Highlights

  • WazirX founders shift to Dubai with family
  • Crypto Exchnange and directors were served with a showcause notice from ED in 2021

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Crypto latest news: WazirX founders shift to Dubai

Ambiguity in regulation and high taxes have lead to significant exits from the crypto biz from India

In another case of crypto recolation; Co-founders of India’s leading cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have reportedly shifted base to Dubai.

Business Today reports that Shetty and Menon have relocated to the more 'tax friendly' Dubai with family though the Indian operations for WazirX continue to run smoothly.

Also read/watch | Crypto tax at 30% in India

Nischal who has been quiet vocal on Twitter for the need of clarity and regulation for digital tokens and assets has been at loggerheads with the regulators on the ambiguity and high taxation that has hit the crypto traders and exchanges.

Pressure and spotlight has been on before that on WazirX when in June 2021, the enforcement directorate (ED) had issued a show-cause notice to WazirX and its directors for contravention of the Foreign Exchange Management Act (FEMA) for transactions involving cryptocurrencies worth Rs 2,790.74 cr.

Also read/watch | SBI hikes rates, loans & EMIs get more expensive

But the WazirX founders are not the first to head to Dubai. Sandeep Nailwal, who co-founded Polygon — which operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system — in 2017, relocated to Dubai two years ago.

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