One of India’s oldest cryptocurrency exchanges Zebpay is now in search of licenses in Singapore and the United Arab Emirates.
According to their CEO Avinash Shekhar’s interview with Bloomberg, they’ve already utilized for a license in Singapore.
Shekhar mentioned that While the corporate will retain its deal with India, ‘the 1% transaction tax’ the nation imposed on crypto this 12 months is hurting buying and selling volumes and the levy “has to come down, otherwise things are not going to improve.”
He additional added that the startup has applied pay cuts, with non-management workers receiving a 6% pay lower within the present enterprise local weather.
Meanwhile the every day volumes at key India-based platforms are down by over 90% for the reason that 1% transaction levy took impact in July.
Compiled by Coinbold