Indian leaders across Web3 verticals launched the Bharat Web3 Association (BWA), a new advocacy body formed with cryptocurrency exchanges and Web3.0 companies, including Coinbase and polygon. The new body came into existence on 3 Nov 2022 to strengthen regulation and consumer protection for the industry in the country.

“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,” according to BWA.

The objective to bring BWA is to boost awareness through research, grow Web 3.0 and blockchain innovation as well as nurture India’s talent pool in the space.

The team of BWA includes experts from various verticals such as NFTs, Virtual Digital Assets (VDAs), Web3 Gaming, Infrastructure Providers, and Token Projects

Web3 works on the core principle of blockchain technology. BWA believes that India has the potential to lead the world over the next decade by building a strong Web3 ecosystem in the country, in line with the government’s ‘Make-In-India’ initiative, the association said in a statement.

Founder and CEO of Hike, Kavin Bharti Mittal, expressed how the adoption of Web3 can revolutionize the economy of India. He commented that almost every citizen of India is spending at least 7 plus hours of their day on smartphones, which comprises 50% of their waking life.  He explained, 

He further claimed, “The blockchain finally enables consumers to own the value associated with their time spent digitally thus potentially unlocking brand new economic opportunities for themselves. 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 center of this next wave and boost its economy to strengthen its position on the world stage.”

Sumit Gupta, CEO & Co-Founder, CoinDCX said, “The Hon’ble Prime Minister of India has always emphasized technology as one of the core pillars for making India Atma Nirbhar. Web3 revolution is set to bolster India’s position on the Global map. The Bharat Web3 Association will be a vital building block to nurture innovations and build a strong ecosystem enabling the Blockchain/ Web3 industry to contribute to the Indian economy.”

“With the advent of Web3, we are at the cusp of a technological revolution, which has immense potential to stimulate economic growth, create jobs, boost financial inclusion, and enhance privacy and security. Owing to its thriving developer community, entrepreneurial spirit, fast-growing economy, sound digital infrastructure, and deep digital adoption, India is poised to become a leader in the Web3 space,” said Sandeep Narwal, Co-Founder, of Polygon Technology.

This association is a shift in branding toward Web3 from the previously known Blockchain and Crypto Assets Council (BACC). Bharat Web 3 Association was launched after four months since the last one was disabled under cloudy circumstances by its parent organization, the Internet and Mobile Association of India (IAMAI). This event came as a disappointment to the crypto industry at a time when the market was already bearish. 

 The word ‘Bharat’ is the Hindi language translation of the nation of ‘India’.

According to a statement, the 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.