Co-founders of WazirX, Menon and Shetty move their base to Dubai

Siddharth Menon and Nischal Shetty, co-founders of the leading Indian cryptocurrency exchange WazirX, have become the recent Indian crypto entrepreneurs to shift their base to Dubai.

Siddharth Menon and Nischal Shetty, co-founders of the leading Indian cryptocurrency exchange WazirX, have become the recent Indian crypto entrepreneurs to shift their base to Dubai.

Menon and Shetty have shifted to Dubai with their families; however, WazirX’s operations are still expected to continue from its headquarters in Dubai.

Advertisement

The company further said regarding the development, “We are a remote-first company with employees in over 70 sites. This allows all the company employees to operate from anywhere, subject to their comfort and convenience, unless they are required to travel officially. WazirX is headquartered in Mumbai, and there is no modification in any of our operating systems. It is business as usual.”

Presently, all the employees of the Binance-backed exchange work remotely. Sameer Mhatre, the third founder of the exchange, who is also the company’s CTO, will continue the operations in the exchange from India.

In February, Shetty joined hands with Omar Sayes, a US-based crypto Innovator, to work on a blockchain known as Shardeum, and Menon also disclosed his plans of launching Tegro, which is a Web3-based gaming ecosystem and marketplace in partnership with SuperGaming, a game development firm.

WazirX shifting its headquarters to Dubai is a major development amid the Indian government imposing a 30% crypto tax and 1% TDS (Tax Deducted at Source) on all virtual digital assets [VDAs] from April 1 this year.

The imposition of tax has caused trading volumes to fall around all crypto exchanges in India. Indian crypto investors are not allowed to set off their losses against the gains from VDAs. Indian government’s perspective also expands to crypto mining.

Industry players have highly criticised the move, and many crypto entrepreneurs have moved their base to other crypto-friendly jurisdictions even though the price of setting up business in these nations is high. Vauld and ZebPay had moved their headquarters back in 2018, while other crypto exchanges like CoinSwitch Kuber and CoinDCX have their offices in Singapore. While the India-born Polygon moved to Dubai, Mudrex shifted its base to the US.

Advertisement

Countries like the US, Cayman Islands, Singapore, Mauritius, and Dubai that have legalised cryptocurrencies are preferred by crypto entrepreneurs. Dubai lately passed its first crypto law in 2022.

Tariq Saeed

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

Iraq’s PM reviews oil sector development projects

Mohammed. Al-Sudani, Iraq's prime minister, hold a regular meeting about the oil sector. The meeting aimed to oversee the progress of different plans and projects in oil field in the presence of the minister of oil and the minister of leadership.

UAE Floods: Insurance companies start getting insurance claims following heavy rains

The residents and businesses of the United Arab Emirates have begun filing for their insurance claims following torrential rains, which caused devastation in the northern and eastern parts of the country last week.

Dubai: Educational institutes attract more international students than ever before

Dubai, which earlier used to be a net exporter of undergraduate students to universities in Europe, Australia and North America, and was not known for higher educational facilities, let alone alluring some international students, until recently. 

Recent

Cardi B is expecting her second child with Offset!

The world-wide popular rapper Cardi B revealed that she is expecting her second baby with her rapper husband OFFSET. Cardi B announced the news during...

Missing Norwegian National with special needs found safe in Sharjah after 38-hour search

The young man and his father, Azhar Munir, had flown into the UAE from Norway for a vacation aimed at providing mental rejuvenation for Saqlain before his upcoming treatment in Pakistan

UAE Weather update: Temperature expected to rise by 43ºC

The National Center of Meteorology (NCM) has issued a fog alert with predicted areas of fog formation to be the Al Dhafra region. The temperature is also expected to rise as high as 43ºC.
admin