India

India’s Finance Minister Takes Different Stance on Crypto – Says Regulation Should Be India’s Priority

by Wieke Beenen

This week India’s Finance Minister Nirmala Sitharaman announced at the Indian Council for Research on International Economic Relations that the people of India had taken to digital technology ‘like a fish to water’, and regulating cryptocurrency would likely be one of India’s priorities in its upcoming leadership of the G20. Sitharaman also said that India […]

#blockchain #crypto, #decentralized, #distributed, #ledger

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India

India’s Tax Authority Asks Crypto Exchanges for Details of Coins Traded on Their Platforms

India’sTax Authority Asks Crypto Exchanges for Details of Coins Traded on Their PlatformsIndia’s tax authority has reportedly asked major cryptocurrency exchanges in the country to provide information pertaining to the coins traded on their platforms. The tax authority is also evaluating the taxability of crypto transactions to determine if the goods and services tax (GST) can be applied to them. Indian Crypto Exchanges to Provide Details of […]
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Austrian Police Chief Says Investigations By Indian Agencies Reduced Crypto Scams

Brazil's Police Force Seizes 591 Bitcoin In Country's Largest Crypto Seizure

Investigations by Indian law enforcement agencies helped reduce cryptocurrency scams in Austria and other European countries. Austria’s Federal Police and Director of Criminal Intelligence Service, General Mag Andreas Holzer, told this and complimented the representatives of India’s Central Bureau of Investigation (CBI) on the sidelines of the Interpol general assembly held during October 18-21 in […]

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India

India Freezes Additional Bitcoin Amid Mobile Gaming App Investigation

India Freezes Additional Bitcoin Amid Mobile Gaming App InvestigationIndia’s Enforcement Directorate (ED) says it has frozen 44.5 more bitcoins as part of an ongoing money laundering investigation into mobile gaming app E-nuggets. The authority has already frozen nearly 86 bitcoins at crypto exchange Binance relating to the same investigation. India’s ED Freezes More Bitcoin in E-nuggets Case India’s Enforcement Directorate (ED) announced Thursday […]
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India ranks third in the world in terms of Web3 workforce size: Report

There are currently 450 Web3 startup in the country, including four unicorns.

According to a new study published by the National Association of Software and Services Companies (NASSCOM), a nonprofit organization in India with over 3,000 members, the country currently possesses 11% of the world’s Web3 talent. The figure makes India the world’s third-largest regarding its Web3 workforce, employing nearly 75,000 blockchain professionals today. Furthermore, the industry group expects the talent pool to grow by over 120% within the next two years.

India is also home to 450 Web3 startups, four of which are unicorn companies. Through April 2022, the Indian Web3 ecosystem has raised $1.3 billion in funding. Moreover, over 60% of Indian Web3 startups have expanded their footprints outside of the country.

The vast majority of firms listed in the study are building applications in decentralized finance, gaming nonfungible token (NFT) marketplaces, metaverses, decentralized communities, on-chain coordination mechanisms and so on.

Within the next few years, NASSCOM remains optimistic about Web3’s growth outlook in the country, stating that it expects the number of Indian internet users to increase by 150 million and 5G users in India to increase to 500 million. Debjani Ghosh, president of the NASSCOM, commented:

“India’s rapid adoption of new-age technologies, its growing startup ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape. It is heartening to see that industry and government stakeholders in India are taking a very pragmatic approach toward blockchain tech, with use cases being explored in areas ranging from health and safety, finance, enterprise tech and land registry to education.”

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