MUMBAI: Days after the Reserve Bank of India (RBI) barred banks from dealing in cryptocurrency , many bitcoin exchanges, including Zebpay BuyUcoin and BTCX India , are looking to move their head offices to jurisdictions outside India. Many bitcoin exchanges have already approached their advisers and are working on various tax structures.Most of the exchanges are exploring whether they could shift base to countries like Singapore, Delaware or Belarus. The exchanges hope that if they move their headquarters elsewhere, some of the Indian laws won’t apply to them. “Even after such a move, Indian investors may be able to continue to invest with the platforms through innovative structures. ET reported in December that the indirect tax department had launched an investigation into Bitcoin exchanges in India to ascertain the GST rate that can be levied on them.

Source: Economic Times April 09, 2018 02:03 UTC