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…
- ONDC September Round-Up: AI, grievance redressal, financial services, Google, exports, and more September 30, 2023
- ‘The Liver Doctor’ X account suspended following defamation case by Himalaya Wellness Corporation September 29, 2023
- Bombay HC to Pronounce Judgment on Fact Check Amendment on December 1st, Stay on Notification to Continue Until Then September 29, 2023
- Here’s how web publishers can opt out of Google crawlers scraping website data to train AI models September 29, 2023
- Parliament Standing Committee Calls For A Monitoring Group To Check Technological Readiness For Digital Education Projects September 29, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...