Indian Crypto Exchange ZebPay Seeks A License In Singapore

ZebPay, an Indian crypto exchange, is looking for a license in Singapore as demands on crypto firms in India persist.

In an interview with Bloomberg, CEO Avinash Shekhar stated that the business has filed for a license in Singapore and is considering a similar step in the United Arab Emirates.

He mentioned a recent 1% tax on all crypto transfers imposed by India earlier this year as impetus for the action, stating it needs to come down, or things are not going to improve. This is in addition to the 30% tax on earnings gained from trading digital assets that was announced in February.

ZebPay is a crypto exchange platform that first marked its presence in October 2014 with the launch of a Bitcoin wallet in India. The exchange allows users to trade over 100 different tokens and earn rewards by lending selected coins.

The additional tariffs have had an impact on everyday trade volumes at businesses like ZebPay. According to Nomics statistics, daily transaction activity on ZebPay has decreased from a peak of $122 million in October to a little over $700,000.

Shekhar intends to quit the firm to launch his own cryptocurrency initiative with initial capital from the exchange, where he will continue to serve as an adviser.

WazirX, an India-based exchange, cut off 40% of its workers earlier this month, blaming taxes, regulations, and access to banking.

Indian authorities have attempted to crack down on crypto firms operating in the nation. The Directorate of Enforcement (ED), a law-enforcement department in India that investigates financial crimes, froze cryptocurrency worth 128 million rupees ($1.5 million) in September.

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