One of the leading crypto exchanges in the world – Coinbase is ready to scale up its operations in India. Surprisingly, the announcement walks immediately behind the implementation of 30% tax on gain in crypto assets along with 1% TDS on all Crypto transactions.
Coinbase is a US based exchange and is already operating in more than 100 countries. CEO Brian Armstrong informed via a Company blog about the company’s plan to hire 1,000 people in Indian hub this year to tap the potential talent of IT experts. The company wants to put Indian talent to work for creation of new products.
The news though sounds positive for crypto development in India but the latest tax regime for crypto traders has left them in a state of chaos and confusion. Some reports of investors leaving the country to the areas with better tax infrastructure are becoming louder day by day.
Coinbase launched Indian tech hub in 2021. It is presently working with over 300 full time employees. Each new employee with Coinbase was rewarded with a one-time $1,000 in crypto as starting bonus. Armstrong unveiled company’s plan to continue investing heavily in its India hub.
Brian Armstrong also wrote about the upcoming crypto event to be hosted by Coinbase. The event is lined up for April 7 in Bengaluru to discuss the future of crypto and web3.
Coinbase Venture, the company’s investment arm, has also invested $150 million in Indian technology companies in the crypto and web3 space. It has further collaborated with Builders Tribe to host a startup pitch event on 8 April. Through this event the hosts want to share out a prize pool of up to $1 million for winners.
“India has built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed. Combined with India’s world class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals,” Armstrong said in the blog.
India’s crypto economy seems to be quite promising for the investors across the globe. Along with practical experience in the field, India is also rich in brain power needed for the success of the digital assets. Previous performance and booming crypto business in India makes it one of the most preferred choices for the investors like Coinbase.
