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.
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