India is still approaching the crypto sector at a slow and calculated pace. However, players in the field are exploring opportunities in other more crypto-friendly regions. In an effort to expand to more lucrative international locations, Indian crypto exchange ZebPay has applied for a license to operate in Singapore. ZebPay CEO, Avinash Shekhar, confirmed the development in an interview. He also noted that the company is taking a similar approach in the UAE.
India’s tax regime for the crypto sector has emerged among the top reasons driving the eight-year-old cryptocurrency exchange to ponder international expansion.
“[The levy] must go down, or things will not improve,” said Bloomberg quote Shekhar as said.
Indians pay 30% tax on all crypto income and profits. Back in July, Crypto Exchanges in India Be recorded Trading volume plummeted after the one-percent TDS rule went live on July 1st.
Amid slowing business as well as a slump in the crypto sector, ZebPay has introduced wage cuts just to keep the company afloat. In fact, the company also laid off 6% of its non-managerial employees.
Investments in Singapore’s crypto and blockchain companies grew to $1.48 billion (approximately Rs 11,800) in 2021, 10 times the previous year and almost half the total in Asia Pacific in 2021, follow KPMG.
More than 150 crypto companies applied for a new crypto payment license from the Monetary Authority of Singapore (MAS) in 2020, although only a few have received licenses so far.
Currently, ZebPay has not revealed detailed plans for the launch in the UAE.
Back in April, it was rumored that WazirX founders Nischal Shetty and Siddharth Menon made a move outside India.
The immediate buzz concerns India’s recently imposed tax law on virtual digital assets and how that may have affected the ease of doing business from the country for with WazirX leadership.
The company quashed speculation at the time, but did not confirm or deny its overseas leadership.