Indian crypto exchange Zebpay has just filed a license application with the Monetary Authority of Singapore.
According to the platform's CEO, Avinash Shekhar, the company has made the decision due to increasing pressure from Indian authorities on cryptocurrency startups in the country.
Notably, Zebpay is also exploring the possibility of obtaining regulatory approval in the United Arab Emirates.
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According to Nomics, the platform's daily transaction volume has fallen from $122 million in October last year to the current $700,000, due to the entry into force of a 30% tax on crypto transaction revenues in the country.
According to Shekhar, these taxes should be reviewed, "otherwise, the situation will not improve."
Zebpay was founded back in 2015 and in a short time has become the largest crypto company in the country.