Cryptocurrency Exchanges Avoid Increasing Taxes! Here is the Preferred Tax Haven Country!

As crypto companies in India continue to face pressure cryptocurrency stock market ZebPay He wants to get a license in Singapore.

Indian Cryptocurrency Exchange ZebPay Apply for License in Singapore

ZebPay, an eight-year-old crypto exchange, allows its users to trade in more than 100 different tokens and earn returns by lending selected cryptocurrencies.

CEO Avinash Shekhar said in an interview with Bloomberg that the company has applied for a license in Singapore and is considering a similar move in the United Arab Emirates.

Citing the 1% tax imposed by India on every crypto transfer earlier this year as the reason for this move, Shekhar said that this tax should be lowered, otherwise things will not improve.

The tax in question consists of digital assets and financial assets announced in February. bitcoin It is applied in addition to the 30% tax on profits from trading.

The new taxes have had a knock-on effect on the daily transaction volumes of companies like ZebPay. According to data from Nomics, daily trading volume on ZebPay fell from $122 million last October to $700,000.

Another India-based exchange, WazirX, laid off 40% of its workforce earlier this month, citing taxes, regulations and access to banking.

Indian authorities are trying to clamp down on crypto companies operating in the country. In September, the Enforcement Directorate (ED), India’s law enforcement agency investigating financial crimes, froze 128 million rupees ($1.5 million) worth of cryptocurrencies.

Following this, Indian authorities reportedly searched the offices of CoinSwitch Kuber, a crypto exchange backed by a16z and Tiger Global, in August.

*Not investment advice.

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