Indian and Japanese associations sign agreement to develop Web3 ecosystem

The Bharat Web3 Association (BWA), an industry body established to promote and develop the Web3 industry in India, has signed a Memorandum of Understanding (MOU) with the Japan ANICANA Dealers Association (JADA) to explore collaboration opportunities in Web3 technology.

The two associations will participate in joint initiatives focused on Web3-related advocacy, educational sessions, workshops and thought leadership events, BWA said in an emailed statement.

The collaboration aims to create an enabling environment for knowledge sharing, innovation and industry advancement within the Web3 ecosystem.

Dilip Chenoy, Chairman of the Bharat Web3 Association said: “We hope to use our partnership to exchange insights on use cases, manage risks through regulatory frameworks, and develop policies while sharing compliance best practices.”

BWA’s members include infrastructure providers such as Biconomy, digital asset exchanges such as CoinDCX and CoinSwitch, virtual gaming platforms such as Hike, and other Web3 players such as Liminal and Tax Nodes.

The Japan ANICANA Dealers Association is committed to promoting the use of the Web3 platform called ANICANA by various companies in Japan.

JADA Chairman Keiko Tanaka said: “Our goal is to conduct research, investigations, provide development support for companies and products, and contribute to the healthy development of the industry and the protection of users.”

India has one of the largest Web3 ecosystems in the world, with more than 1,000 startups, according to a report by Hashed Emergent and its India knowledge partners KPMG, Devfolio, CoinSwitch and Kratos Gaming Network.

The report states that the Indian government and more than 50% of provincial governments are planning or implementing measures to leverage blockchain.

India’s share of the global blockchain developer pool will increase from 3% in 2018 to 12% in 2023, the highest among emerging markets. The report added that the industry received $250 million in investment in 2023, down from 2022, but deal volume remained stable, showing continued interest in early-stage Web3 startups.

“The growing popularity of web3 and blockchain across various sectors and industries is a huge global opportunity for Indian tech talent and businesses. Blockchain has enabled various innovative use cases such as DeFi (decentralized finance), real-world world assets
Tokenization, self-sovereign identity, tracking, etc., which were not possible before.


Separately, BWA has also launched guidelines for listing tokens on members’ Virtual Digital Assets (VDA) platform. These guidelines address VDA, which refers to an asset that is tokenized on an existing blockchain or a unit of value generated on a blockchain or other distributed ledger technology (DLT) network.

The aim of these guidelines is to increase market confidence by attracting reputable projects and investors seeking VDA platforms that adhere to transparent and consistent evaluation standards, BWA said in an emailed statement.

While these guidelines are advisory in nature, the VDA Platform is expected to follow operational frameworks and protocols during the token listing process. This includes aspects such as the announcement date, comprehensive project disclosure, safeguards against market abuse, technical assessment and thorough staging and testing prior to the public offering, BWA added.

The guidelines come a month after Uday Kotak, founder of India’s third-largest private bank Kotak Mahindra, labeled digital currencies as “alternative market currencies” and set the stage for fiscal or monetary behavior around the world. Misbehaving and irresponsible governments provide the necessary means to fight back.

Watch: India poised to become a leader in Web3

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