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 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.

Crypto bits from Budget speech 2022-23

 

The Budget 2022 has given more light to the grey area of crypto space and India has taken a view that we want to treat it like assets and not like currency, so that it’s very obvious that any kind of transfers from one person to another is taxable. When it comes to such transfer of assets including sale of cryptos, income taxes are levied. This section of the Budget will be applicable for all sorts of Digital Assets and NFT’s.

  • 30% taxes applicable on profits from trading in crypto.

Profits made at the sale of crypto or NFTs will be taxable at 30% tax without any deductions or exemptions. It would no longer be considered as Short Term or Long Term Capital Gains. There is no minimum profits provided for exemption, no matter how small the profit is, it will be taxable under the 30% slab.

  • 1% TDS in order to record and monitor transactions

All the transactions will be taxed 1% as TDS. This is the Government’s approach to monitor all transactions happening in crypto space. This approach might prove to be slightly drastic for intra-day traders as they buy and sell on the same day and do multiple such transactions. The same traders will also be liable to pay 30% taxes on profit as well. This will also have its effect on the volume of transactions happening in crypto space within India. For the days to come, it might be a bad move from the government’s side to impose such high TDS, given some people are doing the transactions for small profits, especially for intra-day traders and short term investors. 

  • Gits will be taxable as well.

The gifts given to family or others were not taxable for fiat or any traditional asset, but when it comes to crypto, the crypto gifts will be considered for taxes and the recipient will be liable for taxes. It is unclear as to if the recipient should pay taxes considering the acquisition cost of those assets or if the entire amount becomes taxable.

  • The losses of crypto trading cannot be offset by profits from other sources or the other way around.

The profits earned through crypto will be taxable without any exemption, but in case of loss in crypto, such losses cannot be offset through profits from other sources and vice versa. The losses in trading from crypto cannot be carried forward as well to the next financial year to be exempted from profits earned in the next year. 

To make it more simple to understand the new tax rules, let’s take a look at the below example,

So far, it was falling in the same income tax slab of taxation starting from the income of 5 Lacs p.a. Because if a person’s income is 4.5 Lakhs, and the profits they made out of crypto is 60k, the total taxable income would be 5.1 Lacs and it would be as per income tax slabs.

But with the new tax regine in place, the 60k profit from crypto would get taxed directly at 30% followed by the normal slab based taxes for the person’s income of 4.5 Lakhs.

There are multiple factors and very minute details that need to be considered and it might be more difficult to file the taxes especially for intra-day traders considering the new TDS in place. Some relief was expected from this budget, but the high TDS and such high taxes of 30% might make people to be more cautious when they trade crypto, and at the same time, India is moving forward to the regulations in crypto space making us one of the first to have regulations. These regulations might seem a little heavy on taxpayers, but it also indicates how volatile the crypto market is. It’s high time for us to see how people react to it and it would be interesting what the future of Indian crypto space will be like.

What to expect from the Crypto bill and how to be prepared?

With over 2 crore crypto investors who have invested a whopping 10 billion dollars worth of the economy, right now, there’s a dark cloud over the crypto-system amid the possible inclusion of a crypto bill by the Government of India. A topic of a bill on regulating cryptocurrency has been making rounds for several weeks, with still a lot of uncertainties regarding what would be permitted and what would not.

In the worst conditions, what to expect if a ban is imposed?

Unocoin is facilitating buying of gift vouchers from over 90 different brands through Bitcoins

Unocoin customers can now avail gift-vouchers of popular brands by paying through their bitcoin using their new voucher option

06 August 2021, India: Unocoin; India’s first and most popular bitcoin trading site is now providing its users to buy vouchers from over 90 different brands by using Bitcoins. A registered user of Unocoin can use bitcoin worth as little as INR 100 and as much as INR 5000 to avail of these vouchers.

 

KYC verified users of Unocoin who have bitcoin in their wallets are eligible to participate in this offering. They need to login to their account and go to the BTC page. There, among the multiple options available, the user needs to click on Shop. If a user is functioning from the Unocoin app, then the Shop button can be found on the dashboard and in the More section. Here the user can shop from 90+ brands like Dominos, CCD, Baskin & Robbins, Himalaya, Prestige etc After selecting the desired brand, a dropdown menu will come from multiple INR denominations to buy vouchers. Once the user selects the amount the corresponding value of BTC will also be showcased to him and after paying the amount the voucher code is received by the user.

Sharing his views on the new development, Mr Sathvik Vishwanath, Co-Founder & CEO Unocoin said “Bitcoin as a barter asset is being accepted & traded by millions of users worldwide through this initiative we would like to educate the Indian audience about the multi-dimensional use of the cryptocurrency.”

“While there are tens of thousands of physical outlets and e-commerce portals accepting bitcoin as a mode of payment in the countries like the US, our country doesn’t have such acceptability yet. Our offering answers the popular question of where someone can spend bitcoin in India!” – He further adds

While the first and foremost reason a cryptocurrency like bitcoin got created is to allow users to do fast and free payments across the internet. While the bitcoin adoption takes some more time, this features by Unocoin forms an indirect way to pay using bitcoin on a popular e-commerce portal in India. Unocoin is providing its users with a diversified option of brands across sectors like travel, restaurants, lifestyle companies, clothes, accessories, hotels, and much more to use their Bitcoins as an alternative cash commodity. These vouchers can even make a fantastic gift to a loved one. All they have to do is to have to pass on the E-voucher information electronically or through printing it out and handing over the copy of the voucher.

About Unocoin:

Started in 2013, Unocoin is a Bangalore based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s largest (in Indian customer base) BTC-INR trading platform which enables Indians to buy, sell, store, use and accept bitcoin. At its peak, Unocoin processed transactions worth more than INR 2B per month for its 1,300,000+ customers.

The startup has been featured among the Top 20 companies in The Fintech20: India List, and have 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.

For more information, visit https://www.unocoin.com/in