The move to tax virtual digital assets at 30% in the Budget has encouraged the crypto industry to come out with financial products. Crypto exchange CoinSwitch on Monday launched a recurring buy plan (RBP) — a systematic investment plan (SIP) to buy crypto assets in India.

With this, the startup wants users to beat market volatility and avoid making impulsive buying or selling decisions. Ashish Singhal, founder and CEO of CoinSwitch, said that the plan is for people who take a more systematic and long-term approach to buying crypto assets and is not really meant as a product for traders. “We are still reading the Budget fine print. Our initial understanding is that the 1% TDS will usually impact frequent traders who operate on smaller margins,” he said.

Tax experts TOI spoke to said that though the Budget is silent on products such as crypto RBPs, the taxation will likely be along the same lines as SIPs, which are taxed on withdrawal.