The co-founder and CEO of crypto exchange Binance, Changpeng Zhao, stated that there isn’t much potential in the Indian crypto market.
At the TechCrunch Crypto conference, Zhao said, “To be honest, I don’t think India is a very crypto-friendly environment.”
According to Zhao, the high tax environment for crypto in India is a significant issue since it makes the market unviable 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 added that Binance is in discussions with other Indian crypto founders and influential people to identify a solution.
Before this, a Nasscom poll on the Web3 startup landscape in India revealed that, despite a strong talent pool and supportive investors, India’s growth and development had been slow due to regulations. The research points out that talent and investor outflow could accelerate India’s missed opportunity in the sector.