Seeing the growing craze for virtual currencies in India, top-tier crypto exchange Coinbase is eyeing to expand its operations in the fast-developing economy. With its strong edge in technical prowess and expert professionals, India is looked upon as a lucrative option for business expansions and promotions. As crypto continues to gather the interest of Indian investors, Coinbase has decided to enter the market space through well-planned initiatives focused on cryptocurrencies and Web3 technology for strengthening its hold in the subcontinent.
According to the report, Coinbase is looking forward to hiring more than 1,000 people to support its growth and expansion plans for its Indian unit. The exchange launched its India-based tech unit in 2021 to reap the potential of the growing industry. The subunit presently has over 300 full-time employees spread across India. Witnessing the scope of the crypto sector in India, Coinbase has decided to make continuous investments in its Indian concern. The team has announced plans to host a dedicated crypto community event in Bangalore on Thursday this week to hold discussions on the future of crypto and Web3 in the Indian market space.
Talking about the latest development, Coinbase CEO Brian Armstrong showed confidence in India’s unprecedented software talent that can help the firm to explore. The team believes that the integration of this tech prowess with crypto and Web3 can open new opportunities for furthering India’s economic and financial inclusion plans. He added that the country has created a strong presence and powerful digital payments ecosystem for itself and has succeeded in implementing it on all fronts and fields. The spearhead revealed that Coinbase Ventures has already injected $150 million to support native Indian tech firms related to web3 and crypto. The exchange is striving to unravel new growth opportunities for such companies to flourish.
The government of India along with the Reserve Bank of India has always kept a skeptical view towards crypto citing its involvement in illicit operations, money laundering, and terror financing. However, the recent steps taken by the government have helped the industry to grow. The officials of the Finance Ministry are working to chalk out a regulatory framework for the crypto industry. They are holding discussions with RBI along with international organizations like the IMF and World Bank.
The country brought crypto under the tax pursuit recently. The natives have to pay tax @30% on income from crypto without any offsets for loss or deductions. Soon, 1% TDS will also be imposed on crypto transactions. The stringent initiatives by the government have reduced the trading volume at crypto exchanges.
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