows fast and unique, great projects bring significant changes. We want our tribe to invest in the best for their future – the future they believe in. We want to make sure Unocoin is that one platform for all your crypto investments.

As a crypto exchange, we advocate for decentralised, distributed and open blockchain projects. Our platform is built for anyone who wishes to list their project on Unocoin – anyone who believes in the future of a better financial system. That being said, with the growing number of crypto-related products emerging now and then, we usually include them on our platform. We want to enable our community members to explore multiple assets. Hence, we suggest crypto token generators and miners to list their crypto projects.

Here are some of the criteria we checklist while listing assets, tokens, coins, and projects on our exchange. However, the pointers are not just limited to these.

Token publishers must:

  • Have a viable product. 
  • Have an official authentic whitepaper. 
  • Be listed on major crypto data platforms like CoinMarketCap, CoinGecKo.
  • Have a user/community-based adoption. 
  • Have non-anonymous founders and team members.
  • Have a great team actively working on the project. (Active social media).
  • Have a proper project road map. 
  • Have a public tokenomics and vested interest of founders and team members.

Token publishers can also have an open-source code on a platform like Github. This is, however, optional.

While these are a few checklists we want to maintain while listing any projects, we also examine the extent of community adoption and authenticity of a project.

For any request to list your crypto project, please write to us at [email protected].

 

Thank you

INR 100 worth of BTC for free – No questions asked!

Unocoin has got you an offer this new financial year like no other! For every new user sign-up, you get INR 100 worth of bitcoin credited to your wallet as a welcome bonus. There is no better chance to start your crypto journey. The offer is still valid.

What is more:

  1. Refer your family to join Unocoin using your unique referral code. They get INR 100 worth of BTC for free on their sign-up + You get 15% of the transaction fee on every transaction they make.
  2. INR 100 worth of BTC for each sign up means INR 500 worth of BTC for a family member of 5. Sharing is caring. Grow your network.
  3. No need to
  • apply or redeem a coupon, or
  • pay the additional cost or
  • go through the lengthy online process or
  • stand in a queue or
  • go through the time-consuming documentation!

Get your verified Unocoin account now!

#CelebrateBitcoinWithUnocoin

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Disclaimer:

Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).