India's ZebPay Cryptocurrency Exchange Pertains License In Singapore

ZebPay Applied For A Singapore License

Avinash Shekhar, the business's CEO, remarked in an interview that the company has filed for a license in Singapore and is considering making a similar step in the United Arab Emirates.

He mentioned the recent 1% charge on each cryptocurrency transfer imposed by India earlier this year as the inspiration behind the action, stating it needs to fall, or else the situation is unlikely to improve. In addition, a 30% tax was announced in February on profits derived from the trade of digital assets.

The Impact Of Taxes

The new taxes have harmed the daily trading volumes at companies such as ZebPay. According to Nomics data, daily trading volume on ZebPay fell from $122 million last October to just over $700,000. Shekhar intends to leave the company and use the initial funding from the exchange, where he would continue to serve as an advisor, to launch his own cryptocurrency business.

WazirX Laid Off 40% Staff

WazirX, an Indian exchange, fired 40% of its employees, blaming taxes, rules, and banking accessibility. WazirX daily trade volumes have been slowly declining, according to statistics from CoinGecko, from a one-year record of 478 million on October 28, 2021, to 1.5 million on October 1, 2022. According to the sources, trade volumes on certain days have been lower than one million, which is insufficient to maintain operations.

Indian authorities have tried to crack down on cryptocurrency businesses doing business there. The Directorate of Enforcement (ED), a law enforcement organization in India that looks into financial crimes, froze cryptocurrency worth 128 million rupees ($1.5 million) in September.