India’s cryptocurrency poster boy Sandeep Nailwal, the founder of Polygon, shifted his base to Dubai in the United Arab Emirates (UAE) around 2020. Various other Indian cryptocurrency brains such as Nischal Shetty and Siddharth Menon of WazirX moved to the same destination. A few others opted for Singapore.
These immigrations were, in a way, forced by the Indian government’s tough stance on the blockchain-based decentralised currency. While making it clear that the space is not under regulation, the government imposed a 30 per cent crypto tax and 1 per cent tax deducted at source on all virtual digital assets starting April 1, 2022. The announcement was made by India’s finance minister Nirmala Sitharaman in her Budget 2022 speech.
This story is from the January 2023 edition of Entrepreneur magazine.
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This story is from the January 2023 edition of Entrepreneur magazine.
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