CoinDCX Seeks Advice to Grow India’s Web3 Sector, Experts Call for Early Test Beds and Education

CoinDCX is asking community members to give suggestions on how India’s Web3 industry could be shaped into an inclusive mould.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 28 February 2024 16:39 IST

CoinDCX Seeks Advice to Grow India’s Web3 Sector, Experts Call for Early Test Beds and Education

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Establishing early test beds for Web3 projects may lead to faster deployment and adoption

Highlights

CoinDCX is an FIU-registered Indian exchange
The exchange wishes to help resolve India’s crypto-related issues
Indian crypto community is awaiting reduction in crypto tax

The crypto scene in India is getting more sophisticated with the government gradually deploying regulations to oversee the industry's safety. In a bid to get a better understanding of what the Indian crypto community really wishes for, CoinDCX crypto exchange has decided to do something simple and effective -- ask the community members. The aim, as per the exchange, is to shape an inclusive Web3 industry in the country. Sumit Gupta, the co-founder and CEO at CoinDCX seems is spearheading this community initiative.

This week, Gupta opened a discussion on LinkedIn, seeking advice from India's Web3 group.

“Now, six years into our journey, Neeraj and I are reaching out for your insights: beyond providing financial support, how can we meaningfully contribute to the growth of web3-based use cases in India? We aim to extend the kind of support we once deeply needed,” Gupta's post on LinkedIn said.

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Many blockchain and crypto enthusiasts were quick to jot down some steps that could help the Web3 ecosystem expand to its potential in India.

“The validation of use cases, MVPs, and the establishment of early test beds are vital components in the Blockchain ecosystem. Please look into these areas,” said blockchain architect Amit Saxena, commenting on Gupta's post.

“You know how important education in this domain is. We are growing in quantity but not in quality. Sadly, the industry wants just to mint money. Not interested in backing an educational platform like ours is disappointing,” wrote Mirzad Makhdoom, founder and CEO of Kerala-based Web3 school, Tribe Academy. Makhdoom has also claimed that his Web3 school is on the verge to go bankrupt in the next three months.

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Others, meanwhile, highlighted again that a revision in India's crypto tax regime could be immediately beneficial for sector players as well as investors.

In the election-bound nation, the crypto sector stakeholders are hopeful that the finance ministry will listen to the woes and consider reducing the one percent TDS on each crypto transaction to 0.01 percent when it announces the final budget for the year. This TDS cut, when announced in 2022, was explained as a way to monitor crypto transactions being processed within India as crypto transactions are largely anonymous and could be misused for criminal activities.

The CoinDCX CEO, meanwhile, has asked crypto enthusiasts to keep reaching out with issue-solving ideas.

“How can we enhance this initiative? Apart from funding, what are the most effective ways to genuinely support upcoming web3 developers in India? We are keen to hear your ideas and suggestions. Your input could help shape a more inclusive, innovative, and thriving web3 ecosystem in India. Share your thoughts, stories, or any testimonials on how we can make a bigger impact together,” Gupta's post added.

In February, the CoinDCX team partnered with now defunct crypto exchange Koinex to help the latter's distressed users access funds they might have lost access to in 2019.

In light of the escalating number of scams riddling the sector, the exchange also shared a list of dos and don'ts in February for the investor community to take into conscience.

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Further reading: Cryptocurrency, CoinDCX, Crypto Tax, Sumit Gupta, Web3 Education, Web3 Funding

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More