BWA Partners with Australian and Indonesian Entities to Accelerate Blockchain Adoption
Partnership for Blockchain Development
Industry body Bharat Web3 Association (BWA) has signed a memorandum of understanding (MoU) with the Digital Economy Council of Australia (DECA) and Asosiasi Blockchain Indonesia to boost innovation and broaden blockchain adoption.
In a statement, BWA highlighted that the agreement will help align its members with international standards and enhance best practices. Furthermore, the partnership will encourage knowledge-sharing and foster industry development as well as the establishment of global standards within the Indian Web3.0 ecosystem.
Growing Support for Web3
On September 25, BWA formalized this alliance with its Indonesian and Australian counterparts. Notable founding members such as CoinSwitch Kuber and Polygon are part of this initiative.
The BWA was founded last year after the Internet and Mobile Association of India (IAMAI) dissolved its Blockchain and Crypto Assets Council (BACC).
Dilip Chenoy, chairperson of BWA, stated, “India is the third largest digitalized economy in the world, which offers fertile ground for Web3 innovation.” This positions India potentially as a global leader in creating first-of-their-kind Web3 products and services.
The association had previously collaborated with industry bodies in Singapore and Japan, aiming for extensive blockchain adoption across regions.
Push for Regulatory Sandbox
Recently, BWA has advocated for the Indian government to adopt blockchain technology via a regulatory sandbox, which creates an environment for businesses to test innovative offerings under regulatory supervision.
- The Telangana government has engaged with BWA for fund transfers to women and tokenizing real estate.
- BWA also initiated a blockchain-based project with Maharashtra and Rajasthan governments to enhance transparency and auditing.
- Plans are in place for the Karnataka government to consider a regulatory sandbox proposal presented by BWA.
India is currently home to over 1,000 Web3.0 startups, contributing nearly 12% of the global Web3.0 developers—a significant rise from 3% in 2018.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.