Some of India’s major crypto companies have joined hands to float a new advocacy group— Bharat Web3 Association (BWA), Coindesk reported. The new group comes in the wake of the dissolution of the Blockchain And Crypto Assets Council by the Internet and Mobile Association of India (IAMAI) in July 2022 following disagreements with crypto companies https://twitter.com/smtgpt/status/1588189663495323650 Why it matters: The announcement will be seen as a relief for the beleaguered industry as it was left reeling by the blow dealt by the IAMAI four months ago. The absence of a lobby group left these companies in a precarious position, especially at a time when they were wracked with regulatory uncertainties. The name also suggests that the group is pivoting towards Web3 in order to shift the focus from virtual digital assets which prove to be helpful during talks with the Union government. What kind of issues will BWA address: The dissolution came at a time when the industry had been reckoning with multiple headwinds such as a government crackdown, a global downturn, and stiff taxation, among others. The association, in a statement, said that its group will focus on driving awareness, engaging in dialogue with key authorities, and setting standardised principles in the Web3.0 industry. The bit on dialogue is key as the Indian government is set to come out with a crypto law by next year. Moreover, India’s Minister of Finance Nirmala Sitharaman said that the country will prioritise developing a coordinated effort on regulation of crypto assets during…
