Cofounders of the Binance-backed Indian crypto exchange WazirX have reportedly moved to Dubai amid regulatory uncertainty and taxation, reported Business Today. In February, it was reported that WazirX is preparing for a transition with two of its co-founders, Nischal Shetty and Siddharth Menon, having stepped away from day-to-day operations and now focusing on their new projects.
In a series of tweets last February, Shetty announced a project Sharedum, which will be open-source, not owned by anyone which will invite the innovators to build upon the blockchain network. The same month, Menon said he would be launching Tegro, a Web3 game ecosystem marketplace, with game development firm SuperGaming.
Nishcal Shetty and Siddharth Menon both co-founders have moved out of India with their families to Dubai although WazirX still has an office in Mumbai and Bengaluru according to reports. Sameer Mhatre, a co-founder and the Chief Technology Officer at WazirX, however, continues to operate from India, one of the sources said. Currently, the entire workforce at WazirX is working remotely.
A WazirX spokesperson was quoted saying in a statement that the exchange is a remote-first organisation with employees in over 70 locations. At present, all employees of the cryptocurrency exchange are working remotely.
The Indian government announced a 30 percent tax on gains from virtual digital assets from April 1 this year without any loss deductions in addition to the 1 percent tax deductible at source.
Several crypto companies in India have moved outside India due to regulatory uncertainty. In 2018, crypto exchanges ZebPay and Vauld moved to Singapore. Unicorns CoinSwitch Kuber and CoinDCX are also incorporated in Singapore. Polygon, founded in India, shifted to Dubai, while Mudrex moved to US in 2019.