Bharat Web3 Association proposes action plan to strengthen Web3 sector
The Bharat Web3 Association (BWA), the apex body leading Web3 companies in India, has proposed that the next government include various steps and aspects for the Web3 and cryptocurrency communities. These proposals come at a time of increased regulation around the world to keep the Web3 space equal and proportional in the business sector.
Web3 industry to be included in startup area
BWA’s first and most important demand urged the newly formed government to recognize and include the Web3 industry in startup projects supported by the Office of the Principal Scientific Advisor (PSA), the Ministry of Electronics and Information Technology (MeitY), and the Ministry of Industry and Internal Promotion. Trade (DPIIT) among other relevant agencies.
Currently, over 80% of financial hubs and G20 members provide regulatory guidance on cryptocurrency assets. A clear and globally coordinated regulatory framework for digital assets is urgently needed in India too, to reduce risk and foster innovation.
BWA further advocated for VASPs to have access to banking services and escrow accounts to promote a smoother operating structure.
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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 companies. By 2023, they will account for 12% of all Web 3 developers worldwide. This is an increase from 3% in 2018. To tap into this enormous potential, governments must launch targeted education initiatives to improve blockchain and web3 proficiency.
Dilip Chenoy, President, Bharat Web3 Association, said: “With over 1,000 startups operating in the country’s fast-growing Web3 space, India’s immense Web3 talent is undeniable. BWA has been working closely with the government to create a conducive environment for this sector and we hope that the next government will consider our request and promote the growth of the ecosystem, making India a global hub for Web3.”
India could establish a regulatory sandbox to support blockchain and cryptocurrency startups that would encourage innovation. Provides access to E-KYC/C-KYC to enable Virtual Asset Service Providers (VASPs) to fulfill their obligations under the Prevention of Money Laundering Act, 2002 (PMLA) and perform required KYC-related compliance. Plus, expedite your customer onboarding process on our platform.
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