“Virtual digital assets are a small part of the Web3 ecosystem is getting heightened interest because of multiple reasons,” says Dilip Chenoy, the Chairman at Web3 Bharat Association.
While speaking at Money Control’s Policy Next summit, Dilip asserted that there are 900 crypto startups in India in the subdomains of Blockchain, DeFi, Tax and Audits.
He also said that the Web3 ecosystem has gotten more funding than e-commerce and many Indians have joined the Bitcoin mining business.
Dilip distress that, despite a remarkable traction within the crypto community, the government’s unfriendly nature towards this space could move Indian founders offshore.
“If we create an aura of uncertainty around crypto, the company that is actually working in the Web3 phase, will all relocate to Delaware, Dublin, Dubai, and Singapore,” he said.
Also Read: UK Considers Outlawing Cold Calls for Crypto Investments
