Zebpay crypto exchange sets up in Aust

A large cryptocurrency exchange that was virtually pushed out of India has praised Australia’s clear stance on digital currencies as it set up shop here.

Zebpay says Australia’s clarity on cryptocurrency was a major reason it chose to open offices in Melbourne and Sydney this month, joining more than 240 cryptocurrency exchanges registered nationwide.

The firm says it was India’s biggest crypto-exchange before a regulation prohibiting banks from allowing cryptocurrency transactions forced Zebpay to leave its homeland.

“(It) effectively chokes you at your one point of vulnerability,” Zebpay chief executive Ajeet Khurana told AAP.

“Frankly, I don’t specifically care about ease of regulations.

“For me, clarity of regulations is the only thing that matters.”

Australia was the only country of 15 considered by Zebpay that had potential growth, clear regulations and a strong rule of law, Mr Khurana said.

The 2019 Global Startup Ecosystem Report released on Friday named Sydney among the top 25 start-up ecosystems in the world and Melbourne among a select group of emerging start-up hubs.

“(Victoria) helped us out frankly beyond what we would have expected,” Mr Khurana said.

“We were hoping that they would be able to tolerate us but they went beyond … so it seems like the right decision.”

Its two locally-focused offices will be supported by the company’s headquarters in Singapore and an office in Malta, which focuses on global operations.

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