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India forms new crypto advocacy body with Coinbase, Polygon

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Cryptocurrency exchanges and Web 3.0 companies, including Coinbase and Polygon, have formed the Bharat Web3 Association (BWA) in India to strengthen regulation and consumer protection for the industry.

See related article: India wants global, tech-driven regulatory framework for crypto

Fast facts

  • “The forthcoming G20 discussions will provide an excellent opportunity for India in leading a collaborative regulatory framework for digital assets, and the BWA is committed to working with the government of India towards this objective,” BWA said in a statement emailed to Forkast
  • Members of the BWA include major crypto exchanges like CoinDCX, WazirX, CoinSwitch, and Zebpay, as well as Web 3.0 gaming companies, infrastructure providers, and token projects, the statement said. 
  • Web 3.0 refers to the development of a decentralized internet, typically built around blockchains, the underlying technology of cryptocurrencies.
  • BWA aims to boost awareness through research, grow Web 3.0 and blockchain innovation as well as nurture India’s talent pool in the space, it said in the statement.
  • The establishment of the group comes after the Blockchain and Crypto Assets Council, the advocacy body representing the Indian crypto industry’s interests, was dissolved in July by its parent organization, the Internet and Mobile Association of India. 

See related article: India’s finance minister sees 46% growth in blockchain technology use in next few years

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