CoinDCX seeks advice on growing India’s Web3 sector, experts call for early test beds and education

The crypto scene in India is becoming increasingly complex with the government gradually introducing regulations to oversee the safety of the industry. In an effort to better understand what the Indian crypto community really wants, crypto exchange CoinDCX decided to do something simple and effective – ask community members. The goal, according to the exchange, is to shape an inclusive Web3 industry in the country. Sumit Gupta, the co-founder and CEO of CoinDCX seems to be spearheading this community initiative.

This week, Gupta opened a discussion on LinkedIn seeking advice from India’s Web3 group.

“Now, six years into our journey, Neeraj and I are seeking your insights: beyond providing financial support, how can we meaningfully contribute to the growth of Web3-based use cases in India? We’re looking to expand the kind of support we once had a deep need for,” Gupta’s LinkedIn post reads said.

Many blockchain and crypto enthusiasts were quick to write some steps that could help the Web3 ecosystem expand its potential in India.

“Validating use cases, MVPs and creating early test beds are vital components in the blockchain ecosystem. Please look into these areas,” said blockchain architect Amit Saxena, commenting on Gupta’s post.

“You know how important education is in this area. We are growing in quantity, but not in quality. Unfortunately, the industry only wants to make money. We are not interested in supporting an educational platform like ours is disappointing,” wrote Mirzad Makhdoom, founder and CEO of Kerala-based Web3 school, Tribe Academy. Makhdoom also claims that his Web3 school is on the verge of bankruptcy within the next three months.

Others, meanwhile, reiterated that an overhaul of India’s crypto tax regime could be immediately beneficial to players in the sector as well as investors.

In the election-bound nation, crypto sector stakeholders are hoping that the finance ministry will heed the woes and consider reducing the one percent TDS on every crypto transaction to 0.01 percent when it announces the final budget for the year. This TDS reduction, when announced in 2022, was explained as a way to monitor crypto transactions processed in India, as crypto transactions are largely anonymous and can be misused for criminal activities.

The CEO of CoinDCX, meanwhile, asked crypto enthusiasts to keep reaching out with ideas to solve problems.

“How can we improve this initiative? Apart from funding, what are the most effective ways to really support upcoming web3 developers in India? We would love to hear your ideas and suggestions. Your contribution can help shape a more inclusive, innovative and thriving web3 ecosystem in India. Share your thoughts, stories or any recommendations on how we can make a bigger impact together,” Gupta’s post added.

In February, the CoinDCX team partnered with the now-defunct crypto exchange Koinex to help the latter’s struggling users gain access to funds they may have lost access to in 2019.

In light of the increasing number of frauds in the sector, the exchange also shared a list of dos and don’ts in February that the investment community should take note of.