ZebPay, an India-focused cryptocurrency exchange, recently applied for an operational license in Singapore. The platform has also planned to perform the same in the United Arab Emirates.
The development comes to light amidst a sharp trading volume dip, which goes as high as 90%. The move is viable despite the market decline, given the pace at which the regions have been surging.
UAE and Singapore are among the favorite destinations for cryptocurrency organizations and startups. Their local authorities and regulatory frameworks have established a transparent system, making it simple for cryptocurrency firms to operate.
ZebPay is considered the best crypto exchange in UAE by many users due to its features. The user-friendly platform has been present in the market since 2014, making it one of the oldest players.
The outgoing CEO of ZebPay, Avinash Shekhar, shared the news about the crypto exchange aimed at Singapore. According to Shekhar, the platform is trying to initiate a Web3-based venture using ZebPay’s seed money. Thus, they are considering an overseas positioning for the project.
As explained by several other Indian cryptocurrency entrepreneurs, the 1% transaction fee is driving away several Indian exchanges. Ever since the tax was levied in July, trading volume has constantly been falling throughout every Indian crypto exchange.
To top this, the trading platforms can barely gain “30% capital gain” tax and “regular banking” services without proposing a provision to make up for losses. Even the Directorate of Enforcement is closing in on crypto exchanges for issues like money laundering.
Names like CoinDCX, Vauld, and WazirX have already been raided recently. These raids have led to the freezing of several accounts, asking for strict rules regarding customer security in the region.