Zebpay, an Indian cryptocurrency exchange, is looking to expand to Singapore and the United Arab Emirates

Zebpay, one of the first cryptocurrency exchanges in India, is expanding internationally by applying for licenses in Singapore and the UAE. In an interview with Bloomberg, CEO Avinash Shekhar said the company has sought for a Singaporean license.

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Although the firm will continue to concentrate on the Indian market, Shekhar has said that "the 1% transaction fee" that India put on cryptocurrencies this year is reducing trading volumes and "needs to come down, or things are not going to improve."

He went on to say that the company has reduced salaries, with all staff save for management seeing a 6% decrease in compensation due to the present economic circumstances. Meanwhile, since the 1% transaction charge went into force in July, everyday volumes at important India-based platforms have dropped by almost 90%.

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