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- More than 80% of the G20 nations and financial centers are now offering regulatory clarity.
- BWA also pushed for VASPs to have access to financial services and escrow accounts.
In order to accommodate the needs of the Web3 and cryptocurrency communities, the Bharat Web3 Association (BWA), the highest organization representing Web3 businesses in India, has proposed a number of measures and policies for the next government to consider. At a time when rules are tightening up all around the world to ensure that Web3 space remains fair and balanced in the commercial world, these proposals are timely.
The primary demand of BWA was that the newly formed government recognize and incorporate the Web3 industry into startup projects funded by relevant agencies such as the Principal Scientific Advisor (PSA) office, Ministry of Electronics and Information Technology (MeitY), and Department for Promotion of Industry and Internal Trade (DPIIT), among others.
Streamlined Operating Structures
More than 80% of the G20 nations and financial centers are now offering regulatory clarity on cryptocurrency assets. India, like the rest of the world, needs a transparent, internationally coordinated regulatory framework on digital assets to reduce risks and boost innovation.
In order to promote more streamlined operating structures, BWA also pushed for VASPs to have access to financial services and escrow accounts.
With more than a thousand Web3 companies, India is home to one of the biggest ecosystems in the world, according to BWA. From 2018 to 2023, its share of Web 3 developers increased from 3% to 12%. To make the most of this huge opportunity, the government should institute programs to teach people how to use blockchain and web3 more effectively.
Startups in the blockchain and cryptocurrency industries might benefit from regulatory sandboxes, which India can set up to foster innovation.
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