India’s number one Cryptocurrency exchange WazirX has come out with a clarification that they are headquartered in Mumbai and there are no plans to move some other place. Recently some media reports speculated that the co-founders of WazirX Nischal Shetty and Siddharth Menon have relocated outside India.. Now the reason given for such move was the recently brought tax policies on the virtual digital currencies and the effect on the revenues of the business of the exchange. WazirX has outright dismissed such reports as false.
“The founders of the firm keep traveling but WazirX has not been shifted to Dubai. We are headquartered in India and will remain here.” A representative from Wazirx told Gadgets360. The crypto exchange has given its staff the option to work from anywhere. WazirX said in a statement that its employees are working from more than 70 locations. Some media reports said that both the founders of the exchange have shifted to Dubai with their families. Laws were recently implemented in Dubai aimed at promoting the crypto industry. This indicated that WazirX may soon shift its base to the United Arab Emirates (UAE).
Many large firms are opening their offices in the UAE regions like Dubai and Abu Dhabi. This includes the largest crypto exchange Binance. However, a WazirX executive refused to comment on the whereabouts of the founders. He suggested that this issue does not affect the workings of the exchange in any way.
UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum made it law last month by signing a bill for virtual assets . Simultaneously, the Virtual Asset Regulatory Authority (VARA) was created to control the crypto segment. VARA also has the right to punish those who violate the new law. Apart from imposing fine on violators, it can also shut down their business. Residents of Dubai must register with VARA before engaging in crypto-related activities. Apart from this, businesses related to virtual assets such as crypto exchanges will also have to provide details to VARA. The purpose of enforcing the law relating to the crypto segment in Dubai is to enforce international standards and grow the industry. This will also ensure security and transparency for crypto investors.
