The Indian government has taken a hard line on cryptocurrency use and trade. The administration, on the other hand, has yet to develop a regulatory framework for digital assets. Meanwhile, Binance, the world’s largest cryptocurrency exchange, is looking for a crypto future in India.
According to sources, Leon Foong, Binance’s Head of APAC, sees several opportunities in India’s growing cryptocurrency market. He stated that Binance and other IT gurus have recognized the country’s growing Blockchain firms. Foong emphasized that India has several fundamental advantages over other countries. The country boasts a significant crypto market and a large number of well-trained engineers.
India’s digital venture capital investment climbed to $44 billion in 2021, according to Binance’s APAC CEO. If the right blockchain entrepreneurs are linked with the requisite funding and skill, a tremendous quantity of crypto and Web 3 related enterprises might leave the nation.
A comprehensive regulatory framework to control digital assets is still missing in India. Meanwhile, the government has placed a 30 percent tax on cryptocurrency earnings and a 1% Tax Deducted at Source (TDS) on all trades. As a result, there has been a significant reduction in the number of investors entering the digital asset markets. The dealers are pessimistic about its prospects in the nation.
Restrictive rules, according to Leon Foong, prohibit the ecology from reaching its full potential. The digital assets market is immense, and as the Web 3 business grows, it will undoubtedly provide a great number of employment for the country. Eventually, this will undoubtedly aid the Indian economy’s future growth.
Binance conducted a poll to determine demographic trends in India, according to the article. According to the poll, more than half of the Indian population is under the age of 25 years. While around 34% of the population recognizes them as Millennials. Because youthful generations are skilled at embracing new technology, these are ideal circumstances for digital assets to thrive in a country.