Cofounders of the Binance-backed Indian crypto exchange WazirX have reportedly moved to Dubai amid regulatory uncertainty and taxation, local media report.
See related article: India’s crypto tax will incur losses for government, says WazirX CEO
Fast facts
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Nischal Shetty and Siddharth Menon have reportedly moved to Dubai along with their families.
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“Crypto has no boundaries,” WazirX CEO Shetty tweeted yesterday.
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The company’s entire workforce operates remotely despite offices in Mumbai and Bengaluru.
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“WazirX is headquartered in Mumbai and Bengaluru, and there is no change in any of our operating procedures,” a spokesperson told local media. “It is business as usual.”
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Several investors and traders have also been relocating to Dubai as the country offers crypto-friendly regulations, while India continues to rein in digital assets trading.
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India imposed a 30% flat tax on all gains made from cryptocurrencies from April 1, and plans to impose a 1% levy on all transactions starting July 1.
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This led to the biggest drop in trading volumes in years, research by Crebaco showed.
See related article: India’s crypto brain drain may accelerate once again