WazirX cryptocurrency exchange located in India is seeking to relocate its headquarters to Dubai following the recent imposed tax on crypto and digital assets in India.
According to Business Today, Shetty and Menon have already relocated to Dubai with their families, citing people close to the situation. Sameer Mhatre, co-founder and chief technology officer, continues to work from India.
The decision comes after the Indian government imposed a 30% tax on digital assets, as well as a 1% tax on all crypto transactions. Several Indian crypto players, including Shetty, have warned that the action will scare away investors.
WazirX isn’t the first cryptocurrency company to look for a better home abroad. Sandeep Nailwal, the founder of Polygon, relocated to Dubai in 2019. With confusing policies, Naiwal recently called out the Indian government for creating a “crazy” crypto brain drain.
According to the magazine, the majority of WazirX’s employees work remotely. Binance acquired the exchange, which was created in 2018, in 2019. It has more than 10 million active users, which makes up the majority of the Indian market.
WazirX is one of India’s major cryptocurrency exchanges, with daily volumes exceeding $25 million. However, the recent measures by the Indian government to restrict crypto usage have put it under strain.
The Indian government looks to be echoing the Reserve Bank’s anti-crypto position with its recent tax judgement.
Finance Minister Nirmala Sitharaman recently slammed cryptocurrency for its potential to be used for money laundering and terrorism financing.
Dubai becomes home to crypto investors
Dubai has drawn a flood of crypto investors this year after implementing what appears to be pro-crypto legislation. Binance and FTX, who have both been granted operating licenses in the city, have the potential to turn the port into a significant crypto hub.
Binance has even contemplated establishing a worldwide headquarters in Dubai. Dubai passed its first law governing virtual assets in March. The bill established a commission to oversee the space, as well as plans to create economic zones for crypto growth.
