India Web3 talent driven away by lack of regulatory clarity, industry body says

India’s lack of regulatory clarity on crypto and Web 3.0 is a driving force of critical human capital flight, according to a new report by the non-profit industry association, the National Association of Software and Service Companies (Nasscom).

See related article: India crypto exchanges plan long-term future as day traders flee

Fast facts

• “Clarity on policy will unleash multiple initiatives and India can serve as the world’s sandbox in several public services and governance use cases of blockchain,” Nasscom said in its report.

• The industry body also called for the Indian government to initiate a global agreement for the definition of virtual digital assets.

• About 11% of the world’s Web3 talent is in India, making it the region with the third biggest talent pool in the sector, according to Nasscom.

• More than 450 Web3 startups in India have collectively raised US$1.3 billion in investments over the last two years, dating back from April this year, Nasscom said.

See related article: India’s finance minister sees 46% growth in blockchain technology use in next few years