Pi42, co-founded by Avinash Shekhar, describes itself as India’s first Crypto-INR Perpetual Futures Exchange.

The platform seeks to provide local traders with an alternative to offshore exchanges by offering INR-margined and INR-settled derivatives that aim to reduce tax friction and improve accessibility.

With more than 500 trading pairs available and options trading set to launch soon, Pi42 is positioning itself at the intersection of innovation and compliance in India’s evolving crypto landscape.

Speaking to Invezz, Avinash Shekhar, Co-Founder and CEO of Pi42, outlines the company’s vision, its focus on regulatory alignment, and how it plans to expand access to structured products for Indian investors.

Here are the excerpts from the interview:

Invezz: Pi42 calls itself India’s first Crypto-INR Perpetual Futures Exchange. What gap in the market were you aiming to fill with this product? 

When we started Pi42, we saw a clear gap.

Indian traders were relying on offshore USDT-based exchanges to access crypto futures.

This meant navigating currency conversion, higher costs, and complex tax implications. More importantly, funds were parked overseas without local protections.

We wanted to solve these pain points by creating India’s first INR-margined perpetual futures exchange, onshore, transparent, and compliant.

By allowing traders to directly margin and settle in INR, Pi42 makes futures more accessible, tax-efficient, and aligned with Indian regulations.

Our mission was simple: bring world-class products to Indian users in a way that’s safe, local, and sustainable.

Pi42 bridges the gap between global-grade products and Indian realities which are safe, onshore, and INR-based.

Invezz: How does Pi42’s vision of a “crypto-empowered global ecosystem” translate into practical steps for Indian investors today?

Our vision is to make crypto derivatives not just accessible, but empowering for every kind of investor.

For Indian users, this translates into three practical steps. First, building products that are designed for the local context, like INR perpetual futures and, soon, options contracts in INR margin.

Second, ensuring compliance with KYC and AML so that investors can trade with peace of mind.

And third, creating an ecosystem of education, from workshops to in-app guided flows, so that both beginners and advanced traders understand risk management.

For us, “crypto-empowered” means traders are not limited to speculation; they can hedge volatility, optimise taxes, and use structured strategies, all on a platform that keeps transparency and compliance at its core.

A crypto-empowered ecosystem starts with local products, strong compliance, and relentless focus on education.

Invezz: What differentiates Pi42 from other global perpetual futures exchanges?

Globally, perpetual futures are dominated by USDT-based exchanges that cater to advanced traders.

Pi42 is different because it was built ground up for India.

Our contracts are INR-margined and INR-settled, which eliminates the 1% TDS and 30% VDA tax applied to spot trading.

We’ve also lowered entry barriers users can start with small amounts instead of committing large capital.

Our rapid trade engine, compliance-first approach, and mandatory KYC/AML make Pi42 a safer, more transparent option.

And we’re not stopping at futures; our upcoming INR-margined options product will further widen access to structured strategies like spreads and covered calls, something rarely available in the Indian context.

These differentiators: local currency, tax efficiency, lower entry costs, and a focus on compliance make Pi42 unique.

Unlike offshore players, Pi42 is Indian at its core: INR-based, tax-efficient, and built for local adoption.

Invezz: You’ve emphasised regulatory compliance as a core pillar of Pi42. How are you navigating India’s evolving stance on crypto?

We have always believed that the future of crypto in India must be built on compliance and transparency.

From day one, Pi42 implemented strict KYC and AML protocols, with instant verification using Aadhaar, PAN, and selfie checks.

We also ensured that all INR flows happen through regulated banking channels, giving users clarity and trust.

While India’s regulatory framework is still evolving, our approach is to stay one step ahead whether through FIU registration, following global best practices, or maintaining open dialogue with policymakers.

We see compliance not as a cost, but as an investment in long-term trust.

This approach allows us to build products like INR futures and options with confidence, knowing they will stand the test of regulatory clarity.

Compliance isn’t a checkbox for us; it’s the foundation of sustainable crypto adoption in India.

Invezz: One of Pi42’s selling points is avoiding the 1% TDS and 30% VDA tax. Can you explain how the platform ensures tax efficiency while staying compliant with Indian regulations?

The key lies in our product design. The 1% TDS and 30% VDA tax apply to spot crypto transactions.

Since Pi42 does not offer spot trading and focuses exclusively on derivatives, these taxes are not triggered.

Instead, our contracts are margined and settled in INR, with all flows routed through regulated banking channels.

This makes them both tax-efficient and compliant. For traders, the benefit is significant: they can trade actively without losing capital to high tax friction.

At the same time, Pi42 remains fully within the law, implementing robust KYC/AML and adhering to FIU requirements.

