Cryptocurrency exchanges and Web 3.0 companies, including Coinbase and Polygon, have formed the Bharat Web3 Association (BWA) in India to strengthen regulation and consumer protection for the industry.
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“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,” BWA said in a statement emailed to Forkast.
India will assume the presidency of the G20 from Dec. 1, 2022 to Nov. 30, 2023. The G20 is an intergovernmental forum of the world’s major developed and developing economies.
Members of the BWA include major crypto exchanges like CoinDCX, WazirX, CoinSwitch, and Zebpay, as well as Web 3.0 gaming companies, infrastructure providers, and token projects, the statement said.
Web 3.0 refers to the development of a decentralized internet, typically built around blockchains, the underlying technology of cryptocurrencies.
BWA aims to boost awareness through research, grow Web 3.0 and blockchain innovation as well as nurture India’s talent pool in the space, it said in the statement.
The establishment of the group comes after the Blockchain and Crypto Assets Council, the advocacy body representing the Indian crypto industry’s interests, was dissolved in July by its parent organization, the Internet and Mobile Association of India.
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Top crypto firms including Coinbase and Polygon are among the firms that have formed an industry body in India to promote dialogue between key stakeholders and drive awareness about web3, months after the largest local crypto advocacy group was disbanded. Members of the new industry body, named Bharat Web3 Association (BWA), include top local crypto exchanges, including CoinDCX, CoinSwitch Kuber and WazirX. “India’s Web 3.0 potential – in terms of talent, investment, and innovation – is revolutionary, and will surely place the nation as a global leader in this fast-emerging field,” said Nana Murugesan, vice president of International and Business Development at Coinbase, in a statement.
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