Nischal Shetty and Siddharth Menon, co-founders of WazirX, a startup company that facilitates cryptocurrency trading, have now left India and shifted to Dubai. Business Today has reported quoting several sources with knowledge of the matter .
Company’s CTO in India now
Sources say that the Mumbai and Bangalore offices of the company are still there. At the same time, the company’s Chief Technical Officer (CTO) and another co-founder Sameer Mhatre are also in India and working from here. While there is information about Nischal Shetty and Siddharth Menon shifting to Dubai with their family. All employees at work from home , Due to Corona, the company is working on work from home mode. At present, all the employees of the company are doing remote location ie Work from Home.
No statement from the company –
Business Today contacted WazirX regarding Nischal Shetty and Siddharth Menon’s shift from India to Dubai, but there is no word from the company yet.
Government imposed tax on crypto, This news of Nischal Shetty and Siddharth Menon leaving India has come at a time when there is a long debate going on in the country regarding tax on crypto and other virtual assets. Finance Minister Nirmala Sitharaman had announced a tax of up to 30% on crypto assets during the budget this year. Also 1% TDS has been levied on it separately.
After this, during the budget session, the government had made it clear in Parliament that the profit on any other virtual asset will not be compensated by the loss on any other asset .
Shetty on social media –
Nischal Shetty has been a vocal critic of the government’s policies regarding crypto. He is often very active on Twitter about this. Regarding imposing tax on crypto of the government, Nischal Shetty said on many forums that this will impact domestic crypto players and will drain wealth like a brain drain from the country.
WazirX issued a statement –
Meanwhile, WazirX has issued a statement saying, “We are a remote-first organization. We have employees from more than 70 locations. This allows all the employees of the company to travel from anywhere according to their convenience except for official travel. The convenience of working is also available. WazirX is headquartered in Mumbai and Bangalore and there has been no change in the way we operate…”
ED had given notice –
The Enforcement Directorate (ED) in June this year issued a show cause notice to WazirX for alleged violation of the Foreign Exchange Management Act (FEMA). This notice was given regarding cryptocurrency deals worth Rs 2,790.74 crore.
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