This India-Based Crypto Exchange is Going After Licenses in Singapore and Dubai
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India-based crypto exchange ZebPay is now looking for licenses in Singapore and the United Arab Emirates on the back of its home country’s taxation policies.
The outgoing Chief Executive Officer of the crypto exchange told Bloomberg that the 1% transaction tax India has put on cryptocurrencies this year is affecting trading volumes.
While the company will keep its presence in the Indian market, CEO Avinash Shekhar is of the view that the tax “has to come down. Otherwise, things are not going to improve.”
That said, the executive has reportedly decided to continue serving as an advisor to ZebPay while launching his own Web3 business from Singapore or Dubai.
Dubai and Singapore are locking horns to become the most attractive destination for crypto developers and investors. Both regions have handed out several licenses to allow crypto businesses to operate legally, competing with Asia’s highly taxed crypto counterpart.
Earlier in March, Polygon’s CEO Sandeep Nailwal stated that India’s ambivalence toward cryptocurrencies is scaring away talent, investors, and business owners and could continue to lead to a ‘brain drain’ in the sector in the coming years.
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