Indian crypto sector calls for policy revamp, and other Web3 news of the week
Read about this week's developments, news, and trends in the Web3 ecosystem.
Indian Web3 sector calls for crypto policy revamp
In the lead-up to the upcoming Union Budget, players in the Indian crypto industry are calling for Virtual Digital Assets (VDAs) to be classified as a regulated asset class, the repeal of the 1% TDS (tax deducted at source) rule, and the ability for investors to set off or carry forward losses in VDAs.
Under current crypto regulations, Indian crypto exchanges such as , , and lost a major share of trading volumes to international exchanges such as and , which do not have to comply with India-specific crypto regulations.
Other Web3 sectors in India face similar challenges.
In fact, Indian exchanges lost $3.8 billion between February and October 2022 in trade to foreign exchanges, according to a report by thinktank Esya.
TechSparks and The Metaverse Summit come to Mumbai
YourStory is excited to announce that TechSparks, one of the biggest startup events in India, is making its way to Mumbai.
Taking place on March 22 and 23 at the Grand Hyatt Mumbai, the event will bring together over 2,000 attendees and 150+ expert speakers to talk about the latest trends and innovations in the Indian startup ecosystem.
The Metaverse Summit will be part of TechSparks Mumbai.
DeFi startup Davos raises $500k
co-founder Sandeep Nailwal and Polygon Ventures have invested $500,000 in a new DeFi protocol called Davos.
The goal of Davos is to introduce a new, stable crypto asset as well as collateralised borrowing and staking for MATIC tokens. This means that users will be able to use their MATIC tokens as collateral for loans and earn more stable assets in return.
Davos has reportedly merged with another protocol, Sikka, to double its community size and exposure to crypto liquidity.
Edited by Teja Lele