India's blockchain industry is facing challenges due to a lack of regulatory clarity. Despite being the top country in terms of crypto adoption, the industry is struggling to secure large-scale funding and faces uncertainty with high taxes and anti-money laundering rules. The report highlights that infrastructure projects are receiving the most funding, while entertainment-driven sectors like web3 gaming and digital collectibles are struggling. Retail investors, including younger generations, are driving the market, and there is a growing use of risk management tools. Enterprise adoption of blockchain solutions is expanding, both in the government and private sector. Indian developers are highly engaged in web3 development, but face a pay gap compared to counterparts in North America and Europe. Regulatory uncertainty remains a major hurdle, with unclear taxation policies and heavy compliance burdens. However, India is making efforts to align with global standards, and the future of the web3 ecosystem in India will depend on regulatory decisions and investment choices.



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