Coinbase ventures in plans to invest in Indian crypto and Web3 amid tax regulation clarity
Coinbase ventures, an crypto exchange will pitching event in Bengaluru to help accelerate India's financial inclusion goals via crypto and Web3 investment.
Coinbase Ventures, a crypto exchange will pitch an event in Bengaluru to help accelerate India's financial inclusion goals via crypto and Web3 investment.
Coinbase declared a plan to invest $1 million in various Indian cryptocurrencies and Web3 via an in-person pitching event.
Coinbase CEO Brian Armstong declared that the venture firm intends to tap into India's software talent with the crypto and Web3 technologies and help accelerate India's economic and financial inclusion goals.
Calling India’s cryptopreneurs!— Coinbase (@coinbase) March 21, 2022
Coinbase Ventures is partnering with @BuidlersTribe to host an in-person pitch day in Bangalore in April.
$1M+ is up for grabs, including $25k bonus grants provided by @BeliefDAO, and mentoring sessions with the best minds in crypto.
On Apr 8, Coinbase pitch day will be hosted in Bengaluru in partnership with Builders Tribe, which will be further supported by Belief DAO to provide bonus grants up to $25,000 The rising interest of foreign investors in India's crypto space can be attributed to the recent regulatory clarity brought forward by the controversial crypto tax law.
India's tax law which has been effective since Apr 1 requires Indian citizens to pay 30% of crypto gains tax. also, investors will not be allowed to offset any crypto losses to compensate for the taxation.
Web3 as a disruptor, Builders Tribe co-founder Pareen Lathia said that Indian entrepreneurs are excited to take their firms global. The impact of new tax law in attracting foreign investment.
“Tax law is just one positive step. This is a paradigm shift and regulations will catch up.”
The Indian Finance Minister Nirmala Sitharaman has shared her intent to rethink the crypto tax shortly, Coinbase's entry into the market has attracted over 110 applications.
Coinbase has invested $150 million in Indian crypto and Web3 companies and plans to onboard 1,000 employees in Coinbase's Indian tech hub. Establishing regulation serves as a clear invitation to foreign investment and Armstrong added:
“India is a magical place, and I believe crypto has a big future here. We’re excited to help build that future, and this event is an important step.”
Armstrong remains at the forefront of attaining regulatory clarity on cryptocurrencies in the United States. Coinbase regulatory hurdles put forth by the United States Congress and Securities and Exchange Commission, The company is expected to play a key role in regulatory discussions around crypto that will ripple across the globe.
The state government of Maharashtra in India started using Polygon blockchain technology to issue caste certificates as a part of the Digital India Campaign.
The Maharashtra state government partnered with LegitDoc to roll out 65,000 caste certificates to aid the process of delivering government schemes and benefits.
Indian Administrative Service (IAS) officer Shubham Gupta dais that the Indian government is always on the lookout to implement disruptive technologies that can help democratize citizen service:
“Web3 takes the concept of democratization to a whole new level, whereby, data/information can not only be made openly sharable but can be made openly unfalsifiable.”