Coinbase to invest in Indian crypto and Web3 amid tax regulation clarity

cointelegraph.com:

Coinbase Ventures, an investment arm of American crypto exchange Coinbase, shared a plan to invest $1 million in various Indian cryptocurrency and Web3 initiatives via an in-person pitching event. 

In a blog post drafted while he was in India, Coinbase CEO Brian Armstrong revealed that the venture firm intends to tap into India’s software talent with the crypto and Web3 technologies and help accelerate India’s economic and financial inclusion goals.

Calling India’s cryptopreneurs!Coinbase Ventures is partnering with @BuidlersTribe to host an in-person pitch day in Bangalore in April.$1M+ is up for grabs, including $25k bonus grants provided by @BeliefDAO, and mentoring sessions with the best minds in crypto.

On Apr. 8, the in-person pitch day will be hosted in Bengaluru in partnership with Buidlers Tribe, which will be further supported by Belief DAO to provide bonus grants up to $25,000. The rising interest of foreign investors in India’s crypto space can be attributed to the recent regulatory clarity brought forward by the controversial crypto tax law. 

India’s crypto tax law requires — which has been effective since Apr. 1 — requires all Indian citizens to pay 30% of unrealized crypto gains as tax. Additionally, the investors will not be allowed to offset any crypto losses to compensate for the taxation.

When asked about the general notion about Web3 as a disruptor, Buidlers Tribe co-founder Pareen Lathia told Cointelegraph that Indian entrepreneurs are excited to take their firms global. Speaking about the impact of new tax law in attracting foreign investments, Lathia revealed that:

While the Indian Finance Minister Nirmala Sitharaman has previously shared her intent to rethink the crypto tax in the near future,