In short, Pi42 was built as a sustainable, compliant platform that delivers efficiency and transparency for Indian users.

Invezz: What feedback have you received so far from users on seamless INR trading, and how critical is that feature for adoption in India?

The response to INR-based trading has been overwhelmingly positive.

For most Indian users, the biggest barrier on offshore exchanges was dealing with USDT, converting INR into stablecoins, paying high fees, and managing tax headaches.

By letting them margin and settle directly in INR, Pi42 removes all that complexity.

Many traders tell us this makes the platform feel more transparent and trustworthy, since funds remain in regulated Indian bank accounts.

It also enables faster deposits and withdrawals, which is critical for active traders.

For adoption, INR is not just a convenience feature; it’s the foundation that makes derivatives truly accessible in India.

With options trading about to launch, we expect this simplicity to bring an even wider audience into structured products.

For Indian traders, INR is not just convenient; it’s the foundation for trust and adoption.

Invezz: Beyond perpetual futures, are there plans to expand into other derivative products or financial instruments?

Our next major focus is launching crypto options.

Globally, in 2025, crypto derivatives account for approximately 76% of total cryptocurrency trading volume, underscoring their dominance in the digital asset market.

The Asia-Pacific region, which includes India, is contributing significantly to this momentum, with retail investors showing a growing appetite for structured strategies like covered calls and spreads.

By expanding into options, Pi42 aims to align with these global and regional trends while making advanced derivatives accessible and INR-margined for Indian traders.

Invezz: Can you walk us through the roadmap for Pi42’s options trading launch — from when it’s expected to go live to how you’re approaching the rollout for Indian investors?

We expect options trading to go live shortly, and the rollout has been planned in structured phases.

Phase 1 will introduce BTC, ETH, and SOL options directly in INR, with both buying and selling available, flexible expiries, and low entry margins starting from just ₹20, a first in India.

The idea is to make options accessible while still offering institutional-grade features like Greeks, IV, and real-time order books.

As adoption builds, Phases 2 and 3 will layer on advanced capabilities, basket orders, payoff graphs, dynamic delta hedging, and strategy templates such as straddles and iron condors.

Alongside this, we’re investing heavily in trader education, since many Indian investors are new to options.

Our vision is to help them not just speculate but use structured hedging and yield strategies, all in a tax-efficient, INR-native environment. 

Invezz: What adoption trends have you seen since launch, both in terms of volume and user demographics?

Since launch, Pi42 has seen adoption scale rapidly, crossing 200,000+ registered traders and facilitating close to 5 billion in cumulative trading volume.

On the retail side, the low entry barrier and INR margining have attracted users from Tier 2 and Tier 3 cities, who often felt excluded from offshore exchanges.

At the same time, our liquidity and advanced features have drawn in more experienced traders looking for a compliant, onshore alternative.

Daily volumes are growing steadily, with many users trading multiple pairs across BTC, ETH, and popular altcoins.

We’re also seeing encouraging signs of community-led growth, with referrals and word-of-mouth being strong drivers.

Importantly, feedback has shown us that education and guidance are key, which is why our roadmap includes more learning tools, especially as we roll out options trading.

Invezz: Looking ahead, do you plan to expand internationally, or will India remain the core focus market?

We see India as one of the most exciting markets for crypto derivatives right now. Adoption is accelerating rapidly, driven by young, tech-savvy investors and increasing awareness in Tier 2 and Tier 3 cities.

That’s where our energy is going building liquidity, expanding products like INR-margined options, and strengthening education for traders here.

India offers enormous headroom for growth, and we’re confident that by focusing on this market, Pi42 can set the benchmark for what a compliant, world-class derivatives exchange should look like.

Invezz: What’s your outlook for the Indian crypto ecosystem over the next 2–3 years, especially with a possible regulatory framework on the horizon?

We’re optimistic. The last few years have shown that despite uncertainty, Indian users remain deeply interested in crypto as an asset class and trading opportunity.

With a clear regulatory framework on the horizon, we believe the industry will transition from cautious adoption to mainstream acceptance.

For exchanges, this means doubling down on compliance, transparency, and education, values we’ve championed from day one.

We expect to see a shift from speculative spot trading to more structured derivatives strategies, particularly as products like INR options become available.

Over the next 2–3 years, India could emerge as a global leader in responsible crypto adoption, provided exchanges continue to work hand-in-hand with policymakers.

Pi42’s role will be to ensure that Indian traders have access to safe, innovative products that meet both local and global standards.

