In the last few years crypto industry in India growing rapidly. Many people are getting aware of Blockchain and cryptocurrencies. Cryptocurrency exchanges like Zebpay, Uncocoin, WazirX, CoinDCX, etc. are playing a big role to promote cryptocurrencies, and NFTs like virtual digital assets among Indian investors.
But a few weeks ago Indian government passed Crypto Tax Bill to impose a 30% tax on capital gains from virtual digital assets without any regulatory framework. Despite the regulatory challenges in India the world’s largest crypto exchange Binance in terms of daily trading volume is bullish on the country’s crypto future.
According to a report published on Indian Express, Leon Foong, Head of APAC at Binance said, “Blockchain startups are what garnered the attention of Binance and many global tech experts and investors in India”. Foong also believes the Indian crypto market is very sizeable and has some fundamental advantages. There are many well-trained engineers who can work to improve Blockchain technology and its future in India.
Leon Foong also said, “We saw India’s technology venture capital investment grow almost three-fold to $44.6 billion in 2021. If the right blockchain entrepreneurs can be matched with talent and capital, we will see an acceleration in the number of crypto and Web 3 projects that are built out of India.”
Foong wants to add his large investment in India but before investing in India he believes that “a clear, progressive, and pro-innovation regulatory framework is necessary in giving investors comfort and certainty that India is the right place to be putting their money.”
According to Leon Foong, the government should provide a better framework and a regulatory system to let Blockchain and Web3 technology flourish in India. This will automatically provide benefits in the form of new jobs and economic benefits to the country. When Blockchain and Web3 technology will grow it will boost the GDP of the country.
He also said before jumping into the crypto industry the investors should have proper knowledge of Blockchain technology and the industry. Proper research about the crypto token is necessary before investing any amount. More focus on education about digital assets like cryptocurrency, NFTs, and Web3 is necessary to get benefits from it.