WazirX Founder & Co-founder have moved out of India? - page 2.

pakhitheboss

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Quote from: JSRAW on April 20, 2022, 09:39:39 PM

Quote from: pakhitheboss on April 20, 2022, 04:10:14 AM

Nischal Shetty founder of India's biggest crypto exchange and the co founder Siddharth Menon have moved to Dubai with their families as per this article, which stated that they might have taken this decision due to the new tax law. The CFO is still present in India and both offices in Mumbai and Bangalore are still open. The article doesn't guarantee this news but only state this information was acquired by credible sources. I have checked Nischal Shetty's twitter, where he is very active but I don't see anything which states he has shifted to Dubai.

Do you guys think this information is correct and do you also think that WazirX might shift it's base to Dubai?

Yup, he did moved out of India with his family. I believe he's now focusing on his new project " Shardeum " and don't want to indulge in any unnecessary face off with the government due to new laws. He also tweeted this encrypted tweet so it does looks like confirmed news to me. Not sure about Siddharth Menon Saab tho.

As far as WazirX is concern. I think they are testing the waters, we might get clear picture in next 3-4 months.

Most exchanges have already stopped accepting fiat deposit and now there may be other founders who may leave India to a cryptocurrency friendly destination. The government will lose a lot of tax revenue which it anticipated would have been big with the new tax rule. I am also anticipating harsh regulation are on the way which will destroy the crypto environment in India.

JSRAW

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Quote from: pakhitheboss on April 20, 2022, 04:10:14 AM

Nischal Shetty founder of India's biggest crypto exchange and the co founder Siddharth Menon have moved to Dubai with their families as per this article, which stated that they might have taken this decision due to the new tax law. The CFO is still present in India and both offices in Mumbai and Bangalore are still open. The article doesn't guarantee this news but only state this information was acquired by credible sources. I have checked Nischal Shetty's twitter, where he is very active but I don't see anything which states he has shifted to Dubai.

Do you guys think this information is correct and do you also think that WazirX might shift it's base to Dubai?

Yup, he did moved out of India with his family. I believe he's now focusing on his new project " Shardeum " and don't want to indulge in any unnecessary face off with the government due to new laws. He also tweeted this encrypted tweet so it does looks like confirmed news to me. Not sure about Siddharth Menon Saab tho.

As far as WazirX is concern. I think they are testing the waters, we might get clear picture in next 3-4 months.

IIrik11

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good for him.

i'd leave here too if i could but can't right now due to .. problems. Embarrassed

not only him though, the indian web3 startups have started leaving india as well.

some of the youtubers have also permanently moved to other countries.

thanks to our fu**ed up system.

https://www.moneycontrol.com/news/business/cryptocurrency/the-new-brain-drain-indian-web3-startups-flock-to-dubai-amid-regulatory-uncertainty-stiff-taxes-8378361.html

Quote

The new brain drain: Indian Web3 startups flock to Dubai amid regulatory uncertainty, stiff taxes
Entrepreneurs are looking for places where they are welcome, supported and provided various benefits. Some jurisdictions, like Dubai, are scrambling to create favourable rules and regulations to attract entrepreneurs and thus becoming epicentres for Web3. India is losing out.

Frengki_cisco

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Quote from: pakhitheboss on April 20, 2022, 04:10:14 AM

Do you guys think this information is correct and do you also think that WazirX might shift it's base to Dubai?

Considering the taxes that will be imposed by the Indian government on crypto exchanges, this is very burdensome for one party, naturally Nischal Shetty as the manager of the WazirX exchange took the decision to move to Dubai.

While the site is still accessible, my response is fine for WazirX exchange users, If all the founders of crypto exchange sites operating in India did the same as WazirX did, what could the government do about tax laws.

pakhitheboss

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Nischal Shetty founder of India's biggest crypto exchange and the co founder Siddharth Menon have moved to Dubai with their families as per this article, which stated that they might have taken this decision due to the new tax law. The CFO is still present in India and both offices in Mumbai and Bangalore are still open. The article doesn't guarantee this news but only state this information was acquired by credible sources. I have checked Nischal Shetty's twitter, where he is very active but I don't see anything which states he has shifted to Dubai.

Do you guys think this information is correct and do you also think that WazirX might shift it's base to Dubai?

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