Will crypto exchange WazirX relocate its HQ to Dubai?
According to a local news outlet, the co-founders of Indian cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have relocated from India to Dubai.
Is WazirX planning a move to Dubai?
Shetty and Menon, according to sources, have relocated to Dubai with their families, despite the fact that WazirX maintains offices in Mumbai and Bengaluru. However, Sameer Mhatre, WazirX's co-founder and Chief Technology Officer, continues to operate from India, according to one of the people. WazirX is a completely remote organization, therefore it's unclear if this means the company's offices will be relocated as well. Shelty has also spoken out against India's brain drain, which saw talented people leave the country for more progressive nations.The CEOs are leaving the nation for a reason: India has implemented a 30% tax on virtual digital assets, in addition to a 1% tax deductible at source (TDS), resulting in a major drop in trading volumes on domestic cryptocurrency exchanges. Furthermore, the government has stated that no losses on VDAs will be deducted from profits, and crypto mining will be subject to taxes, which has sparked outrage among industry participants.
A lot of crypto firms are flocking to Dubai
It is still unknown whether WazirX would relocate its headquarters to Dubai, but it would be a sensible step given that Dubai has made itself available to crypto exchanges who have previously struggled to find a suitable location. Bybit just opened its global headquarters in Dubai, while FTX, Binance, and Crypto.com have established regional headquarters there as well. It appears to be turning into a full hub because to its location at the crossroads of Europe, Africa, and Asia, while countries such as Singapore appear to be less crypto friendly than previously imagined.WazirX responded to us by email stating that it is a remote-first firm with over 70 employees and that it is now based in Mumbai and Bengaluru with no modifications to its operational practices. This would imply that the company's headquarters will remain the same, but employees are free to work anywhere they desire.
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