Vision to Empower Individuals in Digital Economy

WhatarethevisionandmissionoftheBharatWeb3Association?

OurvisionistocatalyseIndia’sdigitaleconomy,envisioningafuturewhereIndianconsumers collectively own 10-20% of its value. By empowering individuals to activelyparticipate in this burgeoning landscape, we propel the nation forward decades within a matterof years. Together, we pave the way for unprecedented growth, prosperity, and empowermentacrossthenation.

AtBWA,ourmissionistopioneeradvancementsnotonlywithinIndiabutalsoontheglobalstage,moulding the international Web3 ecosystem. We are deeply committed to aiding India inachievingitsvisionofbecomingapremierdigitaleconomy.EmbracingaMadeinIndiaWeb3 ethossignifiesthenextphaseofDigitalIndia.Ourmissionencompasses the following –

Educate –Throughcontinuousresearch,westayabreastofevolvingtechnologies.

Collaborate – WefosterinnovationinWeb3andblockchain,nurturingIndia’spooloftalent.Promote – Facilitatingdialogueamongkeystakeholderstodriveprogressandinnovation.

Howmanymembershavejoinedthisassociationacrossthemetroandnon-metrolocationsofIndiaandwhatkindofrolesdotheyplayintheirownorganisations?

Initially, BWA began with around 14 members, but since then, our association has experiencedremarkablegrowth,nowwithapproximately37membersacrossthecountryandfromvarioussectors of the web3 landscape. We have members from Bangalore, Chennai, Coimbatore, Pune,Hyderabad, Bhubaneswar, among other metro and non-metro cities. Further, our membersrepresentadiverserangeofentities,includingexchanges,gamingcompanies,infrastructureproviders, wallet and custody solutions, as well as individual legal experts. Their collectiveexpertiseformsasolidfoundationforBWA,enablingustoleadthechargeinadvancingweb3initiativesinIndia.Throughthethoughtfulcontributionsofourmemberfirms,wearepavingthewayforavibrantweb3ecosysteminthecountry.

Howsuccessfulhaveyoubeeninrealisingthegoalsofthisassociationinthelastyear?

I believe for an organisation established just one and half years ago, the BWA has managed toaccomplishalot.InourengagementwiththegovernmentthroughworkshopsheldwithMEiTYonDemystifying Web3 and the Department of Consumer Affairs (DoCA) on ensuring consumerprotection, we have significantly raised awareness of the benefits of the Web3 sector with keygovernment stakeholders while suggesting measures to ensure consumer protection in thisevolvingspace.

Additionally,ourpartnershipswitheducationalinstitutionsliketheMaharashtraStateSkillsUniversity (MSSU) and Vignan University have enabled us to integrate Web3 into the BTechcurriculum,preparingstudentsforthefutureimpactsofthisemergingtechnology.

We have also collaborated with state governments to promote the sector at a local level,exemplifiedbyourpartnershipwiththeTelanganagovernmenttoestablisharegulatorysandbox.This sandbox provides a controlled environment for testing and experimenting with Web3technologiesincompliancewithregulatorystandards.

Notably, following discussions with ASCI, concrete outcomes were achieved in the form ofrevisedguidelinesreleasedbyASCI,incorporatingoursuggestions.

Further,owingtotheinherentborderlessnatureoftheindustry,webelievepartnerships,bothdomesticandInternationalarekeytothecontinuedgrowthofthesector.Inthisregard,wehavepartnered with International Associations such as Blockchain Association Singapore (BAS),European Union Crypto Initiative (EUCI), the Canadian Web3 Council, Blockchain Australia, andJapanANICANADealersAssociation(JADA)withthemaingoalofexchangingbestpracticesfromaround the globe and collaborate on a joint response to questions posed by InternationalStandard-SettingBodiessuchastheIMFandIOSCO.

Thus, I believe we have managed to successfully achieve our goals of promoting, educating andcollaborating with the broader ecosystem to highlight the potential of the Web3 domain and itscontributiontotheIndiandigitaleconomy.Wewillcontinuetoworkforthegrowthofthesectoroverthecomingyears.

What challenges do you see ahead for your segment? How do you plan to evolve astrategytomeetthesechallenges?

The Indian Web3 regulatory landscape is ever-evolving. Over the coming time, we believe theestablishment of model regulations for the growth of the sector and ensuring consumerprotectionwillbethekeychallengesforthesectorandthegovernment.

For the BWA, ensuring the safety and awareness of consumers has always been paramount. ThiscanbeseeninthereleaseoftheBWAConsumerProtectionGuidelines,preparedwithafocusontheprinciplesoffairness,security,andaccountability.TheseguidelineswerereleasedbyAshwini Kumar Choubey, Minister of State for Consumer Affairs, Food and Public Distribution ofIndia.

In the next year, the BWA will initiate targeted campaigns and programs to educate the publicabout Web3 technologies, highlight their benefits, and promote best practices for secureengagement.Consumerprotectionmeasureswillremainattheforefrontofouradvocacy.

Further,wewillcontinuetoworkwiththegovernmentforthedevelopmentofacomprehensivemodel regulation framework that aims to provide clarity, foster innovation, and establish aconduciveregulatoryenvironmentforthegrowthoftheWeb3sectorinIndia.

The BWA will also work to strengthen its membership base will not only enhance our collectiveknowledge but also broaden the reach and impact of our initiatives with the goal of becoming atruerepresentativebodyforalloftheWeb3sectorinthecountry.

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