In recent years, India has developed a large blockchain community, abundant with developers and services providers. However, the government decided to ban all crypto operations in the country, effectively stifling the newly formed industry. This turn of events made many Indian blockchain specialists thinking about moving to a more financially progressive place. The talk of “brain drain” has been spreading rapidly.
“We are having talented people and companies from the blockchain space move out of India. There are enough countries out there who realize the importance and want to take a lead in the blockchain ecosystem,” says Joel John, an analyst at UK-based Outlier Ventures.
Singapore, Estonia, the UK, Switzerland are typical destinations for companies that want to conduct ICOs. Estonia seems to be the favorite, thanks to especially friendly crypto legislation. Abhinav Arora, chief marketing officer at Enkidu commented:
“We had decided to go the ICO way and for that, the current Indian regulatory setup makes it difficul. We also thought of Japan but that did not make financial sense to us because of the (taxation) cost involved in liquidating our Ether holdings. We even briefly considered Cayman as an option but Estonia was best suited for our projects especially with the ICO plan.”