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

[pakhitheboss]

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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[Frengki_cisco]

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.

[IIrik11]

good for him.

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

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

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.

[JSRAW]

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.

[pakhitheboss]

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]

~snip~
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.

They should definitely moved out to some safe heaven and no sympathy to government if they are losing talent or tax revenue, they deserve it. Tabhi akal aayegi babu logo ko aur political leadership ko (although i doubt that).

Btw just saw this tweet from the WaxirX's twitter handle.


https://twitter.com/WazirXIndia/status/1516408825460535297

[teosanru]

All of this looks so justified to be honest, if you will not create a healthy environment for the businesses of a certain community they will obviously find other countries to prosper their businesses, they are two big brains of India but now will use their brains for some other countries, I am sure WazirX isn't going to go anywhere it has huge market potential in India and after a certain time it will have the power and client base to face off with the government as well on regulation relating to crypto.

[avikz]

I have been following Nischal in Twitter and since the day this 30% taxation was introduced, I don't remember a single day when he didn't post against it. It was quite clear that he wasn't happy about this. So as a business he is not seeing a great potential of Wazirx in India.

I am not sure if he had moved out, but I believe that will be great for the future of Wazirx. Just the way Zebpay has moved to Singapore and now offering their crypto services to 30 countries, I wouldn't be surprised if WazirX finally closes out their offices in India and move abroad permanently. India is not a business friendly country and for crypto business, it is a shithole!

[JSRAW]

I have been following Nischal in Twitter and since the day this 30% taxation was introduced, I don't remember a single day when he didn't post against it. It was quite clear that he wasn't happy about this. So as a business he is not seeing a great potential of Wazirx in India.

I am not sure if he had moved out, but I believe that will be great for the future of Wazirx. Just the way Zebpay has moved to Singapore and now offering their crypto services to 30 countries, I wouldn't be surprised if WazirX finally closes out their offices in India and move abroad permanently. India is not a business friendly country and for crypto business, it is a shithole!

I doubt if it's true, he along with couple of big players were quite happy at the start that Government at least discussing this space and he had favorable opinion at the start but then he took a U-turn and rightly so. Saying this because i have noticed this pattern in his discord channel (talking about Shardeum) and couple of interviews.

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Edit
I tried to find the conversation and his initial reaction when Gov introduced this law but i failed to find atm, so plz don't take my words for granted right now.

[libert19]

Rich crypto people leave for Dubai and small earners pay 30  on 100 earnings, it's always to the middle class, isn't it.

[IIrik11]

Rich crypto people leave for Dubai and small earners pay 30  on 100 earnings, it's always to the middle class, isn't it.

In the great words of the god George Carlin:

The upper class keeps all of the money, pays none of the taxes. The middle class pays all of the taxes, does all of the work. The poor are there just to scare the shit out of the middle class. Keep 'em showin' up at those jobs.

this is the truth.

the middle class, forever taking it up in the tailpipe.

[avikz]

I have been following Nischal in Twitter and since the day this 30% taxation was introduced, I don't remember a single day when he didn't post against it. It was quite clear that he wasn't happy about this. So as a business he is not seeing a great potential of Wazirx in India.

I am not sure if he had moved out, but I believe that will be great for the future of Wazirx. Just the way Zebpay has moved to Singapore and now offering their crypto services to 30 countries, I wouldn't be surprised if WazirX finally closes out their offices in India and move abroad permanently. India is not a business friendly country and for crypto business, it is a shithole!

I doubt if it's true, he along with couple of big players were quite happy at the start that Government at least discussing this space and he had favorable opinion at the start but then he took a U-turn and rightly so. Saying this because i have noticed this pattern in his discord channel (talking about Shardeum) and couple of interviews.

------------------
Edit
I tried to find the conversation and his initial reaction when Gov introduced this law but i failed to find atm, so plz don't take my words for granted right now.

