Over the past two months, the status of cryptocurrencies in India has been resting at its rock bottom. The RBI’s initiative to de-authorize its banks to deal in cryptocurrency came as a big blow to the cryptocurrency market in India.
Read more: You Won’t Be Able to Buy Cryptocurrencies Via Banks or e-Wallets
Now India’s cryptocurrency and blockchain ecosystem – developers, services providers, and other companies are moving bag and baggage to crypto-friendly destinations or at least seriously considering the option. The migration has been triggered by various moves of the Indian government to ring-fence all things cryptocurrency in the country as a result of which fledgling blockchain players here are looking for more friendly places.
Estonia in particular seems to be a favorite among those migrating from India thanks to its crypto and tech-friendly regulatory environment. It easy to register and set up businesses in the country, initial coin offerings (ICOs) and cryptocurrency investments are not heavily regulated, and the country’s blockchain-friendly regime supports mass adoption of the technology.
In the rush to Estonia are blockchain companies from India. One among them is Indium, an Ethereum-compatible blockchain network with a focus on utility apps and public goods, founded by Nilesh Trivedi, a blockchain developer from Bengaluru.
Mr. Trivedi states that the e-residency “will just cost me 100 Euros for three years and I can renew it again after that,” adding that “the tax regime there is good. Being registered [in Estonia] will also allow [him] to offer other services and conduct business in the EU.”
Joel John, an analyst at UK-based Outlier Ventures told that some even compare it to the brain drain in the dotcom boom that lead to a virtual exodus of topnotch tech professionals to countries with better opportunities.
“We are having talented people and companies from the blockchain space move out of India. There are enough countries out there who realize the importance and want to take a lead in the blockchain ecosystem.”
Cryptocurrency startups and companies from India anyway find jurisdictions such as Singapore and Ireland attractive for tax, startup funding, and other reasons.
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