India is not a viable market for crypto, says Binance co-founder Changpeng Zhao
According to Zhao, India's high tax environment on crypto is a major concern as it contributes to the market's lack of viability for foreign competitors.
Changpeng Zhao, Co-founder and CEO of crypto exchange, on Thursday said that he does not see much potential in the Indian crypto market as of today.
Addressing at TechCrunch Crypto conference, Zhao said, “To be honest, I don’t think India is a very crypto-friendly environment.”
YourStory reached out to Binance team and is awaiting response for the comment on its stance on the Indian crypto market.
According to Zhao, India's high tax environment on crypto is a major concern as it contributes to the market's lack of viability for foreign competitors. “If you are going to tax 1% on each transaction, there is not going to be that many transactions,” he said at the conference.
Due to regulations in place, he also stated that Binance is in talks with many Indian crypto founders and influential people to figure out a solution.
Earlier, a Nasscom survey on India's Web3 startup landscape had also indicated that even though India had a large talent pool and favourable investors, growth and development have been slow due to regulations. The report points out that talent and investor exodus could accelerate India’s lost opportunity in the sector.
Edited by Megha Reddy