Indian Crypto Exchange ZebPay seeking license in Singapore, considers UAE foray

One of India’s oldest cryptocurrency exchanges is looking for growth abroad as the country’s tax policies crush the domestic market.

8 years old ZebPay applied for a license in Singapore and is assessing the potential of a similar step in the United Arab Emirates, outgoing CEO Avinash Shekhar said in an interview.

While the company will continue to focus on India, the 1% transaction tax the country has imposed on cryptocurrencies this year is hurting trading volumes and the tax “must be reduced.” , otherwise things won’t improve,” he said.

Daily trading volume at key platforms based in India is down by more than 90% since the transaction fee went into effect in July. That is exactly a fee for brokers. For example, Binance-WazirX branch – India’s largest electronic money exchange – laid off almost 40% of its employees. Shekhar said ZebPay has taken pay cuts, including a 6% cut for non-managerial employees.

He will be leaving to start his own Web3 venture, which will receive seed funding from ZebPay, but will also continue in an advisory role at the company. The term “Web3” refers to the vision of a decentralized internet built around blockchains.

Shekhar said he plans to start a business out of India but warned crypto taxes are causing entrepreneurs to develop Web3 projects from Dubai or Singapore.

Daily transaction volume on ZebPay has dropped from a high of $122 million in October 2021 to just over $700,000, data from Nomics shows.

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