Crypto Exchange Wazirx Founders Move to Dubai; But “it’s business as usual” at India Headquarters – Tech Tribune France

The co-founders of India’s leading cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have moved to Dubai, Business Today reported citing sources.

Sources said the two moved to Dubai with their families even as WazirX continues to operate from its headquarters in Mumbai.

WazirX employees are free to work from anywhere

Currently, all employees of the cryptocurrency exchange, which is backed by Binance, are working remotely. Another co-founder and chief technology officer, Sameer Mhatre, continues to operate from India, according to the report.

Contacted by CNBC-TV18, a spokesperson for the company said it had not moved its headquarters from India.

“We are a remote organization with employees in over 70 locations. This gives all employees of the company the flexibility to work from anywhere subject to their comfort and convenience unless they are required to travel officially. WazirX is headquartered in Mumbai and Bengaluru, and there are no changes to our operating procedures. It’s business as usual,” the WazirX spokesperson told CNBC-TV18.

Shetty and Menon are said to have retired from active day-to-day operations at WazirX tTo focus on new projects, Moneycontrol had reported earlier.

In February, Shetty announced that he was working with American crypto innovator Omar Sayed on a project called “Shardeum”. In the same month, Menon announced that he would launch Tegro, a Web3 game ecosystem marketplace, with game development company SuperGaming.

There has been a lot of talk about the brain drain after the Indian government announced a 30% tax on virtual digital assets from April 1 this year in addition to the 1% tax deduction at source. The tax has caused a significant drop in trading volumes in cryptocurrency exchanges.

Adding to investors’ woes, the government said companies cannot offset losses on virtual digital assets with profits. Crypto mining has also been brought under the tax net, which has drawn heavy criticism from industry players.

In recent years, several Indian entrepreneurs have changed their businesses to crypto-friendly jurisdictions despite the high cost of setting up in those countries.

In 2018, crypto exchanges ZebPay and Vauld moved to Singapore. Other companies like CoinSwitch Kuber and CoinDCX are also registered in Singapore. Polygon, founded in India, moved to Dubai, while Mudrex moved to the United States in 2019.

Countries like the United States, Dubai, Singapore, Mauritius, and the Cayman Islands have legalized cryptos, making them hotspots for crypto innovators and influencers.

“The lack of clarity on what the crypto regulatory framework will look like is forcing investors to rethink their decision to make India the base for launching crypto platforms and products,” Shilpa Mankar told CNBC. Ahluwalia, Partner and Head of FinTech at Shardul Amarchand Mangaldas & Co. -TV18.

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Crypto Exchange Wazirx Founders Move to Dubai; But “it’s business as usual” at India Headquarters – Tech Tribune France

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