India, where rules and regulations around the crypto sector are still under drafting, is witnessing a big boom. Around 11% of the world’s total Web3 talent resides in India, the nation’s primary non-government tech trade body Nasscom said in a recent report.
Title ‘The India Web3 Startup Landscape, An Emerging Technology Leadership Frontier‘ the report intends to explore the current state and future potential of the Web3 industry despite temporary roadblocks.
Nasscom press release said in a statement :
“India is the 3rd largest Web3 talent pool in the world. The Indian tech industry directly employs nearly 75,000 blockchain professionals today. Further, this talent pool is expected to grow by over 120 percent in the next one or two years,”.
India seems to have an advantage in the Web3 industry now that the global demand for blockchain developer sis rising exponentially.
Indian developers are marching ahead inside the blockchain sector with expertise in development and quick reskilling that could eradicate the demand-supply gap.
India is home to over 450 active Web3 startups.
The Indian Web3 ecosystem has raised $1.3 billion (approx. Rs. 10,769 crore) funding through April 2022.
Over 60% of the Indian Web3 startups have expand outside India.
Most of the Indian Web3 firms are working in the areas of blockchain gaming, decentralise finance (DeFi), Metaverse, as well as NFTs.
India recently secure the fourth position on the 2022 Global Crypto Adoption Index compile by blockchain research firm Chainalysis.
Since the beginning of this year, Indians have had to pay a 30% tax on all crypto earnings and profits.
In July 2022, Indian crypto exchanges recorded a nosedive in trading volumes after the one percent TDS rule on each transaction went live on 1st July 2022.
Despite the much-criticise tax regime, over 7% of Indians own digital currency in the form of cryptocurrency in 2021, as per the United Nations trade and development body UNCTAD.
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