Indian crypto exchange ZebPay seeks Singapore permit, eyes UAE

One of India’s oldest cryptocurrency exchanges is looking overseas for growth as the nation’s tax policies crush the domestic market.

Eight-year-old ZebPay has applied for a license in Singapore and is assessing the potential of a similar step in the United Arab Emirates, outgoing Chief Executive Officer Avinash Shekhar said in an interview.

While the company will retain its focus on India, the 1% transaction tax the nation imposed on crypto this year is hurting trading volumes and the levy “has to come down, otherwise things are not going to improve,” he said.

Daily volumes at key India-based platforms are down over 90% since the transaction levy took effect in July. That’s exacting a toll on brokerages. For instance, Binance-affiliate WazirX -- India’s largest crypto exchange -- has laid off nearly 40% of its staff. Shekhar said ZebPay has implemented salary cuts, including a 6% drop for non-management staff.