In the light of recent developments at home and across the globe, there are voices that India is poised to emerge as a global hub for crypto players and enterprises
The announcement of taxation on crypto assets in the Union Budget has boosted the morale of the crypto industry, particularly the new players or startups.
In the light of recent developments at home and across the globe, there are voices that India is poised to emerge as a global hub for crypto players and enterprises.
Market participants believe that cryptos can be viewed as an emerging asset because it is an intangible, digital currency that uses a highly sophisticated type of encryption to secure and verify transactions.
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Budget 2022 clarifies that the Government of India does not treat cryptocurrency as a currency but as a virtual digital asset, said Vikas Ahuja, CEO of CrossTower India. he Government will treat cryptos as investments.
“Blockchain technology will create a robust economy in the long run for India and with the right infrastructure in place, the country will be able to become a global financial technology leader,” he added.
Undoubtedly, India is honing its extremely entrepreneurial skill, with a large population of technology-driven young minds and a growing startup culture. Even Prime Minister Narendra Modi has acknowledged the same a few times
On the contrary, Ishan Arora, Partner, Tykhe Block ventures believes that the tax is still quite high for it to be a destination for global crypto companies.
“However, it makes things much clearer for Indian crypto projects that are building in India and also looking for strategic investors in the space,” he said. “This is a step in the right direction”
Experts said that the crypto startups will get a boost from this news. As the rules are out, it makes their work fall under the legal purview.
By sharing more clarity around the sector, India will open up opportunities for the industry by looking at the bigger picture beyond Crypto, Ahuja of CrossTower said.
According to Startup India, India is the third-largest startup ecosystem in the world, with about 50,000 startups. Nearly 20 per cent of these were technology startups.
With crypto assets getting acknowledgement and ‘near-to-legal status in India, the blockchain startups will follow with innovations, particularly the NFT marketplaces.
“The bill also mentions NFTs which is a win for NFT artists in India and brands that want to take part in this interesting space as being done by global brands world over adding more seriosity to the space, Arora added.
India’s GDP can be boosted by blockchain technology and transform various sectors, starting from – government projects, healthcare, supply chain, financial services, among others.
The move is expected to boost innovation in the blockchain sector, with startups rising in the future, said Ahuja of CrossTower India. “Since India is a startup hub, which may help it become a leader in the fast-growing digital asset industry.”
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