Home / News / India /  Indian Crypto Exchange ZebPay seeking license in Singapore, considers UAE foray

One of India’s oldest cryptocurrency exchanges 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 told in an interview to Bloomberg.

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, as quoted by Bloomberg. Daily volumes at key India-based platforms are down over 90% since the transaction levy took effect in July. Shekhar told that ZebPay has implemented salary cuts, including a 6% drop for non-management staff.

Daily trading volume on ZebPay has dropped from a high of $122 million in October 2021 to just over $700,000, showed data from Nomics. Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.

“ZebPay has always been an Indian company with a global outlook. While we have and will continue to explore opportunities in international markets, India is and will continue to be our highest priority. We remain committed to India and the opportunity this market offers. It has been and will continue to stay the focal point for ZebPay’s business," the crypto exchange said in a statement. Crypto exchange ZebPay, launched in 2014, has over 5 million users and operates in 162 countries.

(With inputs from Bloomberg)

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