{"id":68265,"date":"2022-10-07T16:46:42","date_gmt":"2022-10-07T13:46:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68265"},"modified":"2025-09-07T13:12:03","modified_gmt":"2025-09-07T10:12:03","slug":"indian-bitcoin-exchange-zebpay-applies-for-a-singapore-license","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/indian-bitcoin-exchange-zebpay-applies-for-a-singapore-license\/","title":{"rendered":"Indian bitcoin exchange Zebpay applies for a Singapore license."},"content":{"rendered":"<p>Indian cryptocurrency exchange Zebpay has submitted to the Monetary Authority of Singapore an application for a license. This was stated in an interview with<a href=\\\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-07\/indian-crypto-exchange-zebpay-seeks-singapore-permit-eyes-uae?srnd=all\\\"> Bloomberg<\/a> by its CEO Avinash Shekhar.<\/p>\n<p>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.<\/p>\n<p>According to Nomics, the platform&#8217;s daily trading volume collapsed from $122 million in October last year to the current $700,000. The reason was<a href=\"https:\/\/forklog.com\/en\/news\/trading-volumes-on-indias-crypto-exchanges-fell-after-a-tighter-tax-regime-for-traders\"> the entry into force <\/a> from July 1 of a 30% tax on profits from cryptocurrency transactions and a 1% levy under <span data-descr=\\\"tax withheld at source\\\" class=\\\"old_tooltip\\\">TDS<\/span>.<\/p>\n<p>Shekhar said that these taxes must be reviewed, otherwise the situation will not improve.<\/p>\n<p>The Indian trading platform Zebpay was founded in 2015. In a short time the exchange became the country&#8217;s largest cryptocurrency company. In September 2021 it had to scale back operations in India due to the central bank&#8217;s restrictive policy toward digital assets. The platform relocated to Malta.<\/p>\n<p>Earlier in October, the Indian cryptocurrency exchange WazirX<a href=\"https:\/\/forklog.com\/en\/news\/media-wazirx-cuts-staff-by-about-40\"> laid off<\/a> between 50 and 70 employees, or about 40% of its staff.<\/p>\n<p>In August, India&#8217;s Enforcement Directorate suspected the platform <a href=\"https:\/\/forklog.com\/en\/news\/binance-owned-indian-exchange-wazirx-suspected-of-laundering-350-million\"> of money laundering of $350 million<\/a>. According to media reports, the regulator froze the exchange&#8217;s assets at $8.16 million as part of the case. Subsequently, access to the accounts<a href=\"https:\/\/forklog.com\/en\/news\/indian-authorities-unfreeze-assets-of-bitcoin-exchange-wazirx\"> was restored<\/a>.<\/p>\n<p>In spring 2022, CoinSwitch, among other Indian digital asset platforms, faced <a href=\"https:\/\/forklog.com\/en\/news\/indian-authorities-uncover-tax-evasion-by-11-crypto-exchanges-totaling-12-6m\"> tax evasion charges <\/a>. On August 26, Bloomberg <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-reports-raids-on-coinswitch-offices-as-indias-ed-probes-forex-violations\"> reported searches <\/a> at the offices and homes of the company&#8217;s CEO and directors.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\\\u201d\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":68266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,278,946],"class_list":["post-68265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-india","tag-singapore"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68265"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68265\/revisions"}],"predecessor-version":[{"id":68267,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68265\/revisions\/68267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68266"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}