The body is to be called Bharat Web3 Association (BWA).
After the previous organization representing the industry was disbanded earlier in July this year, a new advocacy body has been formed by India’s crypto industry, with a shift in branding toward Web3 from the earlier Blockchain and Crypto Assets Council (BACC). Few registration and procedural formalities are said to remain the same.
The goals of the body include driving awareness about Web3, pushing for technology and innovation, supporting ecosystem partners and outreach to regulators to communicate steps towards consumer protection. The new association now involves Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and WazirX.
The Internet and Mobile Association of India (IAMAI) disbanded BACC in July 2022, which worsened the crypto market downturn at the same time as new taxes and macroeconomic factors were hurting the ecosystem. The taxes were suspected to kill the industry.
Sandeep Nailwal, a co-founder of Polygon Technology, commented “Owing to its thriving developer community, entrepreneurial spirit, fast-growing economy, sound digital infrastructure, and deep digital adoption, India is poised to become a leader in the Web3 space.”