Several cryptocurrency exchanges, including Zebpay, Unocoin, Coinsecure, BuyUcoin, and BTCX India, are looking to exit India as preparations to introduce cryptocurrency bills in the winter session and the Reserve Bank of India (RBI) tighten stance on cryptocurrencies over the past months. According to a report, these exchanges are looking to shift their offices outside India.
Exchanges engaged in contacting consultants
Due to India's tough stance on digital currency and fears of cryptocurrencies being banned in the country, these exchanges are no longer finding it easy to do their business here. So many bitcoin exchanges have already contacted their advisors and are working on different tax structures as part of plans to exit the country.
Preparing to open offices in these countries
Most of the exchanges are trying to find out if they can move their business to countries like Singapore, Delaware, or Belarus, will crypto get a good response in these countries. Let us tell you that some time back, the banking regulator had directed banks to refrain from providing any service to individuals or business entities dealing with digital currency. Along with this, RBI Governor Shaktikanta Das has also said about the ban on cryptocurrencies, that digital currency is a big threat.
Fear in exchanges due to government's preparation
The announcement of the Central Government to introduce a cryptocurrency bill in the winter session has already prompted many investors investing in this digital currency to sell their cryptocurrencies. On the other hand, most of the cryptocurrency exchanges are now fearing that it will be difficult for them to operate in the country after the RBI's strictness.
What is the opinion of experts?
Tax experts say that in this environment, exchanges may have only two options either to shut down the business or move to another jurisdiction. Even after such a move, however, Indian investors can continue to invest with the platforms through innovative structures, he added.
A submarine used to show tourists the wreckage of the Titanic has gone missing in the Atlantic Oc
A court commission may be set up to investigate the attempt to assassinate Imran Khan. It has bee
Gautam Adani, the richest man in Asia and the sixth richest person in the world, is now taking a
'Will help in regional problem', did China mention India by announcing help to Pakistan Army?
Describing Pakistan as a special friend, the Chinese military leadership said that the Chinese mi
The phone should be recharged on January 1, 2022, and be free by December 31, 2022. So imagine ho
There is no doubt that Bigg Boss is the most popular and controversial TV show on Indian televisi
There will be a tough contest between the two heroines in the Hooghly Lok Sabha seat of West Beng
China-Russia's growing closeness can harm India's interests, will not be able to be ignored for long
Amidst the escalating tension between Russia and Ukraine, the eyes of the whole world are on the
Shahrukh Khan has been ruling Bollywood for many years. In all these years, he has done so many g
The series between India and South Africa starting from December 17 is under the shadow of Corona
