Tag: bharat web3 association

Inclusion Into Startup Initiatives, Risk Mitigating Policies: BWA Lists Web3 Needs for Upcoming Government

India, the largest democracy in the world, is currently undergoing its general election process to choose its leaders for the next four years. Before the chosen leaders take the reins of India’s growth within their commands, the Bharat Web3 Association (BWA) has listed some immediate steps that the upcoming government could consider in order to grow the blockchain-based sector. Formed in 2021, the BWA is touted as India’s largest industry body representing the Web3 firms working around cryptocurrencies, metaverse, blockchain, and NFTs.

Among top suggestions listed by the BWA, it has urged India’s upcoming government to include the up-and-coming Web3 firms under the country’s startup initiatives. Tax benefits, capital gains tax exemptions, access to government funding, and monetary aid through the Startup India Seed Fund Scheme are among provisions that India offers to promising firms that are trying to establish their shops within the country.

The BWA believes that startup initiatives endorsed by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Electronics and Information Technology (MeitY), and the office of the Principal Scientific Advisor (PSA) could greatly benefit the Web3 sector, that is still trying to find solid grounds in India.

“The Web3 sector presents a trillion-dollar opportunity for India, that is home to over 1,000 Web3 startups, accounting for 12 percent of the world’s Web3 developers in 2023 from three percent in 2018. To build on this immense potential, the government should come out with focused skill development programs and sandboxes to enhance skills in blockchain/Web3,” the BWA has said.

All Web3 firms in India fall under the Prevention of Money Laundering Act, 2002 (PMLA) — under which they are mandated to maintain a record of all entities and individuals that are using their platforms. Making new users complete their KYCs is an essential criterion for Web3 service providers for onboarding more accounts onto their respective platforms. Moving forward, the BWA has noted that it is imperative for firms to function under a risk-mitigating policy framework.

The BWA has advocated for Web3 firms to get access to E-KYC and C-KYC–related provisions in India. While Electronic KYC (E-KYC) is a digital version of the KYC process completely non-reliant on physical paperwork, the Central Know Your Customer (C-KYC) is a centralised database of customer information maintained by the Indian government.

“India’s immense Web3 talent is undeniable. The BWA has been working closely with the government to create a conducive environment for the sector, and we hope the next government looks at our request and includes our asks in their immediate action plan to foster the growth of the ecosystem and establish India as the global hub for Web3,” Dilip Chenoy, Chairperson, BWA said in his official statement.

Providing escrow accounts and banking services for owners of Web3 businesses, allowing offsetting of losses, as well as a reduction of the one percent TDS on the transfer of digital assets to 0.01 percent – are other suggestions that the BWA has jotted down for the next elected government to take into consideration.

Earlier in April, the BWA had laid down a bunch of self-regulatory guidelines to streamline the process of token listings for crypto exchanges operating in India. The aim of these rules is to ensure that scam tokens and potentially risky cryptocurrencies do not enter the Indian Web3 ecosystem posing financial risks to the investor and trader communities here.

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BWA Lays Down Self-Regulatory Guidelines on Token Listings for Indian Crypto Exchanges

Joining the Indian government in regulating the crypto sector and making it safe for engagement, the Bharat Web3 Association (BWA) has laid down some rules for service providers in the crypto sector to adhere to. The Web3 industry group has released guidelines for crypto exchanges to follow while considering the listing of new altcoins on their platforms. The aim is to reduce the risk of scam tokens entering India’s crypto ecosystem that may cause financial damage to the investor and trader communities.

The self-regulatory guidelines are based on the PEC framework, that focusses on investor protection, market efficiency as well as credibility and safeguards. A total of 36 Web3 firms that are BWA members have provided suggestions for the formulation of these guidelines. The BWA has bifurcated these guidelines into two parts – Essential Metrics and Indexed Metrics.

Under Essential Metrics, the guidelines suggest that all crypto exchanges must become the primary screening process. To do so, the exchanges have been directed to establish minimum standards to review tokens that are in the pipeline to be listed for public engagement.

Exchanges have been asked to check if the tokens up for listing or the project linked to them – fall under India’s regulatory guidelines and are not linked to potentially dangerous projects. On the technological aspect, the exchanges have been asked to feasibly collect and analyse all information required around these tokens to comply with relevant laws and utilise blockchain analytics tools through third party experts/vendors.

“These guidelines reflect our commitment to ensuring a fair, transparent, and secure ecosystem for virtual digital assets (VDAs). By standardising the listing process, we aim to build awareness amongst stakeholders around token listing, enhance market confidence, protect investors, and foster sustainable growth in the Web3 domain,” Dilip Chenoy, Chairman of BWA said in a prepared statement.

