Indian cryptocurrency exchange Zebpay has submitted to the Monetary Authority of Singapore an application for a license. This was stated in an interview with Bloomberg by its CEO Avinash Shekhar.
The top executive outlined plans amid growing pressure from Indian authorities on crypto startups in the country. Zebpay is also considering regulatory approval from authorities in the UAE.
According to Nomics, the platform’s daily trading volume collapsed from $122 million in October last year to the current $700,000. The reason was the entry into force from July 1 of a 30% tax on profits from cryptocurrency transactions and a 1% levy under TDS.
Shekhar said that these taxes must be reviewed, otherwise the situation will not improve.
The Indian trading platform Zebpay was founded in 2015. In a short time the exchange became the country’s largest cryptocurrency company. In September 2021 it had to scale back operations in India due to the central bank’s restrictive policy toward digital assets. The platform relocated to Malta.
Earlier in October, the Indian cryptocurrency exchange WazirX laid off between 50 and 70 employees, or about 40% of its staff.
In August, India’s Enforcement Directorate suspected the platform of money laundering of $350 million. According to media reports, the regulator froze the exchange’s assets at $8.16 million as part of the case. Subsequently, access to the accounts was restored.
In spring 2022, CoinSwitch, among other Indian digital asset platforms, faced tax evasion charges . On August 26, Bloomberg reported searches at the offices and homes of the company’s CEO and directors.
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