Many investors were bearish due to the Indian government’s decisions regarding cryptocurrency investment in the previous period.
Polygon co-founder Sandeep Nilewal stated that “if crypto investors stop investing due to laws, things will become very difficult”, and hinted at his desire to promote the decentralized Web3 system in India, but nonetheless it made no sense. for the team. put their local protocols at risk.”
“India, which has a lot of IT workforce, is looking to be the main cryptocurrency hub,” said Sunil Sharma, one of the largest cryptocurrency publishers in Asia.
However, due to the strict tax laws imposed by the Indian government, it will push budding investors to other geographies where the laws are less strict for them.
BuyUCoin CEO Shivam Thackerel also added that more than 30 engineers have left the country to work in countries like Dubai, the United States and Singapore after implementing more investor-friendly laws.
CoinDCX CEO and co-founder Sumit Gupta said that tax laws may have serious consequences for the cryptocurrency space as both investors and developers may relocate to other countries.
Thackerle added that countries like Dubai and Thailand are in the process of becoming cryptocurrency regulators due to their regulatory approach that attracts a lot of investment and talent from around the world.
India is waiting for cryptocurrencies
The head of the Reserve Bank of India, Shaktikanta Daris, compared the value of tulips to digital currencies, and India has yet to table the law related to digital currencies in Parliament, as the meeting sessions they were postponed.
Cryptocurrency investors are waiting for some positive laws from the government, while the government focuses on taxing profits only, and this reason sums up why developers and investors are leaving crypto-friendly countries out of their country.