That's fine! He was initially happy because finally government started noticing cryptocurrency. Once the taxation was imposed, he thought that his struggle with payment processing companies will end. But that didn't happen! Banks and UPI providers are still not cooperating with Indian crypto exchanges.

Even though I don't use any Indian crypto exchange for rightful reasons, but after this 30% taxation, the volume seems to have dropped significantly. Probably that's when he started to re-think!

[UKprod]

Yes, this is a natural reaction to the kind of environment that the Indian government has created over the years in India. While India has the largest population of qualified software engineers and could lead the path in crypto innovation, the government simply doesn't want to progress in the right path. The 'digital india' movement cannot be built upon regressive laws and it is time that the government takes crypto seriously and understand how it can be used for the good.

[wtfisbitx]

Rich crypto people leave for Dubai and small earners pay 30  on 100 earnings, it's always to the middle class, isn't it.

It a sad realization that how much our governments hates us and how hopeless the overall situation is, there is not future for this country for an honest guy moving out is the only solution.

[amishmanish]

Indians are good at what they do. Indian techies are considered best at what they do, and indian government is best at what they do that is to keep us backward with their sanctions and un justifiable laws..
These laws are choking web 3.0 users in india

[pawanjain]

Indians are good at what they do. Indian techies are considered best at what they do, and indian government is best at what they do that is to keep us backward with their sanctions and un justifiable laws..
These laws are choking web 3.0 users in india

Unfortunately that is very true. Although the talent of Indian techies is appreciated throughout the globe the government of India still brings in such laws which doesn't favour them at all.
For instance, government of India gets most of the revenue from tax paid by salaried employees and only a significant amount is paid by the business man.
This doesn't favor the IT people in India. Now that crypto is going main stream the government has decided to tax it by 30%.
Instead of embracing the technology and encouraging people to learn more about it they are restricting us by implying harsh regulations.
It's like the government is taking a step backward while they can take a step forward.

[Frengki_cisco]

I don't think anything bad can happen to WazirX coin and exchange, Binance gives a stern warning to WazirX CEO, I saw news about WazirX on this forum and Twitter, what a bad start for WazirX.

I have a loss for my investment in Vizier coin, now the price is really bad, what a disaster.

[pawanjain]

I don't think anything bad can happen to WazirX coin and exchange, Binance gives a stern warning to WazirX CEO, I saw news about WazirX on this forum and Twitter, what a bad start for WazirX.

I have a loss for my investment in Vizier coin, now the price is really bad, what a disaster.

Are you sure that's the coin name ? I tried to search the coin with that name but was unable to find it on coingecko and wazirx.
Besides that, what does your investment has to do with wazirx. I mean if the coin is crashing that's not the exchange's fault.
It is mostly because of less demand unless and until that coin is only available on wazirx.

[edgycorner]

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?  

Dubai = Tax haven. They are definitely hiding something and probably involved in tax evasion. No innocent person moves to Dubai when money is involved  

They had been purchasing Cryptos for cheap in bulk from China and US, & selling them in Indian market. They definitely broke the FEMA law while doing so, and will soon be wanted by the police for the same Crime always pays with punishment :p
Binance was financing most of its operations, which won't help their case either. It's end days of wazirx. Make sure to withdraw your balance guys(Golden rule: never keep cryptos in an exchange)

[Frengki_cisco]

Are you sure that's the coin name ? I tried to search the coin with that name but was unable to find it on coingecko and wazirx.
Besides that, what does your investment has to do with wazirx. I mean if the coin is crashing that's not the exchange's fault.
It is mostly because of less demand unless and until that coin is only available on wazirx.

How do you say there is no relationship between the coin and the exchange, the WazirX (WRX) coin was founded by the exchange team, so if the exchange is in trouble like what is happening now of course investors and exchange users will withdraw from trading and investing.

Yesterday I invested or more clearly bought a coin (WRX) worth $0.8, now it has dropped to $0.2, who doesn't have a headache, hoping to make a profit instead of stumbling.