Despite regulatory challenges in India, Binance, the world’s largest cryptocurrency exchange, is bullish on the future of the country’s cryptocurrency.This is an Indian Investors are subject to a flat 30% tax About their crypto investment, despite the lack of a regulatory framework.
“Blockchain startups have caught the attention of Binance and many of India’s global tech experts and investors,” said Leon Foong, head of Binance’s APAC. indianexpress.com.. He believes that the Indian market has some basic competitive advantages — a very large market and many well-trained engineers.
“Investment in India’s technology venture capital almost tripled to $ 44.6 billion in 2021. If the right blockchain entrepreneur can match talent and capital, crypto and Web3 projects will be built. The number of will accelerate. In India. “
Foong is keen to invest in India, but “to give investors the peace of mind and certainty that India is the right place to invest, it is a clear, progressive and innovation-promoting regulation. We need a framework. “
Leon Foong, Head of APAC at Binance. (Photo: Binance)
The key is not to implement restrictive policies that will keep the ecosystem prosperous and prevent the industry from reaching its full potential. “Ultimately, when the pie is big enough and the Web3 industry begins to generate large numbers of jobs and economic benefits, the multiplier effect from the industry can flow into the economy and ultimately boost India’s GDP. “He said.
But before encouraging Indians to invest in crypto, Foong tells Indianexpress.com that crypto education is a must. Binance wants to encourage wise and thoughtful participation in India’s digital asset ecosystem through proper education. He states that it is important for investors to fully understand the virtual digital assets, including risks, before investing. “Otherwise, investors remain vulnerable to losses. As one of the industry leaders, we give Indian investors the right tools and channels to learn about digital assets and ecosystems. We are responsible for providing. “
Historically, virtual digital assets have provided investors with the opportunity to make significant profits in the short term. However, many tokens lose their real value after the first “pump” of the token price. This volatility means that speculators are at risk of losing their initial capital if the projects they invest in are not backed by legitimate roadmaps, utilities, and communities.
“We strongly encourage crypto investors to research and consider different data points before jumping into an investment. A platform that lists and launches coins can also perform extensive research and analysis on the project. It should be supported by a strong team. We want to increase the importance of self-education and research for investment through the awareness-raising initiative undertaken in the Indian market. Ultimately, investing in the market. We believe that as trends become healthier, the crypto-digital asset ecosystem will develop, “advised Foong,” this is true even in recent situations. Luna-Terra Crash In the same way. “
According to a Binance survey, we recognize that about 55% of India’s total population is under the age of 25 and 34% of India’s population is millennials. Like other disruptive technologies, cryptography and blockchain tend to be tech-savvy, resulting in high adoption among the younger generation.
“Millennial and Z generation investors are choosing cryptocurrencies over other asset classes such as investment trusts, gold and equities because of the opportunity to own future technology spaces. The rise of currencies has also given individual investors access to early-stage projects that were previously only accessible to venture capital and angel investors. “
In 2022, Binance is excited to open virtual digital asset education to the public and is on the lookout for games. NFTCommunity-Fi, and Emerging Metaverse Ecosystem. “More investment from global crypto players and exponential growth of local Layer 2 projects such as Polygon provide a great opportunity for more Indian founders to build quality projects.” Foong adds.
