WazirX, the largest cryptocurrency exchange in India, is said to have relocated to Dubai from its previous location in the country.
A leading crypto-based Twitter page, Watcher Guru, broke this information on Twitter.
JUST IN: 🇮🇳 India's largest #cryptocurrency exchange, WazirX, has relocated its base to Dubai, citing Indian heavy tax laws.
— Watcher.Guru (@WatcherGuru) April 19, 2022
In the face of strict cryptographic laws, WazirX decided to flee the country
A sudden shift occurred after India’s substantial 30% crypto tax and 1% TDS on each and every crypto transaction. As a result of the unacceptable crypto tax, crypto trading volumes in the country have been significantly reduced.
Even though the majority of WazirX’s teams are based remotely, the company maintains physical offices in Mumbai and Bengaluru.
According to multiple reports, Shetty and Menon’s families have left India. According to the sources, Sameer Mhatre, WazirX’s co-founder and CTO, will continue to operate in India.
According to a WazirX spokesperson, the company, which has employees in more than 70 countries, is able to work remotely. This allows employees to work from any location, regardless of where the company’s headquarters are located.
It was easy to see where this was going. Investors, crypto startups, and exchanges will soon leave the country in search of a more crypto-friendly hub in which they can grow and flourish, and this is only the beginning.