Crypto Brain Drain Is ‘Crazy’ in India, Polygon Co-Founder Says
- India imposed 30% tax on crypto but didn’t clarify regulation
- Crypto firms trying to move to places like Dubai, Mauritius
Sandeep Nailwal speaks during ETHDenver in Denver, Colorado in February.
Photographer: Chet Strange/BloombergThis article is for subscribers only.
India’s dithering on whether to embrace digital assets is causing thousands of developers, investors and entrepreneurs to leave for places with more friendly regulation, according to the co-founder of the country’s most famous crypto startup.
“The brain drain is absolutely crazy,” Sandeep Nailwal, whose Polygon operates the biggest so-called Layer 2 protocol for the Ethereum blockchain system, said in an interview from Dubai.