- Indian Web3 startups recorded $564 million in funding in 2024.
- Despite the increase in developer activity, there is no regulatory clarity in India for crypto.
India has always been super active in terms of emerging technology adoption, such as crypto and AI. Despite the rise in crypto adoption, the Indian government is adamant about bringing clear regulatory policies to the industry. Whether it is crypto investment or open-source developer activity, India always stood in the frontline.
As per a recent report from Hashed Emergent, Indian Web3 startups recorded $564 million in funding in 2024. This is a 109% rise compared to Web3 funding of $270 million in 2023. However, the country witnessed a significant $1.4 billion crypto funding in 2022, following the 2021 crypto bull run.
Blockchain Developer Activity Booms in India
India is one of the leading countries when it comes to blockchain developer activity. With 4.8 million open source developers, the country surpassed Brazil, China, the UK, Spain, and Japan, among other countries. The share of Web3 developers has also increased by over 1,100% in India since 2015.
The Chainalysis 2024 report also confirmed that India is one of the leading countries in global crypto adoption. However, the country still maintains its tough stance when it comes to crypto tax rules and regulations.
The Indian Finance Ministry recently announced crypto tax amendments in February 2025. It prioritized transparency and imposed strict monitoring of crypto transactions of relevant entities in the country.
While this adds to the overall growth and development of the industry, the country still lags behind several global countries when it comes to having clear regulations.
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