Cryptocurrency firms mull moving offshore amid ban buzz in India

Several NFT platforms said they would not need to shut shop in the case of a ban

The buzz around the ban on cryptocurrencies in India has created an uncertain environment for crypto exchanges. Ecosystem players working in spaces like non-fungible tokens and blockchain too are in a tizzy. Many founders are planning to move their businesses to either the UAE or Singapore.

According to the data from Venture Intelligence, funding for crypto- and blockchain-related start-ups in India rose 20-fold this year. While CY2020 saw five such start-ups receiving $8 million, 24 companies attracted $502 million this year to date.

The data from Tracxn shows that 376 firms have been founded in cryptocurrencies since 2011. Similarly, India saw 711