By Shelly Melancon (Switzerland)
The investment arm of the leading American crypto exchange, Coinbase Ventures, plans to invest about $1 million in multiple crypto and Web3 projects in India through an organized pitching event.
Coinbase CEO, Brian Armstrong, disclosed that the firm aims to leverage India’s software talents inherent in the Web3 and cryptocurrency space to accelerate India’s drive for sustainable economic progress.
The in-person pitching event scheduled for April 8 is set to host at Bengaluru in partnership with other interested parties and support from Belief DAO which has set aside $25,000 as a bonus.
Foreign investors appear to have increased interest in India’s crypto ecosystem, attributed to the official clarity provided to clear the air over the controversial crypto laws.
Understanding the Law
The new crypto tax law in India, which came into effect on April 1, made it mandatory for all citizens of India to remit 30% of unrealized crypto profit as tax to the government. In addition to this, investors are not permitted to offset any loss accrued from transactions in cryptocurrency to replace the required tax as stated in the new regulation.
Co-founder of Builders Tribe, Pareen Lathia, in assessing the notion of Web3 as a disruptor, disclosed to Cointelegraph that entrepreneurs in the Indian crypto space are excited to move their companies to other parts of the world.
Lathia also revealed that the latest tax law could impact foreign investors’ view of India as a destination. The tax law is only but a part of the process; regulations will accommodate any changes when the time is right.
Coinbase’s entry into the Indian crypto space came when the Finance Minister, Nirmala Sitharaman, disclosed the governments’ intent to revamp the existing crypto regulations in the future. The coming of Coinbase into the market has led to a surge in applications and forces the government to act as fast as possible.
Coinbase’s Investment
Coinbases’ CEO added that the firm has previously dumped $150 million into India’s Web3 and crypto firms with a further plan to recruit 1,000 employees into Coinbases’ Indian tech startups shortly.
Establishing clear regulations is a signal to foreign investors that India is open to business, which is further strengthened by the activities going on in the crypto ecosystem.
Back in the United States, Armstrong has been a strong advocate of the clarity of regulations of the industry. The company has succeeded in overcoming various regulatory obstacles thrown at it by the U.S. Congress and the Securities and Exchange Commission (SEC).
This has put Coinbase at the forefront of discussing regulatory frameworks regarding the industry with various governments worldwide, a clear sign of influence in and around decision-makers in the industry.
Due to India’s immense software talents at its disposal, the government has been working on improving disruptive technologies adoption in India.
And to achieve this, more holistic and investor-friendly regulations need to be put in place for the required results to be completed.
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