The post Interview: India could be global leader in responsible crypto adoption, says Pi42 CEO Avinash Shekhar appeared first on Invezz

Pi42, co-founded by Avinash Shekhar, describes itself as India’s first Crypto-INR Perpetual Futures Exchange.

The platform seeks to provide local traders with an alternative to offshore exchanges by offering INR-margined and INR-settled derivatives that aim to reduce tax friction and improve accessibility.

With more than 500 trading pairs available and options trading set to launch soon, Pi42 is positioning itself at the intersection of innovation and compliance in India’s evolving crypto landscape.

Speaking to Invezz, Avinash Shekhar, Co-Founder and CEO of Pi42, outlines the company’s vision, its focus on regulatory alignment, and how it plans to expand access to structured products for Indian investors.

Here are the excerpts from the interview:

Invezz: Pi42 calls itself India’s first Crypto-INR Perpetual Futures Exchange. What gap in the market were you aiming to fill with this product? 

When we started Pi42, we saw a clear gap.

Indian traders were relying on offshore USDT-based exchanges to access crypto futures.

This meant navigating currency conversion, higher costs, and complex tax implications. More importantly, funds were parked overseas without local protections.

We wanted to solve these pain points by creating India’s first INR-margined perpetual futures exchange, onshore, transparent, and compliant.

By allowing traders to directly margin and settle in INR, Pi42 makes futures more accessible, tax-efficient, and aligned with Indian regulations.

Our mission was simple: bring world-class products to Indian users in a way that’s safe, local, and sustainable.

Pi42 bridges the gap between global-grade products and Indian realities which are safe, onshore, and INR-based.

Invezz: How does Pi42’s vision of a “crypto-empowered global ecosystem” translate into practical steps for Indian investors today?

Our vision is to make crypto derivatives not just accessible, but empowering for every kind of investor.

For Indian users, this translates into three practical steps. First, building products that are designed for the local context, like INR perpetual futures and, soon, options contracts in INR margin.

Second, ensuring compliance with KYC and AML so that investors can trade with peace of mind.

And third, creating an ecosystem of education, from workshops to in-app guided flows, so that both beginners and advanced traders understand risk management.

For us, “crypto-empowered” means traders are not limited to speculation; they can hedge volatility, optimise taxes, and use structured strategies, all on a platform that keeps transparency and compliance at its core.

A crypto-empowered ecosystem starts with local products, strong compliance, and relentless focus on education.

Invezz: What differentiates Pi42 from other global perpetual futures exchanges?

Globally, perpetual futures are dominated by USDT-based exchanges that cater to advanced traders.

Pi42 is different because it was built ground up for India.

Our contracts are INR-margined and INR-settled, which eliminates the 1% TDS and 30% VDA tax applied to spot trading.

We’ve also lowered entry barriers users can start with small amounts instead of committing large capital.

Our rapid trade engine, compliance-first approach, and mandatory KYC/AML make Pi42 a safer, more transparent option.

And we’re not stopping at futures; our upcoming INR-margined options product will further widen access to structured strategies like spreads and covered calls, something rarely available in the Indian context.

These differentiators: local currency, tax efficiency, lower entry costs, and a focus on compliance make Pi42 unique.

Unlike offshore players, Pi42 is Indian at its core: INR-based, tax-efficient, and built for local adoption.

Invezz: You’ve emphasised regulatory compliance as a core pillar of Pi42. How are you navigating India’s evolving stance on crypto?

We have always believed that the future of crypto in India must be built on compliance and transparency.

From day one, Pi42 implemented strict KYC and AML protocols, with instant verification using Aadhaar, PAN, and selfie checks.

We also ensured that all INR flows happen through regulated banking channels, giving users clarity and trust.

While India’s regulatory framework is still evolving, our approach is to stay one step ahead whether through FIU registration, following global best practices, or maintaining open dialogue with policymakers.

We see compliance not as a cost, but as an investment in long-term trust.

This approach allows us to build products like INR futures and options with confidence, knowing they will stand the test of regulatory clarity.

Compliance isn’t a checkbox for us; it’s the foundation of sustainable crypto adoption in India.

Invezz: One of Pi42’s selling points is avoiding the 1% TDS and 30% VDA tax. Can you explain how the platform ensures tax efficiency while staying compliant with Indian regulations?

The key lies in our product design. The 1% TDS and 30% VDA tax apply to spot crypto transactions.

Since Pi42 does not offer spot trading and focuses exclusively on derivatives, these taxes are not triggered.

Instead, our contracts are margined and settled in INR, with all flows routed through regulated banking channels.

This makes them both tax-efficient and compliant. For traders, the benefit is significant: they can trade actively without losing capital to high tax friction.

At the same time, Pi42 remains fully within the law, implementing robust KYC/AML and adhering to FIU requirements.

