The Bharat Web3 Association (BWA), an industry body formed to promote and grow the Web3 industry in India, has signed a Memorandum of Understanding (MOU) with Japan’s ANICANA Dealers Association (JADA) to explore collaboration opportunities in the field of Web3 technologies.
Both associations would engage in joint initiatives focused on Web3-related advocacy, educational conferences, workshops and thought leadership activities, the BWA said in an emailed statement.
The collaboration aims to promote an enabling environment for knowledge exchange, innovation and industrial progress within the Web3 ecosystem.
“We hope to leverage our partnership to exchange insights on use cases, manage risks through regulatory frameworks and develop policies while sharing best practices in compliance,” said Dilip Chenoy, President, Bharat Web3 Association.
Members of BWA include infrastructure providers like Biconomy, digital asset exchanges like CoinDCX and CoinSwitch, virtual gaming platforms like Hike, and other Web3 players like Liminal and Tax Nodes.
For its part, the Japan ANICANA Dealers Association aims to promote the use of the Web3 platform ANICANA by various companies in Japan.
“Our goal is to conduct research, conduct studies and provide development support for companies and products, thus contributing to the healthy development of the industry and the protection of users,” said JADA Chairman Keiko Tanaka.
India has one of the largest Web3 ecosystems in the world, with more than 1,000 startups, according to a report by Hashed Emergent and its knowledge partners KPMG in India, Devfolio, CoinSwitch and Kratos Gaming Network.
The Indian government and more than 50% of provincial governments are planning or implementing initiatives using blockchain, the report said.
India’s share in the global pool of blockchain developers has increased from 3% in 2018 to 12% in 2023 and has the highest share among emerging markets. The sector received $250 million in investment in 2023, down from 2022, but deals remained steady, indicating continued interest in early-stage Web3 startups, the report said.
“The increasing adoption of web3 and blockchain across sectors and industries is a major global opportunity for Indian technology talent and companies. Blockchains have enabled several innovative use cases such as DeFi (decentralized finance) and real-world assets
tokenization, self-sovereign identities, track & trace, etc. that were not possible before,” said Krishna Tyagi, head of web3 at KPMG in India, in the report.
Guidelines
In addition, the BWA has also introduced guidelines for offering tokens on member virtual digital asset (VDA) platforms. These guidelines cover VDAs and refer to assets tokenized on existing blockchains or units of value generated on blockchain or other DLT (Distributed Ledger Technology) networks.
The aim of these guidelines is to increase market confidence by attracting reputable projects and investors looking for VDA platforms that adhere to transparent and consistent evaluation criteria, BWA said in an emailed statement.
While these guidelines are advisory in nature, VDA platforms are expected to follow operational frameworks and protocols during the token listing process. This includes aspects such as announcement dates, comprehensive project disclosures, safeguards against market abuse, technical reviews and thorough staging and testing before public offerings, the BWA added.
The guidelines come a month after Uday Kotak, the founder of India’s third-largest private bank Kotak Mahindra, labeled digital currencies as an ‘alternative market currency’ and a necessary counter to misbehaving and irresponsible governments around the world in fiscal or monetary matters. side for a longer period of time.
Watch: India is ready to become a leader in Web3