As part of the second classification of BWA’s guidelines – or Indexed Metrics – exchanges have been asked to create their own filtering framework for token listing. Under this process, the exchanges will need to check the white papers, project roadmaps, and technological aspects linked to newer tokens. In order to avoid debacles like the FTX collapse, exchanges have also been suggested to check the liquidity measured by order book across major international platforms.

In addition, crypto exchanges operating in India have been asked to officially announce the date prior to the listing of tokens – making the community aware officially.

“VDA platforms should have operational frameworks and protocols as part of the token listing process once a token passes all checks These may include comprehensive, voluntary disclosures, safeguarding against insider trading, technical assessments before listing, as well as thorough staging and testing before public offering,” BWA noted.

In India, the government has gradually been deploying regulations to safeguard the crypto sector against financial risks. In the most recent development, all crypto exchanges operating within the Indian territory have been mandated to register with the Financial Intelligence Unit (FIU).

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India’s Diverse Bazaars to Democratise with Metaverse, Says BWA Chief; Hails Reliance and Nykaa

The metaverse technology seems to have a bright future in India, use cases of which are being foreseen in plenty by experts from the industry. In a recent conversation with Gadgets360, Dilip Chenoy, the chairperson of Bharat Web3 Association highlighted a special industrial use case of the metaverse. Chenoy said, the hyper-realistic visuals that metaverse supports – will democratise the diverse bazaar ecosystem of the country and give it a powerful nudge on a global level.

“AI-powered vendors will engage in negotiations digitally. Augmented Reality (AR) will allow you to virtually try on makeup, clothes, and accessories before making a purchase. This is not a distant reality; it’s the transformative potential the metaverse holds for Indian retail. In India, brands such as Reliance and Nykaa are at the forefront, experimenting with AR/ VR technologies to create virtual showrooms,” Chenoy told Gadgets360.

The upcoming time has been termed as an ‘era of transformation’ for India’s retail sector. As far as the growth projection for the sector is concerned, India’s value retail market, excluding food and grocery, will likely surge to $170 billion (roughly Rs. 14,09,495 crore) by 2026, reports citing findings by Wazir Advisors had claimed in January. In 2023, the valuation of India’s value retail sector stood at $111 billion (roughly Rs. 9,20,317 crore).

Chenoy has expressed confidence that ample availability of metaverse technology will contribute heavily to the growth of Indian bazaars and authentic crafts in nearing times.

“Geographical barriers crumble, providing small businesses in India with the opportunity to reach global audiences. As India enthusiastically embraces this digital revolution, the future of shopping promises to be both exhilarating and transformative,” the chief of BWA added.

India stands out globally with one of the largest Web3 developer workforces, several players from the industry including Coinbase CEO Brian Armstrong have applauded in recent years. Earlier this year, Mark Zukerberg’s Meta also reached out to the telecom regulator of India seeking to ramp up dialogues and discussions around the ethical use-cases and development of technologies like AI and the metaverse.

Under the circumstances, Chenoy says, all India needs is a regulatory clarification that finalises the dos and don’ts for members and stakeholders of the Web3 industry.

“The Reserve Bank of India (RBI) has taken a proactive stance by actively encouraging blockchain adoption in payment systems and guiding banks through its regulatory sandbox initiative. Despite the growing interest, regulatory uncertainty poses a hurdle for startups venturing into the space. Clear regulations and policies are imperative to instil confidence in companies exploring this transformative technology,” Chenoy noted.

The BWA came into existence in November 2022. It comprises of representatives from India’s crypto and Web3 space who collectively collaborate with the government to foster the growth of the sector in India.

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Bharat Web3 Association Signs MoU with Maharashtra State Skills University to Grow Ecosystem

As India braces itself to get its crypto laws hopefully in December, several states in the country are taking brisk steps to establish themselves as lucrative locations for Web3 entrants to set their shops. Recently, India’s crypto-focussed group of industry players called the Bharat Web3 Association (BWA) has signed an MoU with the Maharashtra State Skills University (MSSU). The aim of this partnership is to make Maharashtra ready to host the Web3 ecosystem comprising of players in the sectors of cryptocurrency, NFTs, and the metaverse among others.

The announcement of this MoU was made on Wednesday, November 15. Moving forward, both parties involved will engage in initiatives around skill enhancement, education, and research in the Web3 arena while making young Indians ready to be employed in the sector.

