BWA said that the pact will look to align its members with international standards and best practices and foster knowledge-sharing and industry development
BWA has previously partnered with industry bodies in Singapore and Japan, and has also worked with governments of Rajasthan and Maharashtra to deploy blockchain sandboxes
With CoinSwitch Kuber and Polygon as its founding members, BWA was formed last year after IAMAI dismantled its Blockchain and Crypto Assets Council
Industry body Bharat Web3 Association (BWA) has signed a memorandum of understanding (MoU) with Digital Economy Council of Australia (DECA) and Asosiasi Blockchain Indonesia to drive innovation and accelerate blockchain adoption.
In a statement, BWA said that the pact will look to align its members with international standards and best practices. It also said that the partnership will foster knowledge-sharing, industry development, and the establishment of global standards within the Indian Web3.0 landscape.
The industry body signed the MoU with the Indonesian and Australian Web3.0 bodies on Wednesday (September 25).
The association counts names such as CoinSwitch Kuber and Polygon, among its founding members. It was formed last year after the Internet and Mobile Association of India (IAMAI) dismantled its Blockchain and Crypto Assets Council (BACC).
“India is the third largest digitalised economy in the world, which offers fertile ground for Web3 innovation and enables India to become a global delivery centre for Web3 first products and services,” said Bharat Web3 Association chairperson Dilip Chenoy.
Prior to this, the association had also partnered with industry bodies in Singapore and Japan.
Lately, Bharat Web3 Association has been pushing the government for adoption of blockchain technology in the form of a regulatory sandbox– a controlled environment that allows businesses to test new products, services, or business models under the supervision of a regulator.
For the same, the industry body worked with the Telangana government, last year, for the transfer of funds to women and tokenisation of real estate under a regulatory sandbox framework.
Previously, Bharat Web3 Association also deployed blockchain-led projects in partnership with Maharashtra and Rajasthan governments to bring transparency in government schemes and auditing them.
The Karnataka government was also mulling the proposal of the industry body to set up a regulatory sandbox.
It is pertinent to note that India is home to more than 1,000 Web3.0 startups. The country accounted for almost 12% of the total global Web3.0 developers in 2023 as against a mere 3% in 2018.
