WazirX Relocates From India to Dubai Amid Heavy Crypto Tax Regulations

• Sameer Mhatre, WazirX’s co-founder and CTO would continue to operate in India.
• The organization’s employees are scattered over more than 70 distinct locations.

WazirX, India’s biggest cryptocurrency exchange, has allegedly moved its headquarters to Dubai. Founders Nischal Shetty and Siddharth Menon, CEO of WazirX, are said to have relocated their headquarters from India to Dubai.

To put it another way, the dramatic change occurred after India’s 30% tax and 1% TDS were imposed on all crypto transactions. As a result, the amount of cryptocurrency trade in the nation has been severely reduced due to the outrageous crypto tax.

Physical Offices in Mumbai and Bengaluru

Even though most of WazirX’s personnel are based remotely, the company maintains physical offices in Mumbai and Bengaluru. According to many reports, Menon’s families have left India. However, according to the sources, Sameer Mhatre, WazirX’s co-founder and CTO, would continue to operate in India.

According to a spokesman from WazirX, the organization’s employees are scattered over more than 70 distinct locations worldwide. Workers will be able to work from wherever they want, regardless of where the company’s headquarters are located. Nischal Shetty and Siddharth Menon have not yet made public statements about their roles. However, it wasn’t difficult to predict where this was headed. When it comes to cryptocurrencies, we are just beginning the journey. Investors and businesses are expected to depart the country shortly in search of more crypto-friendly regions where they can grow.

Nischal Shetty has always worked tirelessly to build a welcoming crypto environment in India via his support and efforts. However, with the existing tax structure, it’s easy to see why India will be blaming itself five years from now for making this mistake.