Indian-based cryptocurrency exchange ZebPay is planning to enter new markets over the coming months and years.
The CEO of ZebPay said the cryptocurrency exchange is seeking to enter new markets over the coming months and years.
ZebPay Chief Executive Officer Avinash Shekhar mentioned this during an interview with Deccan Herald. He said;
“We are planning to enter the US and UAE this calendar year. We expect the push from corporations to invest in cryptocurrencies in the US to help us grow. Our focus will be to tap corporations in the US. In the US, we already have regulations in place. Because of this, businesses are investing in cryptocurrency, which will help us grow. UAE is an emerging market with respect to crypto.”
Shekhar said the 30% tax on crypto in India is too much since cryptocurrencies are an emerging technology at the moment. He added that;
“Conceptually, 30% is not correct. It is an emerging technology. The tax must not be punitive. You cannot adjust losses or any other expenses you have incurred. The TDS issue is also excessive. The government’s intention is basically to get data over revenue. We are taking up specific issues with the government. Hopefully, they will take our suggestions.”
The Indian cryptocurrency ecosystem continues to be controversial, with the Reserve Bank of India (RBI) still not a fan of cryptocurrencies. When asked about how banks treat cryptocurrencies, Shekhar said;
“RBI has its reservations and concerns. But all we want them to understand is that technology needs to develop. We are trying to make them understand. Having said that, we are moving towards positive regulations. Sooner or later, industry and government will be on the same page.”
The cryptocurrency space has gained massive adoption globally over the past few years. As a result, governments worldwide have been rolling out directives to regulate the market without stifling its growth.
