Coinbase Ventures, the investment branch of the crypto platform exchange Coinbase, reportedly announced plans for a $1 million investment in a variety of Indian cryptocurrency and Web3 projects through a pitching event.

Coinbase’s CEO Brian Armstrong said in a blog post was written while in India that the venture firm plans to use crypto and Web3 technologies to access India’s software expertise and help expedite India’s economic and ambitions in financial inclusion. 

According to the country’s crypto law, all Indian citizens must pay 30 percent of unauthorized crypto earnings as tax, according to India’s crypto tax law, which went into force on Friday. Furthermore, investors will not be able to balance any crypto losses in order to mitigate the taxation.

Buidlers Tribe’s Co-founder Pareen Lathia reportedly commented that Indian entrepreneurs are thrilled to take their businesses global when asked about the broad notion of Web3 as a disruptor. Lathia revealed the following about the new tax law’s influence on luring foreign investment:

Although Indian Finance Minister Nirmala Sitharaman shared her hesitation on legislating crypto tax in the near future, Coinbase’s market entry has accumulated more than 110 applicants. 

Coinbase has previously invested $150 million in Indian crypto and Web3 firms, according to Armstrong, and aims to hire 1,000 people in its Indian innovation cluster. He also shared his excitement and belief that crypto will indeed have a bright future here Coinbase is here to help. 

Armstrong is still at the forefront of achieving regulatory certainty in the United States for cryptocurrencies. Coinbase has overcome various regulatory challenges posed by the US Congress and the Securities and Exchange Commission over the last year. As a result, the business is likely to play a crucial role in global regulatory discussions surrounding cryptocurrency.

As part of the Digital India effort, Maharashtra’s state government began using Polygon’s blockchain technology to issue caste certificates.

Shubham Gupta, an officer with the Indian Administrative Service, said that the Indian government is always on the hunt for disruptive innovations that can help democratize citizen services:

“Web3 takes the concept of democratization to a whole new level, whereby data/information can not only be made openly sharable but can be made openly unfalsifiable.”