One of India’s oldest cryptocurrency exchanges Zebpay is now looking for licenses in Singapore and the United Arab Emirates.
According to their CEO Avinash Shekhar’s interview with Bloomberg, they have already applied for a license in Singapore.
Shekhar said that while the company will retain its focus on India, ‘the 1% transaction tax’ the nation imposed on crypto this year is hurting trading volumes and the levy “has to come down, otherwise things are not going to improve.”
He further added that the startup has implemented pay cuts, with non-management employees receiving a 6% pay cut in the current business climate.
Meanwhile the daily volumes at key India-based platforms are down by over 90% since the 1% transaction levy took effect in July.
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