Clampdown and unclear policy prompt crypto exchange founders to leave India

MULTIPLE INDIAN entrepreneurs and developers in the Web 3.0 space are moving out of the country in a bid to shift base to more crypto-friendly destinations.

The co-founders of India’s largest cryptocurrency exchange WazirX, Nischal Shetty and Siddharth Menon, have moved to Dubai with their families. Polygon co-founder Sandeep Nailwal is also among those who have relocated to Dubai over the last two years. This is in addition to an earlier round of departures. ZebPay and Vauld shifted to Singapore; CoinDCX now has a Singapore arm.

This comes amid a progressive clamping down on cryptocurrencies, including action by enforcement agencies against some platforms, new rules and regulatory tweaks being issued every few weeks even as there is lack of clarity on policy in the longer run.