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.
New crypto exchange regulations impact business
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.
Meanwhile, the startup has imposed pay cuts, with non-management employees seeing a 6% decrease in p
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