As an observer with a background in technology and business, I find Bharat Web3 Association’s (BWA) demands for the Indian government’s consideration of Web3 industry regulations and support particularly intriguing. India’s growing presence and potential in the global Web3 space is undeniable, as evidenced by the over 1,000 Web3 firms operating within the country and the significant increase in Web3 developers since 2018.
The Bharat Web3 Association (BWA), which represents leading Web3 companies in India, has proposed a set of recommendations for the Indian government regarding the development of the Web3 and crypto sector. With regulatory frameworks evolving worldwide to ensure a level playing field for this burgeoning industry, these suggestions are timely and essential.
Web3 Industry to Be Included in Startup Sphere
The primary request of BWA was for the newly established administration to recognize and integrate the Web3 sector into initiatives backed by the Principal Scientific Advisor (PSA) office, Ministry of Electronics and Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT), and other relevant organizations.
As a researcher studying the rapidly evolving world of digital assets, I cannot stress enough the importance of establishing a clear and unified regulatory framework for cryptocurrencies in India. With over 80% of G20 members already providing regulatory clarification on these assets, it is crucial that we follow suit to mitigate risks and foster innovation in this space. The absence of such guidelines in our country may hinder progress and potentially introduce uncertainties for both investors and businesses alike. Therefore, I strongly advocate for the Indian government’s consideration of a globally coordinated regulatory approach on digital assets.
BWA championed the idea of granting VASPs direct access to banking facilities and trust accounts, fostering smoother business infrastructures.
India’s trillion-dollar opportunity in the Web3 space.
As a researcher studying the global landscape of Web3 technology, I cannot help but be intrigued by India’s significant role in this emerging ecosystem. With over 1,000 firms in this sector, India accounted for an impressive 12% of all Web3 developers worldwide in 2023 – a marked increase from just 3% in 2018.
As the Chairperson of the Bharat Web3 Association, I can confidently assert that India’s abundant Web3 talent is indisputable, with over 1000 startups thriving in our domestic space. The BWA has been actively collaborating with the government to establish a favorable environment for this sector. We eagerly anticipate that the incoming administration will consider our proposals and incorporate them into their immediate action plan. By doing so, they can effectively support the growth of the Web3 ecosystem in India and position our country as a global leader in this field.
India can create regulatory sandboxes to foster innovation in the blockchain and crypto start-up sector. Grant Virtual Asset Service Providers (VASPs) the ability to meet their obligations under the Prevention of Money Laundering Act, 2002 (PMLA) and perform necessary KYC (Know Your Customer) compliance checks by making E-KYC (Electronic Know Your Customer) and C-KYC (Customer Due Diligence) accessible to them. Furthermore, streamline the customer onboarding process on our platforms for a smoother experience.
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2024-04-26 06:03