Namaste! – Coinbase Ventures, an investment arm of the Coinbase exchange, has shared a plan to invest $1 million in various Indian initiatives. The American exchange platform will hold a presentation event in Bengaluru. The goal? Help accelerate India’s financial inclusion through crypto and Web3 investments. On March 25, 3022, the Asian country adopted a new law on the taxation of crypto-assets. If it is not necessarily lenient, it at least has the merit of being clear.
Coinbase Ventures, a whale arrives on an elephant’s back
In a blog post written while in India, Coinbase CEO Brian Armstrong revealed that the company intends to tap into software talent in India. Indeed, the many developers in the country are keen on crypto and Web3 technologies. Thus, Coinbase intends to help accelerate economic inclusion goals and finance of India.
Friday, April 8, 2022 will be the presentation day organized in Bengaluru in partnership with Builders Tribe. This team will also be supported by Belief DAO to provide up to $25,000 in grants. Buidlers Tribe co-founder Pareen Lathia said Indian entrepreneurs are excited to get their businesses known internationally.
According to its CEO, Coinbase has already invested $150 million in Indian companies of crypto and Web3. In addition, the company plans to integrate 1,000 employees into its Indian technology hub. Establishing regulations is also a clear invitation to foreign investment.
“India is a magical place, and I think crypto has a great future here. We are excited to help build that future, and this event is an important milestone. »
Brian Armstrong, CEO of the American exchange Coinbase
Brian Armstrong is part of the vanguard of clarifying cryptocurrency regulations in the United States. Over the past year, Coinbase has overcome many regulatory hurdles put forward by the US Congress and the Securities and Exchange Commission (SEC). Therefore, the company should play a key role in regulatory discussions around crypto around the world.
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India, cryptocurrencies and regulation
The growing interest of foreign investors in the Indian crypto space can be attributed to recent regulatory clarity. Although controversial, crypto tax law in india at least has the merit of being clear. This law, which is effective from April 1requires all Indian citizens to pay 30% of their crypto earnings as tax.
“Tax law is only a positive step. It’s a paradigm shift, and regulation will catch up. »
Pareen Lathia, co-founder of Builders Tribe
Indian Finance Minister Nirmala Sitharaman has already announced her intention to rethink crypto tax in the near future. However, Coinbase’s entry into the market has already attracted more than 110 applicants to Builders Tribe.
The state government of Maharashtra in India has started to use blockchain technology of Polygon to issue caste certificates as part of the Digital India campaign. Indeed, it has partnered with LegitDoc to deploy these 65,000 certificates. The goal is to facilitate the process of delivering government programs and benefits.
Indian Administrative Service Officer Shubham Gupta said the Indian government is always on the lookout to implement technologies that can help democratize services to citizens.
“Web3 takes the concept of democratization to a whole new level (…) Data/information can not only be made openly shareable, but can also be made openly tamper-proof. »
Shubham Gupta, Indian Administrative Service Officer
The clarity provided by the new Indian legislation is likely to attract quite a few new investors. If the regulation is rather strict in the country, it nevertheless offers a legal framework on which crypto companies can rely. India, who wanted to ban Bitcoin and cryptocurrencies, thus created the opposite effect.
An iron fist in a velvet glove, India seems to offer regulations conducive to the development of the crypto ecosystem. If you are ready to support innovation, the KuCoin Spotlight launchpad allows you to invest very early in projects with high growth potential. register now to be sure to participate in the next sale (affiliate link).