India Witnesses Mass Exodus of Blockchain Talent as Regulatory Environment Toughens

India is currently experiencing a tough regulatory clampdown, which has led to mass exodus of cryptocurrency and blockchain talent across the country. Blockchain-related companies, service providers and developers are moving aboard, looking for cryptocurrency-friendly countries such as Switzerland, Estonia, and Thailand.

According to a founder of a cryptocurrency exchange based in India, who didn’t want their name disclosed, blockchain-based companies in the country are operating in constant fears of an announced shutter coming down to force them to close shop. They said that:

“There are talented people and companies in India’s blockchain community but the constant fear of a sudden shutter coming down is forcing them to move out…. Moreover, why not? Business always thrives in a place which is product-friendly.”

The movement of blockchain talent in India is not something new. Since the regulatory clampdown started, many companies and startups moved to Ireland and Singapore for attractive tax rates, startup funding, and other reasons.

The countries welcoming Indian talent include Japan, UK, Switzerland, Estonia, and Singapore. Estonia seems to be one of the most favorite countries because of its regulatory-friendly environment especially to cryptocurrency and technology projects. In December 2014, the country even introduced an e-residency programme, allowing companies to register their businesses easily. They have also held a number of sessions in India, having a goal to enroll 200 startups based in the country.

There has been lots of discussions and debate on the issue of cryptocurrencies in India. The finance minister of the country said on February 1, 2018 that:

“The government will take all measures to eliminate the use of crypto-assets in financing illegitimate activities. The government will also explore the use of blockchain technology for ushering in the digital economy.”

Later on June 13, the Reserve Bank of India (RBI) acknowledged that they didn’t have a cryptocurrency internal committee as it was believed by many. However, Pawan Duggal, a cyberlaw expert, believes that the government cannot unlock the full potential of the blockchain technology if digital assets are banned completely.

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