On March 13, Polygon MATIC -0.08% co-founder Sandeep Nailwal said in an interview that India’s indecision on whether to accept digital assets has caused thousands of developers, investors and entrepreneurs to leave for more regulatory friendly places. places, such as Dubai, Mauritius, etc.
India, which has around 15 million active cryptocurrency users, has been in regulatory trouble since the Supreme Court overturned the central bank’s ban on digital tokens in 2020.
The government this year unveiled a 30 percent tax on cryptocurrency transactions, but has yet to make a final decision on whether to ban virtual currencies or regulate them.