Crypto exchange ZebPay applies for license in Singapore, also eyeing UAE

Daily trading volume on ZebPay has dropped from a high of $122 million in October 2021 to just over $700,000, data from Nomics shows

One of India’s oldest cryptocurrency exchanges is looking overseas for growth as the nation’s tax policies crush the domestic market.

Eight-year-old ZebPay has applied for a license in Singapore and is assessing the potential of a similar step in the United Arab Emirates, outgoing Chief Executive Officer Avinash Shekhar said in an interview.

While the company will retain its focus on India, the 1% transaction tax the nation imposed on crypto this year is hurting trading volumes and the levy “has to come down, otherwise things are not going to improve,” he said.

Daily volumes at key India-based platforms are