Indian Hard Line Makes Crypto Entrepreneurs Leave
May 12, 2018
Reportedly, tough policy imposed by the Reserve Bank of India (RBI) on crypto industry has triggered migration of local crypto businessmen seeking for more favorable legislation.
As the banking sector of India prohibited rendering financial services to the companies dealing with digital currencies, many crypto companies had no choice but move abroad.
According to the Factor Daily’s report, Estonia became the most popular location for Indian entrepreneurs. Estonia’s e-residency program started in 2014 is a simple way for the companies to settle in the country. Estonia also provides for privileged taxation and regulation to companies engaged into crypto and blockchain.
The founder of Indium Nilesh Trivedi now finishes his e-residence in Estonia. As he claims, he would “ideally like to diversify from India given the way things are moving here in regard to cryptocurrency and the blockchain space”.
Trivedi asserts, e-residency “will just cost me 100 Euros for three years and I can renew it again after that”.