Coinbase to invest in India’s crypto industry and Web3 technology due to recent clarity of country’s tax regulations

Coinbase to invest in India’s crypto industry and Web3 technology due to recent clarity of country’s tax regulations

Coinbase Venturesan investment division of US cryptocurrency exchange Coinbase, shared a plan to invest $1 million in various Indian cryptocurrency and Web3 initiatives through an in-person launch event.

In a blog post written while in India, Coinbase CEO Brian Armstrong revealed that venture firm intends to harness India’s software talent with cryptocurrency and Web3 technologies and help accelerate India’s economic and financial inclusion goals.

On April 8, the day of the in-person show, it will be held in Bengaluru in partnership with Builders Tribe, and will be supported by Belief DAO to provide bonus grants of up to $25,000. The growing interest of foreign investors in the Indian cryptocurrency space can be attributed to the recent regulatory clarity brought by the controversial cryptocurrency tax law..

India’s cryptocurrency tax law, effective April 1, requires all Indian citizens to pay 30% of unrealized cryptocurrency gains as tax. Also, investors will not be able to offset any cryptocurrency loss to offset taxation.

When asked about his general notion of Web3 as a disruptive technology, Builders Tribe co-founder Pareen Lathia told Cointelegraph that Indian entrepreneurs are excited to take their companies global.. Speaking about the impact of the new tax law in attracting foreign investment, Lathia revealed that:

“The tax law is just a positive step. It is a paradigm shift and the regulations will be updated.”

Yes OK Indian Finance Minister Nirmala Sitharaman has previously shared her intention to rethink the crypto tax in the near futureCoinbase’s entry into the market has attracted more than 110 applicants.

According to Armstrong, Coinbase previously invested $150 million in Indian crypto and Web3 firms and plans to onboard 1,000 employees at Coinbase’s Indian tech hub.. The establishment of regulations serves as a clear invitation to foreign investment, and Armstrong added:

“India is a magical place, and I think cryptocurrencies have a great future here. We are excited to help build that future, and this event is an important step in that direction.”

Armstrong remains at the forefront of achieving regulatory clarity on cryptocurrencies in the United States. Over the past year, Coinbase has overcome numerous regulatory hurdles raised by the United States Congress and the Securities and Exchange Commission.. As a result, the company is expected to play a key role in regulatory discussions surrounding cryptocurrencies that will spread across the globe.

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The state government of Maharashtra in India began using Polygon’s blockchain technology to issue caste certificates as part of the Digital India campaign.

Maharashtra state government partnered with LegitDoc to issue 65,000 caste certificates to aid in the delivery process of government plans and benefits.

Indian Administrative Service (IAS) official Shubham Gupta told Cointelegraph that the indian government is always looking to implement innovative technologies that can help democratize services for citizens:

“Web3 takes the concept of democratization to a whole new level, whereby data/information can not only be shared openly, but can be made openly unfalsifiable.”

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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