In short, Pi42 was built as a sustainable, compliant platform that delivers efficiency and transparency for Indian users.

Invezz: What feedback have you received so far from users on seamless INR trading, and how critical is that feature for adoption in India?

The response to INR-based trading has been overwhelmingly positive.

For most Indian users, the biggest barrier on offshore exchanges was dealing with USDT, converting INR into stablecoins, paying high fees, and managing tax headaches.

By letting them margin and settle directly in INR, Pi42 removes all that complexity.

Many traders tell us this makes the platform feel more transparent and trustworthy, since funds remain in regulated Indian bank accounts.

It also enables faster deposits and withdrawals, which is critical for active traders.

For adoption, INR is not just a convenience feature; it’s the foundation that makes derivatives truly accessible in India.

With options trading about to launch, we expect this simplicity to bring an even wider audience into structured products.

For Indian traders, INR is not just convenient; it’s the foundation for trust and adoption.

Invezz: Beyond perpetual futures, are there plans to expand into other derivative products or financial instruments?

Our next major focus is launching crypto options.

Globally, in 2025, crypto derivatives account for approximately 76% of total cryptocurrency trading volume, underscoring their dominance in the digital asset market.

The Asia-Pacific region, which includes India, is contributing significantly to this momentum, with retail investors showing a growing appetite for structured strategies like covered calls and spreads.

By expanding into options, Pi42 aims to align with these global and regional trends while making advanced derivatives accessible and INR-margined for Indian traders.

Invezz: Can you walk us through the roadmap for Pi42’s options trading launch — from when it’s expected to go live to how you’re approaching the rollout for Indian investors?

We expect options trading to go live shortly, and the rollout has been planned in structured phases.

Phase 1 will introduce BTC, ETH, and SOL options directly in INR, with both buying and selling available, flexible expiries, and low entry margins starting from just ₹20, a first in India.

The idea is to make options accessible while still offering institutional-grade features like Greeks, IV, and real-time order books.

As adoption builds, Phases 2 and 3 will layer on advanced capabilities, basket orders, payoff graphs, dynamic delta hedging, and strategy templates such as straddles and iron condors.

Alongside this, we’re investing heavily in trader education, since many Indian investors are new to options.

Our vision is to help them not just speculate but use structured hedging and yield strategies, all in a tax-efficient, INR-native environment. 

Invezz: What adoption trends have you seen since launch, both in terms of volume and user demographics?

Since launch, Pi42 has seen adoption scale rapidly, crossing 200,000+ registered traders and facilitating close to 5 billion in cumulative trading volume.

On the retail side, the low entry barrier and INR margining have attracted users from Tier 2 and Tier 3 cities, who often felt excluded from offshore exchanges.

At the same time, our liquidity and advanced features have drawn in more experienced traders looking for a compliant, onshore alternative.

Daily volumes are growing steadily, with many users trading multiple pairs across BTC, ETH, and popular altcoins.

We’re also seeing encouraging signs of community-led growth, with referrals and word-of-mouth being strong drivers.

Importantly, feedback has shown us that education and guidance are key, which is why our roadmap includes more learning tools, especially as we roll out options trading.

Invezz: Looking ahead, do you plan to expand internationally, or will India remain the core focus market?

We see India as one of the most exciting markets for crypto derivatives right now. Adoption is accelerating rapidly, driven by young, tech-savvy investors and increasing awareness in Tier 2 and Tier 3 cities.

That’s where our energy is going building liquidity, expanding products like INR-margined options, and strengthening education for traders here.

India offers enormous headroom for growth, and we’re confident that by focusing on this market, Pi42 can set the benchmark for what a compliant, world-class derivatives exchange should look like.

Invezz: What’s your outlook for the Indian crypto ecosystem over the next 2–3 years, especially with a possible regulatory framework on the horizon?

We’re optimistic. The last few years have shown that despite uncertainty, Indian users remain deeply interested in crypto as an asset class and trading opportunity.

With a clear regulatory framework on the horizon, we believe the industry will transition from cautious adoption to mainstream acceptance.

For exchanges, this means doubling down on compliance, transparency, and education, values we’ve championed from day one.

We expect to see a shift from speculative spot trading to more structured derivatives strategies, particularly as products like INR options become available.

Over the next 2–3 years, India could emerge as a global leader in responsible crypto adoption, provided exchanges continue to work hand-in-hand with policymakers.

Pi42’s role will be to ensure that Indian traders have access to safe, innovative products that meet both local and global standards.

The post Interview: India could be global leader in responsible crypto adoption, says Pi42 CEO Avinash Shekhar appeared first on Invezz