WazirX establishes its headquarters in Dubai to escape India’s heavy tax laws
- WazirX moved its headquarters to Dubai due to heavy tax laws.
- India has issued a 30% crypto tax and 1% tax deductions on crypto exchanges.
- Dubai is a hub for cryptocurrency innovators and influencers with relaxed digital asset trading laws.
WazirX, India’s largest cryptocurrency exchange, has now moved its headquarters from India to Dubai following the South Asian country’s strict cryptocurrency amid the blockchain industry boom.
JUST IN: India’s largest #cryptocurrency exchange, WazirX, has moved its base to Dubai, citing India’s heavy tax laws.
— Watcher.Guru (@WatcherGuru) April 19, 2022
The abrupt change came in the wake of India’s hefty 30% crypto tax and 1% withholding tax deduction (TDS) on all crypto transactions. The high crypto tax had drastically reduced crypto trading volumes in India.
WazirX maintains offices in Mumbai and Bangalore despite the majority of teams working remotely. According to multiple sources, WazirX CEO Nischal Shetty and co-founder Siddharth Menon left India with their families. While Sameer Mhatre, the co-founder and CTO of WazirX, will handle operations in India.
A WazirX spokesperson also said the organization, with employees at more than 70 locations, is working remotely. This allows employees to work from anywhere, regardless of where the corporate headquarters is located.
We are a remote organization with employees in over 70 locations. This gives all employees of the company the flexibility to work from anywhere subject to their comfort and convenience unless they are required to travel officially.
They also confirmed that WazirX’s headquarters will still remain in Mumbai and Bangalore with zero or no changes to the day-to-day operations of the business. According to the spokesperson, investors, crypto startups, and exchanges are looking for a crypto-enabled hub where they can grow and thrive.
“It is not illegal to buy/sell crypto assets in India, but we have imposed taxation by treating them like horse racing winnings.” -TV Somanathan (India Fin Secretary). It has more to do with their perspective than just a tax. #reducecryptotax #faircryptotax Day-53 #IndiaWantsCrypto @Unocoin
— Sathvik Vishwanath (Unocoin) (@sathvikv) March 26, 2022
Nischal Shetty aimed to establish a promising crypto ecosystem in India with his company. But India’s current tax system has demotivated and pushed several influencers, startups and investors to trade in Dubai.