Bharat Web3 Association Suggests Action Plan to Empower the Web3 Sector
India’s trillion-dollar opportunity in the Web3 space.
BWA highlights that India is one of the world’s largest ecosystems, with over 1,000 Web3 firms. In 2023, it accounted for 12% of all Web 3 developers worldwide, up from 3% in 2018. In order to capitalize on this enormous potential, the government ought to launch targeted training initiatives to improve proficiency with blockchain and web3.
India can establish regulatory sandboxes to support blockchain and crypto start-ups that encourage innovation. Enable Virtual Asset Service Providers (VASPs) to fulfill their obligations under the Prevention of Money Laundering Act, 2002 (PMLA) and conduct the necessary KYC-related compliances by making E-KYC/C-KYC accessible to them. Additionally, expedite the customer onboarding process on our platforms.