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Indian Investors Circumventing Government Regulations On Cryptocurrency By Moving Investments Abroad

The global phenomenon of digital currency, token sales, and blockchain technology has ignited a new wave of curiosity unlike anything seen among most countries. The new cutting edge technology is underpinning the irrevocable developments which are disrupting the existing products and services in nearly every industry. Lawmakers, regulators, and law enforcement world-wide are scrambling to keep up as a reliable source of growth opportunity.

Many countries have realized the importance of decentralized technological advancements and given the acceptance to regulate over the conventional financial systems by launching a new tax evasion policy and trying to resolve the money laundering issues. We can clearly see in the U.S., Malta, Singapore, Thailand, Australia, Korea, anda few others that the Securities and Exchange Commission, the Commodity Futures Trading Commission, and regulatory authorities of other countries have sent out a flurry of announcements in the last few months.

India is one of the developing countries empowered with high potential of innovative projects but due to the latest Indian government regulationsinvestors are struggling to propagate their ventures related to digital currencies.

Although Indian Blockchain enthusiasts and entrepreneurs are not stopping themselves to explore the market they are starting to shift their cryptocurrency based businesses abroad and launching litigations against the Indian Government’s strict deportment towards cryptocurrencies.From the US-based cryptocurrency incubator, a group of approximately 20 influential investors from India recently raised close to a few million U.S. dollars, and launched B1T Capital with a goal to further invest in some 25 presale projects (not ICO’s) in the next two to three years.

On June 26, 2018, in Salt Lake City, Utah the fund was registered by the undisclosed investors with the predefined purpose of investing exclusively in cryptocurrency startups that are registered or pursuing registration through private pre-sales in the US.

The U.S.A. being considered a highly-favorable country for regulatory framework, including a happening technological environment, and combined with the lack of an Indian regulatory system this move can be studied as a well thought out, straightforward choice according to Utsav Somani, one of the B1T Capital Partners. B1T objectives include opening India’s crypto ecosystem and multiplying it further. Although the fund is new, B1T Capital has invested a lot in Orchid.com which is a distributed marketplace that aims to create a framework for digital citizenship. They are planning to close another investment by July end.

In one of the local publication Inc42, Somani mentioned, “There are going to be 500 new crypto funds in 2018 globally. Interestingly, none are from India. B1T Capital is a step towards changing that. India is the most emerging market geography that projects will need access to at some point in their maturity curve.”

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