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Highlights
- Bharat Web3 Association (BWA), the apex body leading Web3 companies in India, has come up with suggestions for the upcoming government to include various steps and aspects for the Web3 and crypto community.
- At present financial hubs and more than 80% of G20 members provide regulatory clarification on cryptocurrency assets.
- WA highlights that India is one of the world's largest ecosystems, with over 1,000 Web3 firms.
Bharat Web3 Association (BWA), the apex body leading Web3 companies in India, has come up with suggestions for the upcoming government to include various steps and aspects for the Web3 and crypto community. These suggestions come at a time when regulations around the globe are heightened to keep Web3 space equal and proportionate in the business sphere.
Web3 Industry to Be Included in Startup Sphere
BWA’s first and most important demand urged the newly forming government to acknowledge and include the Web3 industry in startup projects supported by the Principal Scientific Advisor (PSA) office, Ministry of Electronics and Information Technology (MeitY), and Department for Promotion of Industry and Internal Trade (DPIIT), among other pertinent agencies.
At present financial hubs and more than 80% of G20 members provide regulatory clarification on cryptocurrency assets. To reduce risks and promote innovation, a clear, globally coordinated regulatory framework on digital assets is desperately needed in India as well.
BWA further advocated for enabling VASPs to access banking services and escrow accounts, promoting more seamless operational structures.
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India’s trillion-dollar opportunity in the Web3 space.
BWA highlights that India is one of the world’s largest ecosystems, with over 1,000 Web3 firms. In 2023, it accounted for 12% of all Web 3 developers worldwide, up from 3% in 2018. In order to capitalize on this enormous potential, the government ought to launch targeted training initiatives to improve proficiency with blockchain and web3.
Dilip Chenoy, Chairperson, Bharat Web3 Association, said, “With over 1000 startups operating in the burgeoning domestic Web3 space, India’s immense Web3 talent is undeniable. The BWA has been working closely with the government to create a conducive environment for the sector, and we hope the next government looks at our request and includes our asks in their immediate action plan to foster the growth of the ecosystem, and establish India as the global hub for Web3.”
India can establish regulatory sandboxes to support blockchain and crypto start-ups that encourage innovation. Enable Virtual Asset Service Providers (VASPs) to fulfill their obligations under the Prevention of Money Laundering Act, 2002 (PMLA) and conduct the necessary KYC-related compliances by making E-KYC/C-KYC accessible to them. Additionally, expedite the customer onboarding process on our platforms.
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