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


NFT platforms will be able to move to a system where NFTs can be traded in terms of a central bank digital currency or even a fiat currency, but it could disrupt business

Deepsekhar ChoudhuryShivani Shinde Bengaluru/Mumbai
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 start-ups being founded in the blockchain category and around 12 in the NFT category.

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First Published: Nov 26 2021 | 6:02 AM IST

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