The Indian Web3 industry has come together to form a new industry body named the Bharat Web3 Association (BWA), four months after the Blockchain and Crypto Council of India (BACC) was dismantled by its parent entity, the Internet and Mobile Association of India (IAMAI).
The association encompasses more verticals than just crypto exchanges as was the case with BACC. Members of BWA span multiple verticals including Non-Fungible Tokens (NFTs), web3 gaming, infrastructure providers, Virtual Digital Assets (VDAs), and token projects.
Key members of the association will include top crypto exchanges CoinDCX, CoinSwitch, US' Coinbase, WazirX, ZebPay, as well as Hike and blockhain startup Polygon.
The association said in a statement that it will focus on driving awareness through research to help keep pace with this evolving technology, promoting dialogue between key stakeholders, setting standardised principles in the Web3 industry, encouraging and promoting Web3 and blockchain innovation and nurturing India's talent pool.
Kavin Bharti Mittal, Founder & CEO, Hike said,"It’s becoming increasingly clear that the next wave of wealth and value creation will come from a financial world that is programmable end to end. India could be at the centre of this next wave and boost its economy to strengthen its position on the world stage. With the BWA we aim to support the government to develop a strong Web3 ecosystem in India."
The association did not reveal details on which industry leaders will be heading the body in leadership roles. However, according to industry sources Mittal is likely to take the top role at the association.
In a response to a query by Moneycontrol, BWA said, "Hike is one of the founding members of the Association. A CEO/Chairperson for the association will be announced in the next few weeks."
The announcement comes at a time when the crypto exchanges globally are facing tough times as trading volumes fell drastically owing to a bear market. Indian crypto exchanges are increasingly looking to expand their offerings beyond just trading and are assessing various opportunities in the wider Web3 space.
"Indian entrepreneurs have already made a mark in the ecosystem and are innovating for the world, developing valuable public use cases. BWA will play a pivotal role in helping India achieve its potential as a global Web3 leader," said Sandeep Nailwal, Co-Founder of Polygon Technology.
On October 16, Finance Minister Nirmala Sitharaman had said that India is aiming at developing standard operating procedures for cryptocurrency during its G20 presidency next year. The FM has been making a strong case for global regulation of cryptocurrencies to tackle the risks on money laundering and terror funding.
India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023. Under its Presidency, India is expected to host over 200 G20 meetings across the country, beginning December 2022.
On the same, BWA said, "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."
IAMAI had dissolved BACC owing to the uncertain regulatory environment for the crypto industry.
"The association was forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain, and that the association would like to utilise its limited resources for other emerging digital sectors, which make a more immediate and direct contribution to digital India, notably, deepening financial inclusion and promoting Central Bank issued Digital Currency (CBDC)," IAMAI had said on July 14.
Sources had told Moneycontrol that the move had also come after growing disagreements between the association and crypto founders, with IAMAI particularly being unhappy with exchanges not adhering to internally decided codes of conduct.
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