Vision to Empower Individuals in Digital Economy

What are the vision and mission of the Bharat Web3 Association?

 Our vision is to catalyse India’s digital economy, envisioning a future where Indian consumers collectively own 10-20% of its value. By empowering individuals to actively participate in this burgeoning landscape, we propel the nation forward decades within a matter of years. Together, we pave the way for unprecedented growth, prosperity, and empowerment across the nation. 

At BWA, our mission is to pioneer advancements not only within India but also on the global stage, moulding the international Web3 ecosystem. We are deeply committed to aiding India in achieving its vision of becoming a premier digital economy. Embracing a Made in India Web3  ethos signifies the next phase of Digital India.Our mission encompasses the following –

Educate – Through continuous research, we stay abreast of evolving technologies.

Collaborate – We foster innovation in Web3 and blockchain, nurturing India’s pool of talent. Promote – Facilitating dialogue among key stakeholders to drive progress and innovation.

How many members have joined this association across the metro and non-metro locations of India and what kind of roles do they play in their own organisations? 

Initially, BWA began with around 14 members, but since then, our association has experienced remarkable growth, now with approximately 37 members across the country and from various sectors of the web3 landscape. We have members from Bangalore, Chennai, Coimbatore, Pune, Hyderabad, Bhubaneswar, among other metro and non-metro cities. Further, our members represent a diverse range of entities, including exchanges, gaming companies, infrastructure providers, wallet and custody solutions, as well as individual legal experts. Their collective expertise forms a solid foundation for BWA, enabling us to lead the charge in advancing web3 initiatives in India. Through the thoughtful contributions of our member firms, we are paving the way for a vibrant web3 ecosystem in the country.

How successful have you been in realising the goals of this association in the last year?

I believe for an organisation established just one and half years ago, the BWA has managed to accomplish a lot. In our engagement with the government through workshops held with MEiTY on Demystifying Web3 and the Department of Consumer Affairs (DoCA) on ensuring consumer protection, we have significantly raised awareness of the benefits of the Web3 sector with key government stakeholders while suggesting measures to ensure consumer protection in this evolving space.

Additionally, our partnerships with educational institutions like the Maharashtra State Skills University (MSSU) and Vignan University have enabled us to integrate Web3 into the BTech curriculum, preparing students for the future impacts of this emerging technology.

We have also collaborated with state governments to promote the sector at a local level, exemplified by our partnership with the Telangana government to establish a regulatory sandbox. This sandbox provides a controlled environment for testing and experimenting with Web3 technologies in compliance with regulatory standards.

Notably, following discussions with ASCI, concrete outcomes were achieved in the form of revised guidelines released by ASCI, incorporating our suggestions.

Further, owing to the inherent borderless nature of the industry, we believe partnerships, both domestic and International are key to the continued growth of the sector. In this regard, we have partnered with International Associations such as Blockchain Association Singapore (BAS), European Union Crypto Initiative (EUCI), the Canadian Web3 Council, Blockchain Australia, and Japan ANICANA Dealers Association (JADA) with the main goal of exchanging best practices from around the globe and collaborate on a joint response to questions posed by International Standard-Setting Bodies such as the IMF and IOSCO.

Thus, I believe we have managed to successfully achieve our goals of promoting, educating and collaborating with the broader ecosystem to highlight the potential of the Web3 domain and its contribution to the Indian digital economy. We will continue to work for the growth of the sector over the coming years.

What challenges do you see ahead for your segment? How do you plan to evolve a strategy to meet these challenges?

The Indian Web3 regulatory landscape is ever-evolving. Over the coming time, we believe the establishment of model regulations for the growth of the sector and ensuring consumer protection will be the key challenges for the sector and the government.

For the BWA, ensuring the safety and awareness of consumers has always been paramount. This can be seen in the release of the BWA Consumer Protection Guidelines, prepared with a focus on the principles of fairness, security, and accountability. These guidelines were released by Ashwini Kumar Choubey, Minister of State for Consumer Affairs, Food and Public Distribution of India.

In the next year, the BWA will initiate targeted campaigns and programs to educate the public about Web3 technologies, highlight their benefits, and promote best practices for secure engagement. Consumer protection measures will remain at the forefront of our advocacy.

Further, we will continue to work with the government for the development of a comprehensive model regulation framework that aims to provide clarity, foster innovation, and establish a conducive regulatory environment for the growth of the Web3 sector in India.

The BWA will also work to strengthen its membership base will not only enhance our collective knowledge but also broaden the reach and impact of our initiatives with the goal of becoming a true representative body for all of the Web3 sector in the country.

Read more from Dr Archana Verma here 

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