The co-founders of cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have reportedly shifted from India to Dubai.
According to a Business Today report, Shetty and Menon have relocated to Dubai with their families, regardless of the fact that WazirX maintains operations in Mumbai and Bengaluru.
One of WazirX co-founders and Chief Technology Officer, Sameer Mhatre, appears to be working from India, and the company’s whole workforce is presently working remotely.
A WazirX spokesperson however stated “We are a remote-first organization with employees from over 70+ locations. This gives all the company employees the option to work from anywhere, subject to their comfort and convenience unless they are required to travel officially.”
The revelations come as the Indian government imposed a 30% tax on virtual digital assets, as well as a 1% tax deductible at source, resulting in a major decline in trading volumes on cryptocurrency exchanges.
Nischal Shetty has been active on social media sites, particularly Twitter, criticizing the Indian government’s stance on crypto taxes, claiming that the measure will harm domestic players and result in a wealth exodus.
Dubai, which seeks to be a dream destination for the global crypto industry, has already become a magnet for cryptocurrency developers and influencers. Major crypto exchanges like Crypto.com, FTX, Binance, etc are already establishing their foothold in the nation and maybe WazirX will join the club soon.
