Clampdown and unclear policy prompt crypto exchange founders to leave India
— Clampdown, Asset classes, Actively promoting, Option, India — 1 min read
Co-founders of India’s largest cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have moved to Dubai with their families. Polygon co-founder Sandeep Nailwal is also among those who have relocated to Dubai over the last two years. Comes amid a progressive clamping down on cryptocurrencies, including action by enforcement agencies against some platforms, new rules and regulatory tweaks being issued every few weeks. UAE and Singapore are among those actively promoting the ecosystem, offering policy certainty to investors and incentives to attract and foster talent pools. In Dubai, there's no income tax and other than a 5% VAT, gains from selling virtual assets are virtually tax-free. However, there is a possibility for them to shift their capital to Source