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Recent report by Nasscom shows India at the forefront of global Web3 transformation.

Nasscom is a no-profit apex body of the $227-billion Indian tech industry.

It identifies rapid adoption of new technologies, vast talent pool, and robust startup ecosystem as the key tool for the nation’s web3 global adoption.

The report which was launched in Bengaluru last week – The India Web3 Startup Landscape: An Emerging Technology Leadership Frontier – has been prepared by Nasscom and a Web3 venture capital firm, Hashed Emergent.

According to the report, India has 450 Web3 startups, and four of them are unicorns.

Also, these entities received $1.3 billion of venture funding in two years, from 2020 to 2022.

Even if 60% are registered outside India, at least 30% have come up in the past year.

With many of them having Defi, NFT, and Gaming projects.

Also, as contained in the report, Defi activities were particularly high, with $88 billion worth of value received on-chain in 2021.

“India’s rapid adoption of new-age technologies, its growing start-up ecosystem, and large-scale digitally skilled talent potential is cementing the country’s position in the global Web3 landscape,” Debjani, President, Nasscom, said while releasing the report in Bengaluru.

The report reflects a spotlight on India’s vast Web3 and blockchain talent pool by saying it accounts for 11% of the global market, making it the third largest.

“India’s Web3 talent pool is growing at the fastest rate worldwide, at around 120 percent likely in the next 1-2 years,” the report says.

In global rate, crypto and Web3 firms received $30.5 billion of venture capital in 2021.

The user adoption rate, currently 320 million, is expected to reach 1 billion by 2030.

Lack of Framework in the web3 bandwagon

The Nasscom report also reflected the disconnection between the surging Web3 ecosystem and the lack of policy framework to support and drive the growth in the crypto and Web3 sectors.

While government policies strengthens blockchain technologies, it’s not the same for crypto.

In India, district police recently launched a Polygon-based complaint filing portal to avoid manipulation by police officials.

Also, crypto trading has been saddled with several taxes.

This shows the hard times crypto enthusiasts are facing in India.

“The lack of policy clarity around Virtual Digital Assets (VDAs), leading to a lack of confidence in founders and innovators, thereby forcing them to move their base to other countries, is not only taking the market away but also the critical talent and expertise needed in this area,” it points out.

By Meekness Nnoka

Blockchain Analyst & Writer with top-notch Technological background. Enjoys reading and writing fascinating crypto contents. 4 years content creating experience.

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