India, June 4 -- Nearly a year after a cyber attack wiped out nearly $235 Mn from one of its wallets, Indian crypto exchange WazirX has incorporated an entity in Panama by the name of Zensui Corporation, to continue with its crypto operations without a mandatory Singapore licence.

The move follows Singapore tightening the regulatory noose around crypto transactions. The city state is set to implement the Financial Services and Markets (FSM) Act, 2022 from June 30.

This stricter regulatory framework for digital token services will make it significantly harder for companies to operate crypto businesses without a special licence from the Monetary Authority of Singapore (MAS).

WazirX also informed the court that the company is in the proce...