According to sources, the company’s Chief Technical Officer (CTO) and another co-founder Sameer Mahatre are also in India and working from here. While only Nischal Shetty and Siddharth Menon have information about shifting to Dubai with their family.
Nischal Shetty and Siddharth Menon have left the country at a time when there is a long debate going on in the country regarding taxation of crypto and other virtual assets. Finance Minister Nirmala Sitharaman had announced a tax of up to 30% on crypto during the budget this year, which includes 1% TDS.
Also, Nirmala Sitharaman had made it clear in Parliament that the profit on any other virtual asset will not be compensated for the loss on any other asset.
Amidst all this, WazirX issued a statement saying, “We are a remote-first organization. We have employees from more than 70 locations. With this, all the employees of the company get the facility to work from anywhere according to their convenience except for official travel. WazirX is headquartered in Mumbai and Bangalore and there has been no change in the way we operate.”
Earlier, news of Polygon (Matic) leaving India was revealed, due to the strict rules imposed by the Government of India on crypto, startups are leaving India one after the other. If you look around the world, then friendly laws are being brought regarding crypto.