If there was one recurring theme at the multiple Web3 meetups in Bengaluru, New Delhi, and Mumbai last month, it was Dubai. The city has almost become an emotional and panacea for entrepreneurs built on the Web3 platform — the so-called next-generation internet that will be decentralised and run on a blockchain — even as they grapple with an uncertain regulatory environment and high taxes in India. Every founder we meet at these gatherings has either moved to Dubai or is transitioning.

This was also evident at the Web3 events in Dubai in March, the biggest of which were Binance Week and ETHDubai, with Indians making up the majority of attendees and images flooding Twitter and Web3 WhatsApp groups.
“75 per cent of the attendees were Indians. The others included Russians and Europeans,” said Santhosh Panda, Foundership founder who mentored and funded the Web3 project and was one of those event attendees.

These parties are no different from those in India. Some attendees said they could help you meet peers, build partnerships, and have more productive discussions around your product. But it’s not just events. Indian Web3 startups are relocating to Dubai for several reasons. Similar to how India’s Web 2.0 entrepreneurs registered companies such as Flipkart, Ola, InMobi, etc., in Singapore, India’s Web 3.0 entrepreneurs are now registering businesses in Dubai, Singapore, the British Virgin Islands, and Estonia.

After November 2021, the situation began to change rapidly, as high taxes and strict cryptocurrency rules are expected in the Crypto Bill. Since then, more than 100 Indian entrepreneurs have moved to Dubai and registered businesses, according to anecdotal data from industry executives. There are no specific studies to pinpoint the exact numbers, but they say it’s no longer a question of “Have you moved?” but “When will you move?”