National Association of Software and Service Companies (NASSCOM) in a recent report has cited India’s lack of regulatory clarity as the reason behind the country’s gradual loss of Web3 talents.
- NASSCOM report has cited India’s Strict regulations as reason behind the country’s loss of Web3 Talents
- It recommended should offer certification programmes to deepen the talent pool
- Nirmala Sitharaman discloses that India’s blockchain adoption rate would climb to 46% in the coming years.
India’s Strict Regulation for Digital Assets
The report showed that India has some of the strictest regulations for digital assets in the world, charging 30% tax on profits made by traders and mulling over a blanket ban in the past. NASSCOM puts that many Web3 developers and founders have been forced to make United Arab Emirates (UAE) apreferred destination in search of greener pastures. The report reads:
“Lack of policy clarity around VDAs leading to lack of confidence in founders and innovators, thereby forcing them to move their base to other countries is not only taking the market away but also the critical talent and expertise needed to sustain talent supremacy in this area.” “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 added.
It recommends that academic institutions should offer certification programs to deepen the talent pool while industry players are to engage with policy makers to improve the sector. India been listed as having 11% of the global Web3 talent pool, which NASSCOM says is the third biggest and fastest growing in the world, the non-profit industry association predicts that a growth rate of 120% can be expected within the next two years.
India is on Steady Progress.
Although the data from NASSCOM appears to be dismal, a closer look reveals that the country is steadily tilting towards the adoption of blockchain technology. While several non-profits have begun encouragingthe use of the technology, the Finance Minister, Nirmala Sitharaman discloses that India’s blockchain adoption rate would climb to 46% in the coming years.
To deepen the talent pool, some higher learning institutions have begun training and issuing certificates to individuals, while India’s state government are incorporating the technology into their everyday operations.
In the Southern state of Telengana, a Web3 regulatory Sandbox has been created to encourage collaboration between policy makers and industry players. Whereas, Maharashtra has deployed blockchain to improve the operations of its land’s registry.