ZebPay, one of India’s oldest crypto exchanges, knocked on Singapore’s door for a license.
According to data from Nomics, daily trading volume on ZebPay fell from $122 million to $700k in October 2021. ZebPay also wants to sail overseas to expand, both for this reason and because the country’s tax policies are overwhelming the domestic market.
Indian Crypto Exchange ZebPay Apply for License in Singapore
The company’s former CEO, Avinash Shekhar, said in an interview that ZebPay has applied for a license in Singapore and is evaluating the potential for a similar move in the United Arab Emirates.
Regarding the reason for her license application, Shekhar said:
“While the company will continue to focus on India, the 1% transaction tax the country has imposed on crypto this year is hurting trading volumes and the tax needs to come down. Otherwise, things will not improve.”
Daily volumes on major India-based platforms have dropped over 90 percent since the transaction tax went into effect in July. This charges a fee for brokerage firms. For example, WazirX, a member of Binance, India’s largest crypto exchange, laid off about 40 percent of its staff.
Shekhar said ZebPay has implemented salary cuts, including a 6 percent cut for non-management staff.
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