India Blockchain Week 2024 kicked off on Wednesday bringing together top crypto, DeFi, and blockchain leaders to discuss the nation’s Web3 evolution. The first day of this year’s edition looked to dive deep into major topics that have impacted the ecosystem lately. It primarily focused on regulations, security, risks, and user awareness.
The increasing focus on self-custodial wallets seems to become one of the major points of debate in response to hacks targeting custodial exchanges, with many advocating for users to control their private keys directly. The recently hacked crypto exchange WazirX is facing heavy backlash from users as the digital assets market keeps hitting the all-time high circuit.
India to lead Web3 by 2028
Tak Lee, CEO of Hashed Emergent, delivered a powerful keynote on accelerating India’s digital renaissance. He suggested that the nation participates and leads in the global internet economy. It enables innovations by building ecosystems and consuming tech that vibrates worldwide.
In a post, the Web3 venture capital firm mentioned that India’s demographic diversity drives scalable solutions through enduring habits. Urban areas focus on quality and convenience, and emerging regions on mobility and value.
It highlighted that Web3 offers a major opportunity for Indian funds to get in line with global trends. On one hand, where international asset managers are reportedly allocating 1% to 6% of their portfolios to crypto, Indian VCs allocate less than 10%. This turns out that even a small portion of capital could unlock over $1 billion in investments in the next five years.
The report recommends that India is emerging as a global hub for developers with a surge of 28% annually. The nation is ranked second in global open-source contributions and is on track to leave the US as the largest developer market by 2028. Its strategic value for Web3 is undeniable as in just two years, its share of global developers has doubled from 6% to 12%.
Indian startups beating all odds
Indian startups are thriving against all odds as they have showcased resilience and adaptability. May it be navigating through regulatory hurdles to achieve growth and legitimization, the region is setting new heights in the Web3 space, urged the report.
Meanwhile, India’s regulatory approach has managed to strike the right balance. It looks to protect digital asset users and foster inclusive access to banking and fintech. The government is implementing tax policies that drive growth but with safety.
As the event sets the stage for debate on clear regulations and security risks, the cumulative global crypto market cap surged by more than 4% over the last 24 hours to stand at $3.61 trillion. However, Bitcoin price is hovering around $99,000, building momentum to hit $100k.
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