Blockchain and cryptocurrency firms have joined hands to constitute Bharat Web3 Association (BWA) to represent the industry. The key players of the body would include WazirX, Hike, CoinSwitch Kuber, CoinDCX, Coinbase and Polygon, reported CoinDesk.
This comes after the Internet and Mobile Association of India (IAMAI) wound up the Blockchain and Crypto Assets Council (BACC), set up in 2018, citing regulatory uncertainty.
“The BWA 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,” the association said in a statement.
BWA members span verticals including Non-Fungible Tokens, Web3 gaming, infrastructure providers, virtual digital assets (VDAs), and Token Projects.
“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,” said Kavin Bharti Mittal, founder & CEO of Hike.
“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.”