According to reports, WazirX''s founders, Nischal Shetty and Siddharth Menon have made a move outside India. The rumours were immediately linked to India''s recently imposed tax laws on virtual digital assets, and how that might have adversely impacted the country''s conduct.
Yes, the founders continue to travel, but WazirX has not moved to Dubai. We''re continuing to operate in India, but there''s no change for us, according to a company official familiar with the matter. Gadgets 360 is a web site that lets you know what you need.
The cryptocurrency exchange, founded in 2018, is essentially putting the company''s employees'' remote-working skills to the test, giving them the possibility to work from anywhere in the world.
According to a Twitter account, the company employs workers from over 70 different locations, stating that for the time being, there are no operational changes.
BUIDLING for India, across India :v::flag-in: pic.twitter.com/4hCdFtsbFh
After certain media reports claimed that both Shetty and Menon have relocated to Dubai with their respective families, the rumours began to plummet.
@WazirXCares What you call it is the news that your office is being relocated to Dubai.? Is it true.? #WazirX #wazirxcare #CryptoNews #cryptocurrecy pic.twitter.com/RdyDjiW5Hz
Dubai has recently introduced legislation to support the growth and development of the crypto industry, but it apparently gave the impression that WazirX might soon expand its base to the United Arab Emirates (UAE).
Several major crypto firms, including Binance, are opening their offices in Dubai and Abu Dhabi.
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The WazirX employee, who promised to be unnamed, declined to comment on the company''s residency status, highlighting that it does not affect WazirX in any way.
Now that tax laws have gone into effect in India, the Indian crypto community is keeping a close eye on cryptopreneurs who are looking to travel to the United Arab Emirates. Currently, incomes earned through crypto trading are subjected to a 30% tax deduction along with additional TDS reductions.
The #WazirX founders claim to have moved back to #Dubai, attempting to derail India''s 30% tax requirement on digital assets???? #CryptoNews #BTC #india
#India-based #WazirX co-founders have reported a move to the cryptocurrency hub of #DubaiDubai has recently become a vital cryptocurrency hub with UAE emerging as a hotspot in the region#IndiaWantsCrypto
@NischalShetty bro said that u have moved to Dubai with his family. That means that we will see something similar in @WazirXIndia #WazirX, too.. I''m just hoping that I don''t lose my money @WazirXCares @WazirXNFT
Polygon, a popular Indian blockchain network, has no offices in India.
According to Sandeep Nailwal, India''s lack of regularity and clarity around the crypto industry has resulted in a massive brain drain from the Indian crypto sector.
Nailwal himself was reportedly relocated to Dubai two years ago.
While India is still waiting for its major crypto laws, the country has put the digital asset business under its tax regime starting April 1.
India does not intend to offer tax relief or incentives to crypto enthusiasts who will invest in the country''s crypto ecosystem.
Given that crypto communities are promising as well as just up and coming, several industry insiders have urged the government to take a more aggressive approach.