To facilitate and support the expansion of India’s Web3 ecosystem, industry experts from the Indian Web3 industries have established the Bharat Web3 Association (BWA), a new industry organization.
In July, The Internet and Mobile Association of India (IAMAI) dismantled the BACC (Blockchain and Crypto Assets Council). The IAMAI announced it is dissolving BACC to focus on non-crypto sectors and has thus decided to distance itself from cryptocurrency.
Unlike BACC, the Association covers more industries than just cryptocurrency exchanges. NFTs, web3 gaming, infrastructure providers, Virtual Digital Assets (VDAs), etc, are just a few industries BWA members represent.
Top cryptocurrency exchanges CoinDCX, CoinSwitch Kuber, Coinbase, WazirX, and ZebPay, as well as Hike and blockchain firm Polygon, will be significant members of the Association.
In a statement, the Association stated that it would prioritize raising awareness through research to help keep up with this developing technology, encouraging dialogue between important stakeholders, and establishing standardized principles in the Web3 industry.
It will also encourage and promote Web3 and blockchain innovation and develop India’s talent pool.
Kavin Bharti Mittal, Founder & CEO of Hike, stated, “The blockchain finally enables consumers to own the value associated with their time spent digitally thus potentially unlocking brand new economic opportunities for themselves.”
The Association withheld information regarding which business titans will serve in top positions within the organization. However, industry insiders claim Mittal will probably assume the Association’s senior position.
The BWA stated, “Hike is one of the founding members of the Association. A CEO/Chairperson for the Association will be announced in the next few weeks.”
Last month, Indian Finance Minister Nirmala Sitaraman stated India is aiming for Crypto SOPs during the G20 Presidency, emphasizing that all countries want the technology to survive but not be abused.
BWA stated, “The forthcoming G20 discussions will provide an excellent opportunity for India in leading a collaborative regulatory framework for digital assets, and the BWA is committed to working with the Government of India towards this objective.”
