Eleven percent of global Web3 talent live in India, number expected to grow by 120 percent soon: Report
India, where rules and regulations around the crypto sector are still being drafted, is witnessing a massive boom. The nation’s main non-governmental technology trade body Nasscom said in a recent report that around 11% of the world’s total Web3 talent lives in India. Titled ‘India’s Web3 Startup Scene, Emerging Tech Leadership Frontier’, the report intends to explore the current state and future potential of the Web3 industry despite temporary obstacles. .
“India is the 3rd largest country” Web3 talent pool in the world. The Indian tech industry directly employs nearly 75,000 blockchain professionals today. Furthermore, this talent pool is expected to grow by more than 120 percent in the next year or two,” a Nasscom press release posted by CryptoSlate speak in a statement.
India There seems to be an edge in the Web3 industry right now as the global demand for blockchain developers is growing exponentially.
Indian developers are moving forward in the blockchain space with development expertise and rapid skills that can bridge the supply-demand gap.
Currently, India is home to over 450 active Web3 startups. India’s Web3 ecosystem has raised $1.3 billion (approximately Rs 10,769) in funding till April 2022.
In addition, more than 60 percent of Indians Start Web3 has expanded outside of India.
Most of India’s Web3 companies are working in the fields of blockchain games, decentralized finance (DeFi), Metaverseas NFT.
“India’s rapid adoption of new age technologies, burgeoning startup ecosystem and large-scale digital talent potential are strengthening the country’s position in the global Web3 landscape. While we are just scratching the surface when it comes to emerging technology like Web3, technology [is expected to] making significant progress leading to innovative use cases and growing positive impact at the grassroots level,” Nasscom President Debjani Ghosh.
India recently secured fourth place on the 2022 Global Crypto Acceptance Index compiled by blockchain research firm Chainalysis.
In one recent interview With Gadgets 360, UAE-based crypto investment firm Cypher Capital emphasized that blockchain technology can bring most of the benefits to India’s healthcare and logistics industries.
Since the beginning of this year, Indians have paid 30% Tax about all earnings and profits from cryptocurrencies. Back in July, Indian crypto exchanges recorded a significant drop in trading volume after the one percent TDS rule per transaction was introduced on July 1.
Despite the much-criticized tax regime, more than 7% of Indians own digital currency in the form of cryptocurrency by 2021, according to the United Nations trade and development agency. UNCTAD.
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