According to a new research by the non-profit industry body, the National Association of Software and Service Companies, India’s lack of legislative clarity on crypto and Web 3.0 is a major factor in the exodus of crucial human resources (Nasscom).
Clarity on policy will unleash multiple initiatives and India can serve as the world’s sandbox in several public services and governance use cases of blockchain, Nasscom said in its report.
The trade group also demanded that India’s government start working on a global agreement to define virtual digital assets.
In India, there is currently no provision for loss offset and a flat tax of 30% is collected on cryptocurrency income, with an additional 1% tax deducted at the source for transactions above 10,000 Indian rupees ($120).
According to Nasscom, India has about 11% of the world’s Web3 talent, making it the region with the third-largest talent pool in the industry.
Since April of this year, more than 450 Web3 firms in India have received investments totaling US$1.3 billion, according to Nasscom.
