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Crypto tax

Blockchain Park Amidst Crypto Crisis! Is India Okay with Regulations?

Learn how India is moving forward with a blockchain park in Goa despite the higher tax rates on cryptocurrencies.

The high rate of crypto tax doesn’t stop India from supporting the development of blockchain. India’s leading cryptocurrency exchange, WazirX, has partnered with Goa-based startup incubator, Atal Incubation Centre (AIC), and Builders Tribe, a Web3 incubator to launch a blockchain accelerator program in the state. The program will help provide infrastructure, policy support, accreditation, and training to help startups build go-to-market solutions. The incubation center will provide 40 seats for selected entrepreneurs to co-work.


Building the Next Generation of Web3 Startups

Goa is a popular urban state with the country’s highest per-capita GDP as per the Economic Survey of Delhi 2021-22. It has also witnessed an influx of professionals and entrepreneurs working remotely. These factors make Goa an attractive hub for incubating the next generation of successful Web3 startups, the statement said. According to a NASSCOM and WazirX report, blockchain and other Web3-related fields will create 800,000 jobs by 2030. The founders of Builders Tribe have reported that India has been a trailblazer when it comes to anything related to Web3. They have the largest blockchain developer ecosystem in the world and this puts the company at an inflection point on a global stage. Internationally, this work is already being recognized for the contribution that it is making to the Web3 ecosystem. The blockchain park in Goa aims to leverage these opportunities and equip deep-tech blockchain startups with technical know-how, accreditation, and policy support from the government. WazirX aims to provide such training to more Web3 enthusiasts and pioneers across the country in the coming months.


Supporters of the Program

WazirX and Builders Tribe have identified investors to support the initiative with a dedicated capital pool throughout the program. Rajesh Joshi, CEO, Atal Incubation Centre, GIM has stated in a report that the blockchain accelerator program in Goa will provide developers with infrastructure and technical skills. This program will catalyze the establishment of a best-in-class and holistic training ecosystem. Their long-term vision is to provide an impetus to the state economy and create jobs. Entrepreneurs who are exploring blockchain-based solutions will no longer have to leave the state to pursue their dreams. For a successful program outcome, the AIC will assist with the required regulatory framework and policy support. Builders Tribe will drive the accelerator program and provide ecosystem support, training, mentorship, and go-to-market support for impactful solutions. WazirX will aid entrepreneurs to identify the value drivers of these innovative technologies and give them the practical understanding to build solutions. It will also ensure the evolution of policy measures and the creation of a policy framework for accelerating the growth of the start-ups and the blockchain ecosystem.