India’s crypto regulations don’t recognize the full scope of web3, say experts
- Regulators in
Indiaare mostly talking about cryptocurrencies and NFTs, but a lot more has to be done.
- Countries like the US, UK, Canada have tweaked existing laws to accommodate
- Web3 founders in the country are already leaving India.
.@AjeetK, @tamarincrypto and @Aritra_7 of @WazirXIndia take a closer look at the different ways web 3.0 is redefini… https://t.co/hQt4WZGQ2O— Business Insider India (@BiIndia) 1648045430000
At the Union Budget 2022 last month, finance minister
So, if we could tweak our SEBI Act, RBI Act, FEMA, and a few others…frankly, we are a fully regulated country, and I think that may be the best way to go because large economies around the world have done that.
The need to recognise the potential of web 3.0
Aritra Sarkhel, Director of Public Policy at
According to Tamar Menteshashvili – who leads ecosystem growth at Solana Labs, which runs the Solana platform – many web3 company founders from India have been moving to Dubai recently, which is a “strong signal” that “something is not going as well as it should be”.
Taking the example of more crypto-friendly regulations and understanding the opportunity that web3 is bringing to the country is super important while thinking about the policy.
Sarkhel said that the industry needs clarity around regulations so that 18-19-year-old founders don’t get confused and move out of the country to avoid future repercussions. “Basically, you don’t want another brain drain to happen. Let’s build together,” he told Business Insider during the Twitter Spaces session.
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