According to new research by the non-profit industry body, the National Association of Software and Service Companies, India&#39;s lack of legislative clarity on crypto and Web 3.0 is a major factor in the exodus of crucial human resources (Nasscom).<blockquote>Clarity on thepolicy will unleash multiple initiatives and India can serve as the world’s sandbox in several public services and governance use cases of blockchain, <a href="https://nasscom.in/knowledge-center/publications/india-web3-startup-landscape-emerging-technology-leadership-frontier" rel="noopener noreferrer nofollow">Nasscom said in its report.</a></blockquote>The trade group also demanded that India&#39;s government start working on a global agreement to define virtual digital assets.In India, there is currently no provision for loss offset, and a flat tax of 30% is collected on cryptocurrency income, with an additional 1% tax deducted at the source for transactions above 10,000 Indian rupees ($120).According to Nasscom, India has about 11% of the world&#39;s Web3 talent, making it the region with the third-largest talent pool in the industry.Since April of this year, more than 450 Web3 firms in India have received investments totaling US$1.3 billion, according to Nasscom.

Lack of regulatory certainty is driving away India's Web3 talent

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