India’s ZebPay Cryptocurrency Exchange Pertains License In Singapore

ZebPay, an Indian cryptocurrency exchange, is applying for a license in Singapore as domestic pressure on the industry mounts. ZebPay is an eight-year-old cryptocurrency exchange that allows users to trade over 100 distinct tokens and earn rewards by lending specific coins. ZebPay Applied For A Singapore License Avinash Shekhar, the business’s CEO, remarked in an interview that the company has filed for a license in Singapore and is considering making a similar step in the United Arab Emirates. He mentioned the recent 1% charge on each cryptocurrency transfer imposed by India earlier this year as the inspiration behind the action, stating it needs to fall, or else the situation is unlikely to improve. In addition, a 30% tax was announced in February on profits derived from the trade of digital assets. The Impact Of Taxes The new taxes have harmed the daily trading volumes at companies such as ZebPay. According to Nomics data, daily trading volume on ZebPay fell from $122 million last October to just over $700,000. Shekhar intends to leave the company and use the initial funding from the exchange, where he would continue to serve as an advisor, to launch his own cryptocurrency business. WazirX Laid Off 40% Staff WazirX, an Indian exchange, fired 40% of its employees, blaming taxes, rules, and banking accessibility. WazirX daily trade volumes have been slowly declining, according to statistics from CoinGecko, from a one-year rec...