Tuesday, July 5, 2022
HomeBusinessCrypto Exchange WazirX Not Shifting Headquarters to Dubai

Crypto Exchange WazirX Not Shifting Headquarters to Dubai

Crypto exchange WazirX has clarified that it is headquartered in Mumbai and will remain in the same city. Recently some media reports indicated that the founders of WazirX Nischal Shetty and Siddharth Menon have gone abroad. The reason for these speculations was the tax laws implemented on virtual digital assets in the country and the apprehension of these effects on the business of the exchange. WazirX has dismissed such speculations as false.

An executive associated with WazirX told Gadgets 360, “The founders of the firm keep traveling but WazirX has not been shifted to Dubai. We are headquartered in India and will remain here.” WazirX It started about four years ago. The exchange has given its staff the option to work from anywhere. WazirX said in a statement that its employees are working from more than 70 locations. Some media reports said that both the founders of the exchange have shifted to Dubai with their families. Laws were recently implemented in Dubai aimed at promoting the crypto industry. This indicated that WazirX may soon shift its base to the United Arab Emirates (UAE).

Many large firms are opening their offices in the UAE regions like Dubai and Abu Dhabi. These include the crypto exchange Binance. However, a WazirX executive declined to comment on the location of the founders. He said that this does not affect the exchange in any way.

UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum signed a bill for virtual assets last month law created. Simultaneously, the Virtual Asset Regulatory Authority (VARA) was created to control the crypto segment. VARA also has the right to punish those who violate the new law. Apart from imposing fine on violators, it can also shut down their business. Residents of Dubai must register with VARA before engaging in crypto-related activities. Apart from this, businesses related to virtual assets such as crypto exchanges will also have to provide details to VARA. The purpose of enforcing the law relating to the crypto segment in Dubai is to enforce international standards and grow the industry. This will also ensure security and transparency for crypto investors.

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