According to a recent announcement, the Indian cryptocurrency industry has established a new advocacy group, some four months after the last one was dissolved in murky circumstances.
The organization will now be known as the Bharat Web3 Association (BWA), shifting the branding away from the previous Blockchain and Crypto Assets Council and toward Web3 (BACC). The word “Bharat” stands for the country of India.
The Internet and Mobile Association of India (IAMAI), the BACC’s parent organization, dissolved it in July. That dampened the spirit of the crypto ecosystem at a time when the crypto market was experiencing a downturn and the industry and its customers were being negatively impacted by harsh new taxes and macroeconomic issues.
During a panel discussion at a fintech conference in Singapore on Thursday, Changpeng Zhao, CEO of cryptocurrency exchange Binance, blasted India’s crypto tax policy. According to Zhao, the nation’s high tax rates “definitely” will lead to the industry’s demise.
Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and WazirX are significant members of the new organisation, which is India’s leading supporter of Web 3. Before the announcement, three persons acquainted with the idea noted that there were still certain registration and procedural requirements.
The organization’s objectives include raising awareness of Web3, encouraging technology and innovation, assisting ecosystem partners, and reaching out to authorities to explain efforts taken to protect consumers.
Beginning next month, India will occupy the chairmanship of the Group of 20 countries for a full year. According to the release, the BWA is committed to collaborating with the Government of India to spearhead a cooperative regulatory framework for digital assets.