“This Memorandum of Understanding reflects our shared commitment to advancing the Web3 ecosystem in India through a fusion of academic excellence and industry acumen. As we embark on this journey, the Bharat Web3 Association is excited about the possibilities that lie ahead, envisioning a future where skilled talent thrives and contributes to our nation’s digital economy,” said Dilip Chenoy, BWA Chairperson commenting on the development.

The BWA has members from several crypto players like CoinSwitch and CoinDCX among other. Formed in December 2021, the organisation aims to bridge the gap between the crypto industry as well as the policymakers of the country.

In a 2022 report, Nasscom had said that 11 percent of the world’s Web3 talent, especially developers, resides in India. Hence, for Mumbai-based MSSU, it seems only natural to show interest in training students in Web3 branches that may get them jobs sooner that other competitive tech fields.

The government of Maharashtra has also meanwhile been trying to test the Web3 waters. It has already been trying to stitch NFTs into its health data storage using the Algorand blockchain. Last year, the revenue department of Maharashtra also decided to move all records to blockchain to make sure they are tamper-proof.

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Bharat Web3 Association Notes India’s Interest in DeFi as Country Posts G20 Presidency Note on Crypto

India is making its name as a lucrative startup hub for Web3 projects with its large pool of developer talent, the Bharat Web3 Association (BWA) has said sharing an analysed observation. India’s own crypto advocacy group, the BWA, was established in November last year, aiming to bridge the communication gap between industry players and the government. In the last nine months, the BWA has observed that Indians could ramp-up experiments with DeFi because it offers almost tax-free, cheap alternatives to traditional, centralised banking services.

DeFi or Decentralised Finance lets financial products appear on a public blockchain network, which is not regulated by a central bank or intermediary. People looking to deposit their money somewhere other than a bank can consider investing in DeFi protocols.

Indians are particularly being drawn towards exploring the DeFi sector because from loans to exchanges, DeFi applications are exploding in numbers and use-cases. As per Finder.com, the value of DeFi transactions for individuals as well as retailers is highest in India. A contributing factor to this trend is the large volume of remittances that is wired back to India from its citizens working abroad, which can be sent faster and more cost-effectively through cryptocurrency.

“India is among the fastest global adopters of DeFi, which can boost financial inclusion through expanded access to credit to the MSME sector and those unable to access credit from banks. The quality of startups being founded in India is top notch,” Dilip Chenoy, Chairman, BWA told Gadgets 360.

Once the nation gets its framework of crypto laws, Chenoy notes that there will be a boom in Web3 initiatives from India.

At present, India, as the president of the G20 nations is working on a set of crypto rules that will work on a global level.

On August 1, the country posted a presidency note on crypto, giving a status update on the crypto laws work.

As per that note, the Interntional Monetary Fund (IMF) and the Financial Stability Board (FSB) are expected to be jointly presenting a synthesis paper on their crypto rules suggestions by the end of this month.

This paper will note the possible impacts of crypto on macro-financial implications while also outlining the risks of crypto to emerging markets and economies under development. In addition, the paper is also expected to highlight ways to spread awareness around crypto, so that everybody who chooses to engage with digital assets are aware of the pros and cons.

India has also submitted a similar note with its ideas, suggestions, and concerns around crypto to the G20 group as its president, Ajay Seth, a senior official of the Indian Finance Ministry had said last month.

“The very nature of virtual digital assets (VDAs) being cross-jurisdictional, has made the case for a coordinated regulatory mechanism for such assets rather than individual countries adopting different stances. The regulatory landscape for virtual digital assets is continuously evolving,” Chenoy said.

He further added that despite India not having a concrete regulation to oversee Web3, the sector has been explicitly brought within the ambit certain provisions.

These include income tax framework for VDAs, the Indian Computer Emergency Response Team (CERT-IN) guidelines to ensure compliance of VDA service providers, the ASCI guidelines for responsible advertising and the latest inclusion of VDA service providers in the Prevention of Money Laundering Act (PMLA) recognising them as reporting entities.

“These developments can signal India moving in the right direction, wherein regulators understand the risks associated,” Chenoy added.

India’s presidency of the G20 will conclude in December this year, which is also around when the first draft of global crypto rules is expected by.

Meanwhile, Chenoy said, Web3 elements like asset tokenisation and the eRupee CBDC are likely to make Indians more comfortable with dabbling in the Web3 sector via real estate, art, supply chain, and gaming among other avenues in the times to come.

Recently, the Telangana government in India announced the launch of its Asset Tokenisation Standard Framework, providing a common set of rules and guidelines for the tokenisation of assets.

After having analysed India’s internal response to making the VDA sector safer, the BWA chief has said under its leadership, the G20 nations could just get the crypto rules detailed and right.

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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